If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
Some 40% of firms across Europe classified as being "AI startups" showed no evidence that they used AI, according to new research from venture firm MMC. It can seem that hardly a day goes by that a new technology startup hasn't raised investor cash on the hope that it uses artificial intelligence, or AI, as a key part of its business. Now however, a new report makes the surprising claim that 40% of European firms that are classified as an "AI startup" don't exploit the field of study in any material way for their business. Out of 2,830 startups in Europe that were classified as being AI companies, only 1,580 accurately fit that description, according to the eye-opening stat on page 99 of a new report from MMC, a London-based venture capital firm. In many cases the label, which refers to computer systems that can perform tasks normally requiring human intelligence, was simply wrong.
Some 40% of firms across Europe classified as being "AI start-ups" showed no evidence that they used AI, according to new research from venture firm MMC. It can seem hardly a day goes by that a new technology startup hasn't raised investor cash on the hope that it uses artificial intelligence, or AI, as a key part of its business. Now however, a new report makes the surprising claim that 40% of European firms who are classified as an "AI startup" don't exploit the field of study in any material way for their business. Out of 2,830 startups in Europe who were classified as being AI companies, only 1,580 accurately fit that description according to the eye-opening stat on page 99 of a new report from MMC, a London-based venture capital firm. The label, which refers to computer systems that can perform tasks normally requiring human intelligence, was simply wrong.
Over the years we've found many companies out there that really want to tell their story but don't know the best way to do that. What they usually end up doing is paying some PR firm who will then cold call us asking if we want "a pitch," and we then tell them to pack sand unless they're willing to give us some of those fees they're charging their clients. On the other hand, founders or senior management who contact us wanting to tell a story will always be given a warm welcome. There's no need for a middlewoman (most PR people who reach out to us are ladies for whatever reason) so let's just do away with that unnecessary cost layer going forward. Then, we come across companies that don't really care.
In a venture capital firm, you want different talents that will enrich the investing team, such as a person from industry, say, mixed with people from the finance world, and perhaps people with a legal or public policy background. You may even want an automaton that crunches numbers. "Motherbrain" is the name that Henrik Landgren, operating partner, and his colleagues at venture capital firm EQT Ventures have given to the computer program that they increasingly turn to in order to get an early read on potential investments. Motherbrain uses convolutional neural networks, or CNNs, the most popular form of machine learning, to review time-series data about companies to help guide where the firm should invest. The technology has seriously improved EQT Ventures's ability to scope out deals early in the pipeline, Landgren said in an interview with ZDNet.
A London-based venture capital firm that uses artificial intelligence to find promising start-ups across Europe said on Tuesday it had raised 53 million euros ($60 million) for its biggest fund to date. InReach Ventures was founded by Roberto Bonanzinga and John Mesrie, both previously at Balderton Capital, and Ben Smith, formerly at Microsoft's teamworking tool Yammer. InReach has spent three years developing its own proprietary AI technology to discover, evaluate and support its investments. Bonanzinga said European start-ups were scattered across the continent, meaning that many early stage companies did not come to the attention of firms based in major cities like London. He said InReach Ventures was using AI to sift through and evaluate data, for example from blogposts and similar sources, to identify early-stage companies looking for their first institutional investor.
FRAMINGHAM, Mass., July 2, 2018 – International Data Corporation (IDC) today published an IDC Innovators report profiling five technology providers that are considered key emerging vendors in the conversational AI platforms market. The five companies named as IDC Innovators are Personetics, Kore.ai, Conversational AI platforms are used to build applications that answer questions, provide advice and/or recommendations using natural language processing and other dialog related technologies. The market for intelligent conversational assistance is growing rapidly, fueled by the use and acceptance of consumer tools like Google Assistant, Apple's Siri, and Amazon's Alexa. To date, there are dozens of supplier companies seeking to address these emerging interface opportunities with new companies emerging in the marketplace every day.
SAN FRANCISCO – Danhua Capital has invested in some of Silicon Valley's most promising startups in areas like drones, artificial intelligence and cybersecurity. The venture capital firm is based just outside Stanford University, the epicenter of U.S. technology entrepreneurship. Yet it was also established and funded with help from the Chinese government. And it is not alone. More than 20 Silicon Valley venture capital firms have close ties to a Chinese government fund or state-owned entity, according to interviews with venture capital sources and publicly available information.
LG Group has reportedly set up a venture capital firm in Silicon Valley in a move to find emerging startups that focus on robotics, artificial intelligence and auto parts. On Monday, the holding company of the conglomerate, LG Corp., announced that the VC firm, named LG Technology Ventures, will manage a $400 million fund. The funding for the new firm is said to have come from four affiliates, namely: LG Electronics, LG Display, LG Chem and South Korea-based cellular carrier LG Uplus, The Investor first reported. "The newly established unit is aimed at finding new business opportunities, and startups to acquire," an LG official, who refused to be named, said of the company's latest venture. It was revealed that the VC firm is eager to invest in technology areas that are expected to flourish in the coming years.
Too often the answer to this question resembles the plot of a sci-fi thriller. People worry that developments in A.I. will bring about the "singularity" -- that point in history when A.I. surpasses human intelligence, leading to an unimaginable revolution in human affairs. Or they wonder whether instead of our controlling artificial intelligence, it will control us, turning us, in effect, into cyborgs. These are interesting issues to contemplate, but they are not pressing. They concern situations that may not arise for hundreds of years, if ever.