LG AI Research adds another $89M investment to its Super-Giant AI Dreams

AI graphic

In December of 2020, LG quietly launched an LG AI Research division in South Korea to develop new kinds of AI technologies that can bring increased value and intriguing services to consumer and business customers around the world. LG AI Research was created with $180 million ($200 billion Korean won) in funding over three years for research and development and staff to take on the initiative.

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IBM joins effort to build $200M AI, Cloud, Quantum Discovery Accelerator at the University of Illinois

University of Illinois & IBM

With demands for AI, hybrid cloud and quantum computing expanding daily, IBM is joining an initiative to build a Discovery Accelerator Institute at the University of Illinois at Champaign-Urbana to drive new research and innovations in some of the fastest-growing fields of study. The collaboration also includes the State of Illinois in what is planned as a $200 million, 10-year initiative to erect a building and facilities for the new institute as well as increase access to technology education and skills development at the school.

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AI Technology Leaders often lack needed AI Ethics understanding, Study Finds

Robot mathematics

Nearly two-thirds of C-level AI leaders can’t explain how specific AI model decisions or predictions are made, according to a new survey on AI ethics by credit report and analytics software vendor, FICO, which says there is room for improvement. Knowing exactly how AI model decisions and predictions are made is important to determine and chart a company’s AI use and ethics policies and procedures.

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Smart Investors support Enterprise AI that creates jobs and helps employees

AI life sciences

Entrepreneurs and investors regularly dismiss claims that artificial intelligence will replace people in the workplace. AI needs humans to function, they say, and AI doesn’t want to take the place of workers. This response rings hollow to critics, however, because the assumption remains that humans become an afterthought once leaders broadly deploy AI within an organization. And nobody, critics argue, should lead or invest in a business that puts people second.

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Easing Machine Learning for developers, Google’s Vertex AI managed ML Platform now available

Vertex AI

Unveiled at the company’s Google I/O virtual conference on May 18 (Tuesday), Vertex AI uses almost 80 percent fewer lines of code to train a model compared to competing platforms, according to Google. The platform is also built to serve data scientists and ML engineers so they can use it to implement and manage machine learning operations (MLOps) for their projects.

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[IBM Survey] Global Business AI Adoption Flat in 2020, but growth expected to rebound

think IBM

That’s the conclusion of a new “Global AI Adoption Index 2021” report from IBM’s Institute for Business Value and the IBM Watson business unit that includes input on AI plans and challenges from some 5,501 business decision-makers in 15 markets around the world. The report was released May 11 (Tuesday) as part of IBM’s Think 2021 virtual conference. The 13-page report, which was conducted by market research firm Morning Consult for IBM, found that about one-third of the respondents reported that their companies are using AI, while 43 percent said their companies accelerated their rollouts of the technology due to the pandemic.

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Torch.AI Lands $27M in State Tax incentives to invest in Growing its Kansas City headquarters

Torch AI logo

Torch.AI is bringing in $27 million in state tax incentives from Kansas to expand its operations in a suburb of Kansas City. The fresh cash influx comes less than two months after the company secured $30 million in new Series A funding that is also aimed at growing its business.

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Scale AI gets a $325M Series E Funding infusion to grow its Data Annotation mission

Scale AI Annotation

Data annotation and labeling startup Scale AI is taking in another $325 million in new investment, this time through a Series E round. The new funding round was co-led by Dragoneer, Greenoaks Capital and Tiger Global, and included new investors Wellington Management and Durable Capital. Several previous investors, including Coatue, Index, Founders Fund and YC, were also involved, according to the company.

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IBM Expanding AI, ML capabilities in IBM Cloud Satellite through the Cloud Pak for Data Add-On

IBM cloud satellite

With the recent release of its IBM Cloud Pak for Data, IBM is quickly expanding the tools it offers to enterprise customers that want to put their workloads onto IBM’s Cloud Satellite. The IBM Cloud Pak for Data, which became generally available to customers on March 26, is the first major add-on for Cloud Satellite since the nascent service was launched on March 1.

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Why businesses don’t Deploy Machine Learning (And How to Overcome It)

Human machine

Yet many businesses haven’t adopted machine learning (ML) on any scale. AI requires enormous and expensive leaps of knowledge about data, which itself is often an under-governed, poorly-structured Achilles’ heel.

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IBM lauding 40 distinguished Women in AI around the globe for 2021

Women in AI

IBM has named 40 distinguished female technologists to its 2021 Women Leaders in AI list, which highlights women in business who are using IBM Watson to drive AI innovation across companies around the globe. The list, which is part of IBM’s three-year-old Women Leaders in AI Program, includes…

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In 2021, Machine Learning is set to Transform these 5 Industries

Brain graphic

Machine learning is enabling a smooth shift in this COVID-19 struck world. Machine learning is one of the most used technologies in this generation. It has varied capabilities that can transform businesses across industries for the better. From being considered as a niche technology, machine learning is now seeing an increased adoption within companies in all sectors.

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Cymbio, which connects brands with markets, raises $7M

e-Commerce

Cymbio claims to support more than 600 retailers, marketplaces, and department stores across the U.S., Canada, Europe, and the Asia-Pacific region. Shoe brand Camper, a Cymbio client, says that it notched 67% year-over-year growth in wholesale sales via drop ship (where sellers accept customer orders but don’t keep goods sold in stock) and marketplaces after adopting the Cymbio platform. Melissa Shoes, another customer, says that average revenue increased by 70% while average units went up 42% as the number of assortments climbed 2.8 times.

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Simplifying merchandising & planning operational decision making with AI

Over the past year, retailers and distributors have faced huge challenges due to the COVID-19 pandemic. Supply chains have been disrupted and workforces have been reduced. Customers have shifted massively to purchasing online rather than in-store, and businesses have been forced to adjust their practices accordingly.

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C3 AI launching a technology licensing office after getting broad AI software Patent

Patent License Agreement

Enterprise AI software platform vendor C3 AI will begin licensing its model-driven architecture and other technologies later this year after receiving a broad, new “omnibus” U.S. patent for its flagship product, the C3 AI Suite.

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Fuji joins Investors backing AI Robotic startups

Robot Investing

The integration of AI with robotics applications continues to attract tech investors who presumably sense that machine learning tools can help transform static industrial robots into agile assemblers of different products in varying volumes. The latest example is a collaboration between […]

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3 present and future use cases of AI in Retail

AI Retail

Artificial intelligence in retail is being applied in new ways across the entire product and service cycle — from assembly to post-sale customer service interactions, but retail players need answers to important questions: Which AI applications are playing a role in the automation or augmentation of the retail process? How are retail companies using these technologies to stay ahead of their competitors today, and what innovations are being pioneered as potential retail game-changers over the next decade?

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Peak expands access to AI ‘Decision Intelligence’

AI Decision Intelligence

AI deployments are steadily migrating to retail applications as commercial brands seek to get a better handle on supply chains along with marketing and sales.
Increased demand for embedded AI software used to guide those decisions is on the rise, benefitting early movers offering automation tools designed to inform decisions on logistics and marketing. Among them is U.K.-based Peak AI, which this week announced a $21 million Series B venture round, bringing its total investor funding to $43 million.

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