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Artificial Intelligence

Artificial Intelligence News: AI will add $15 trillion to the global economy (according to Gartner) by 2030. This fast-moving, technological breakthrough is powering the next industrial revolution and will disrupt the global economy in unforeseen ways. The DailyAlts AI channel tracks the latest developments, capital flows, technological advancements, and other influences that will transform the 2020s.

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Venture Capital: Chinese AI Startup Parametrix Raises $100M, Turns Unicorn

January 4, 2022

Chinese AI company Parametrix.ai has raised $100 million in a Series B round led by Sequoia China and joined by existing investors 5Y Capital and Gaorong Capital. Though the valuation was not disclosed, Parametrix has joined the hallowed unicorn club (>$1 billion) after the funding.

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More Stories on Artificial Intelligence

Artificial Intelligence: AI Makes Steady Inroads Into the US Economy

December 19, 2019

Stanford University’s latest report, AI Index, provides useful insights into the progress of AI.
According to the report, Singapore, Brazil, Australia, Canada, and India experienced the fastest growth in AI hiring from 2015 to 2019. However, in the US, the share of jobs in AI-related topics increased from 0.26% of total jobs posted in 2010 to 1.32% in October 2019.

Artificial Intelligence: Gecko Robotics Scoops up $ 40 Million in Series B Funding

December 17, 2019

Gecko Robotics Scoops up $ 40 Million in Series B Funding. Gecko will use the money to develop industrial inspection robots.
Investors that plugged into Gecko Robotics’ $ 40 million series B funding included marquee names such as Peter Thiel’s Founders Fund, Y Combinator, and Next47. Also opening up their wallets were Mark Cuban, SoftBank senior managing partner Deep Nishar, and Gusto CEO Josh Reeves. Drive Capital led the raise.

Artificial Intelligence: Accenture Study Says Banks Could Save $70 Billion Using AI

December 16, 2019

The financial industry, including banks, could save hundreds of billions of dollars using automation and AI.
Accenture’s report issued last week says North American banks could save more than $70 billion by 2025. The whole financial services industry could cut costs by $87 billion to $140 billion by 2025. AI and automation could be deployed to help or replace employees.
By 2025, 7% to 10% of tasks will get automated, the report estimates. These tasks include those performed by loan officers, personal financial advisers, tellers, and customer service representatives.

Artificial Intelligence: AI May Put the Finishing Touches to Beethoven’s Tenth

December 16, 2019

A year of celebrating Beethoven’s 250th birthday starts today.
The celebrations begin today in Bonn with the inauguration of Beethoven’s home as a museum after extensive renovations. This 250th year of Beethoven’s birth may be notable also in the annals of artificial intelligence (AI). That’s because machine learning algorithms will try to write the final notes of the legendary composer’s unfinished 10th symphony.

Artificial Intelligence: Why Wall Street Jobs Are Vulnerable to AI

December 13, 2019

A Wells Fargo report said robots would take away 200,000 banking jobs in the next decade. What about trading and advisory jobs on Wall Street?
The House Financial Services Committee’s Task Force on Artificial Intelligence met last week to consider the impact of AI on Wall Street jobs.

Artificial Intelligence (AI) Improves MRI Detection of ADHD

December 12, 2019

Deep learning, a kind of AI applied on MRI scans improved ADHD detection significantly.
The University of Cincinnati College of Medicine and Cincinnati Children’s Hospital have developed an AI system to help detect ADHD.

Artificial Intelligence: Banks Can Leverage AI For a $450 Billion Bonanza

December 11, 2019

Banks could save a humongous $447 billion by 2023 by deploying artificial intelligence (AI), says the AI IN BANKING research report from Business Insider Intelligence.
Of this, front office banking AI applications could yield $199 billion, middle office $217 billion and the back office $31 billion.

Is the Oil and Gas Industry Slow on the AI Uptake?

December 3, 2019

Considering that the world is awash in oil, the oil and gas industry should deploy artificial intelligence (AI) to improve efficiencies and cut costs.
The lackadaisical adoption of artificial intelligence (AI) by the oil and gas industry is surprising, says an article in the Houston Chronicle by Chris Tomlinson.

Go master Lee Se-dol Retires; Concedes AI is Better at the Game

December 3, 2019

South Korean Go master Lee Se-dol was the only human ever to defeat artificial intelligence (AI) Go player AlphaGo. In 2016, Go master Lee Se-dol managed to win one game in a tournament of five games playing against the AlphaGo Artificial Intelligence algorithm. Lee has recently retired, admitting that AI was unbeatable at Go.

Huawei to Deploy Its Kunpeng 920 Chipset in World-Beating AI Platform

December 3, 2019

Huawei and the Pengcheng Laboratory released Cloud Brain II, a new AI computing platform, on Friday. The platform will use Huawei’s Atlas 900, claimed to be the world’s fastest AI training cluster. Further, Huawei will take the battle right into the Intel and NVIDIA camps by using its Kunpeng 920 chipset to power Atlas 900.

‘What’s Your Poison…Er…Whisky?’ Let AI tell you

November 29, 2019

If you want a single malt, but don’t know which, an artificial intelligence (AI)-based app will guide you.
Diageo has launched an online service that will help consumers choose their whisky based on answers to 11 questions.

Pensa Systems Raises $10 Million Seed Funding For AI-powered Inventory Drones

November 21, 2019

Pensa Systems raised another $10 million in a seed funding round that brought its total raised tally to $17.2 million.
Pensa’s autonomous drones, powered with computer vision and artificial intelligence (AI), may revolutionize the mundane chore of retail inventory taking.

Bill Gates-backed Startup Announces Clean Energy Breakthrough

November 21, 2019

Heliogen, a startup backed by Bill Gates, announced a breakthrough solar energy technology that could be a boon for heavy industry. Heliogen uses artificial intelligence and mirrors to reflect and concentrate sunlight to generate ultra-high temperatures. Said to be The Holy Grail of clean energy, it generates no emissions and is cheaper than fossil fuels.

AI Can Now Predict Lightning Strikes

November 19, 2019

An inexpensive tool combines machine learning and AI to forewarn of lightning bolts.
A team of researchers from École Polytechnique Fédérale de Lausanne, Switzerland, has found a way to use artificial intelligence (AI) to predict lightning strikes within 10 to 30 minutes.
The area covered at a single time is a 30-kilometer radius (approximately 18.6 miles).

The New Geneva AI Tool Automatically Learns How to Evade Censorship

November 14, 2019

In the arms race to implement (and avoid) censorship, David has a new tool against Goliath. It’s called Genetic Evasion, or Geneva for short.
Censoring regimes and authoritarian governments are all the time developing new and sophisticated online means to implement their censorship laws. Manual methods of circumventing censorship have been slow and ineffectual. But the AI-based Geneva tool will change the balance in favor of the researchers and protesters.

Is China Winning the Artificial Intelligence Race?

November 13, 2019

The artificial intelligence race draws many comparisons to the moon race between the United States and China. But is that an overreaction, and, if so, who is winning right now?

JP Morgan Invests in “Research Atomising” Startup Limeglass

November 13, 2019

JP Morgan invested an undisclosed amount in a startup that uses AI and NLP to simplify and focus research documents.
Imagine you wanted to find all references to Netflix in a bulky financial research document. JP Morgan may have made that easier for you by investing in fintech startup Limeglass.
Limeglass uses proprietary rich Natural Language Processing (NLP), artificial intelligence (AI), machine learning, and their comprehensive cross-asset and macro taxonomy to smart-tag each paragraph in context.
Its “Research Atomization” solution will find out all references to Netflix in that research document with a simple search.

Nasdaq Deploys Artificial Intelligence for Market Surveillance

November 11, 2019

Nasdaq, for the first time, has brought in A.I. and machine learning to detect any malicious trading.
“By incorporating AI into our monitoring systems, we are sharpening our detection capabilities and broadening our view of market activity,” says Martina Rejsjo. Martina is VP and Head of Market Surveillance, North America Equities, Nasdaq. Her objective is to safeguard the integrity of the country’s markets – “the largest, most liquid ecosystem in the world.”

Does the Apple Card Like Women Less, or is it ‘black-box’ A.I.? DFS Investigating…

November 11, 2019

New York’s DFS, a financial regulator, will investigate whether the Apple Card differentiated between men and women over credit limits.
Apple co-founder Steve Wozniak has accused the Apple Card of gender bias by offering men higher credit limits compared to women. Wozniak found that his credit limit was 10X that of his wife, even though they both share banks and other credit cards.

Artificial Intelligence Bias: On Trust, Complexity, and Diversity

November 7, 2019

Just as in computers “Garbage In = Garbage Out,” so also in Machine Learning: “Bias In = Bias Out.”
The Microsoft Twitter chatbot Tay had to be hastily withdrawn after it reacted to trolls with racist and misogynist tweets. Presumably, the bot developed this artificial intelligence bias from its machine learning basics.

AstraZeneca Launches $1 Billion Fund with CICC (with an AI Twist)

November 6, 2019

AstraZeneca, the British pharma giant, will launch a $1 billion fund with China International Capital Corporation (CICC).

ABI Research: U.S. Represents 52.3% of All Artificial Intelligence Investment

November 1, 2019

ABI Research said this week that the United States is the top market for investment in artificial intelligence. According to the study, the U.S. represented 52.3% of all AI investment in 2018. That figure signaled that the U.S. has replaced China as the global leader. 

A.I. Algorithms Predict the Likelihood of Breast Cancer

October 24, 2019

Dr. Barzilay decided to use artificial intelligence to collect and analyze the available information on breast cancer.
Harnessing artificial intelligence to treat breast cancer
Dr Barzilay is a holder of a doctorate in computer science. She went on to create a database from the pathological reports stretching back three decades at the Mass General Hospital. She developed an algorithm to parse this data, which covered more than 100,000 breast cancer patients.

Thailand’s Biggest Mutual Fund Embraces Artificial Intelligence to Avoid Being Disrupted

October 22, 2019

SCB Asset Management Company, the largest mutual fund company in Thailand, wants to offer new funds using AI technology.
SCB Asset will utilize cutting-edge tools such as artificial intelligence, data analytics and programmed trading to identify and offer new equity funds. These funds will invest in overseas equities and generate higher fees.