We all love groundbreaking (or at least really interesting) AI research, but it can be tough to draw a clear line between a computer model that’s great at playing games and a computer model that can transform your business—as so many experts are predicting will happen. There’s even a growing sentiment, especially among certain investors, that the general-purpose AI-as-a-service options being pushed by cloud providers won’t end up moving the needle much. Basically, the argument goes, enterprise AI adoption is going to happen via bespoke systems and industry-specific applications.
If that is indeed the case, then enterprises got some good news on Wednesday, with the announcement by Element AI that it has raised about $102 million in venture capital.
It’s a lot of money for such a young company (Element
was only founded in October), but then again, not every company can deep learning master Yoshua Bengio as a co-founder. The last AI company founded by one of the deep learning grandmasters was Geoff Hinton’s DNN Research, which Google acquired in 2013.
In today’s IT climate, it’s hard to find a better description of what your company does than this one from Element: “We’re turning the world’s leading AI research into transformative business applications.” That’s a powerful promise, but the company appears to have a sound strategy—not to mention to brainpower—to pull it off. Doing custom work for every customer is expensive, but having $102 million in the bank will help with that.
Here are a couple more interesting applied AI items that I came across today:
For more insights into enterprise AI adoption, I would also suggest checking the following episodes of my ARCHITECHT Show