Gartner: Global business value from AI will reach $1.2 trillion by the end of 2018

Global business value derived from artificial intelligence (AI) will hit $1.2 trillion (£859.4bn) this year, according to the latest forecast from analyst house Gartner. The total use cases come under three categories, Gartner puts it: customer experience, new revenue, and cost reduction. By 2022, Gartner predicts this overall number will threaten $4 trillion – but what’s more interesting is the growth percentage. 2018 will see 70% growth, from $692bn to $1.2tn, with 2019 seeing an...

Nutrino raises $8 million in series A round to expand AI-based nutrition data services

Israel-based nutrition data startup Nutrino has secured $8 million in a series A funding round to expand its AI-based nutrition data services across the digital health sector. With this most recent seed round, Nutrino’s total raised amounted to $10 million which will also be used to further develop its database, which is used by enterprises related to several sectors including food & beverages, digital health, and fitness. The startup says that its nutrition insights platform for...

How AI can be utilised in healthcare to deliver better patient management

Here’s another example of how AI is getting serious funding boosts: Medial EarlySign, an Israel-based provider of machine learning for optimal patient management, has secured $30 million in series B funding. The round was conducted by aMoon Fund, the life sciences investment arm of Marius Nacht, the co-founder of Check Point Software. With the funding’s completion, the company’s total worth is now $50 million. Medial EarlySign's machine-learning based models analyse many factors...

AI could help in the battle against fake news – but smaller steps being taken for now

The rise of fake news is inescapable - but can artificial intelligence be deployed as the solution? According to Lisa Gibbs, director of news partnerships at The Associated Press, there can be a role for it – but for the time being its main role will be to automate smaller-scale stories. Speaking at the Arab Media Forum in Dubai, Gibbs said that while AI will in the future be used to assist human journalists, rather than replace them, the technology will have a role in scaling up content,...

How Gumtree has boosted customer engagement through marketing language generation

Gumtree, the leading classifieds website and app in the UK, has given a boost to its email marketing programme by increasing email open rates by 35%-50% through AI technology from Phrasee. For the new push, Gumtree teamed up with the AI innovator to revitalise their CRM strategy to ensure continued engagement from customers. Gumtree was seeing a decline in email marketing engagements and adopted different steps to resolve the issue internally.  However, nothing came to the rescue and...

Two examples of how neural networks are being trained to surpass human reading abilities

For anyone who’s ever struggled to read somebody’s handwriting – or even their own – this may be of interest: Captricity, an Oakland-based provider of digital automation software, has claimed its AI can outperform humans in reading handwriting. The company is touting its Captricity READ product, where enterprises in various sectors including financial, healthcare and government, can use the system to convert the handwritten word into decision-ready data in a fraction of the usual time....

AI outpaces lawyers in reviewing legal documents, new study finds

Experienced lawyers in the US have been left behind by AI when it came to reviewing legal documents according to a new report – with the lawyers exhibiting 85% average accuracy compared to 94% average accuracy rate achieved by AI software. This revelation is based on a study carried out by professors at Duke Law, University of Southern California, and Stanford Law School. Metaphorically, the study was a race between LawGeex, an AI contract review platform provider, and a team of 20 top...

Atomwise raises $45 million with dreams of transforming pharmaceutical industry through AI

Atomwise, a developer of artificial intelligence (AI) solutions for drug discovery, is moving ahead in its mission to become the preferred AI partner for the world’s leading pharmaceutical, biotech, and agrochemical companies. The company has raised $45 million (£32.1m) in a series A funding round that was led by Monsanto Growth Ventures, DCVC (Data Collective), and B Capital Group. The round also comprised Atomwise’s previous investors, Y Combinator, Khosla Ventures, and DFJ, along with...

Finnish researchers to use AI to automate formulation of large information systems

A team of researchers from Aalto University aims to employ AI to automate the development of large information systems besides integrating all parts of software development under a single umbrella. The team, led by research fellow Jussi Rintanen, has received grants of €678,000 from Business Finland to work towards the commercialisation of the AI-based information system technology. Majority of the information systems projects often encounter the same primary issue – huge routine...

Microsoft co-founder Allen investing $125 million to ‘add common sense’ to AI

Microsoft co-founder Paul G. Allen has announced $125 million to support the Allen Institute for Artificial Intelligence (AI2) in its research to add common sense to AI via Project Alexandria and fund existing projects. Project Alexandria will integrate knowledge developed in machine reading and reasoning (Project Aristo), natural language and understanding (Project Euclid), and computer vision (Project Plato) to create a fresh, unified and extensive knowledge source. Afterwards, this...