Category Archives: Artificial Intelligence
COVID-19 Impact and Recovery Analysis | Artificial Intelligence (AI) Market In BFSI Sector 2019-2023 | Focus On Autonomous Banking to Boost Growth |…
LONDON--(BUSINESS WIRE)--Technavio has been monitoring the artificial intelligence (AI) market in BFSI sector and it is poised to grow by USD 11.94 bn during 2019-2023, progressing at a CAGR of over 32% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavios in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download The Latest Free Sample Report of 2020-2024
The market is concentrated, and the degree of concentration will accelerate during the forecast period. Amazon Web Services Inc., Google LLC, IBM Corp., Microsoft Corp., and Oracle Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Focus on autonomous banking has been instrumental in driving the growth of the market.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations. https://www.technavio.com/report/report/global-artificial-intelligence-ai-market-in-BFSI-sector-industry-analysis
Artificial Intelligence (AI) Market in BFSI Sector 2019-2023: Segmentation
Artificial Intelligence (AI) Market in BFSI Sector is segmented as below:
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Artificial Intelligence (AI) Market in BFSI Sector 2019-2023: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The artificial intelligence (AI) market in BFSI sector report covers the following areas:
This study identifies the growing focus on personalized experience as one of the prime reasons driving the artificial intelligence (AI) market growth in BFSI sector during the next few years.
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Artificial Intelligence (AI) Market in BFSI Sector 2019-2023: Key Highlights
Table of Contents:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY END-USER
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
PART 14: APPENDIX
PART 15: EXPLORE TECHNAVIO
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavios report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavios comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
COVID-19 and Artificial Intelligence: How the pandemic has re-ignited a focus on the software – Savannah Morning News
The COVID-19 pandemic brings with it increased focus on Artificial Intelligence ("AI") as developers rush to create software, such as contact tracing software, that can help businesses reduce the risks for employees returning to work. Before businesses acquire AI technology, owners and human resources professionals must consider how to balance being proactive with protecting employee privacy. There are numerous provisions they should incorporate into their contracts with their software developers. Some of these provisions include:
Comprehensive Testing
When contracting for AI, the customer should be particularly focused on documenting the level of testing to be provided. Generally, the more robust the description of the testing, the better. At a minimum, this description should include: the number of rounds of testing, the process for testing, what the minimum sample size will be for each round of testing, and who is involved in creating the test environment. In addition, the customer should ask the vendor to contractually commit to describing the remedies if the testing does not result in adequate work product. The parties need to define exactly what constitutes acceptance, and whether ongoing testing is necessary or appropriate, particularly as the AI adapts and learns from itself.
Security
Security is currently one of the fastest evolving areas of information technology law. When contracting for AI, it is important to have standards that can adapt to this ever-changing environment. In order to do this, it is helpful to incorporate a requirement that the vendor comply with industry security standards such as ISO-27001 and OWASP-Top 10 (for web applications). Businesses should also state any specific technical requirements related to security necessary to protect the customers IT environment, as well the whereabouts and other data associated with its employees and the locations of its customers. Finally, requiring adequate cyber-insurance that meets the risk level of the environment is also prudent.
Data Privacy
Customers should be wary that AI may transform data that was once anonymous into data that is decipherable. Also, there is a complex set of data privacy laws in effect in the United States and even more so globally. All vendors should contractually agree to comply with any such applicable laws. Customers should also consider putting limitations on how vendors can use data, particularly outside of providing the services to the contracting customer.
Minimizing Risk
Most vendors require a cap on consequential damages, but in AI contracts this provides additional challenges as much of the risk to the customer lies with items commonly considered to be consequential damages. There are several ways to address this problem. One way is to redefine what constitutes direct damages. A second way is to negotiate exceptions to caps for specified items such as: breaches of privacy/data security, failure to comply with threshold requirements, and allegations of bias due to algorithm data use.
This article is meant to share a few ideas for contracting for AI. As with any contract, you should contact a lawyer understanding the nuances of the subject matter particular to your situation prior to signing it.
For more information, please contact Diana J.P. McKenzie, partner & chair, Information Technology & Outsourcing Practice Group at HunterMaclean, dmckenzie@huntermaclean.com or Nicole Pope, attorney at HunterMaclean, npope@huntermaclean.com.
For other expert advice on taxes, retirement accounts, benefits, and liability insurance, go to savannahnow.com/beacon.
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COVID-19 and Artificial Intelligence: How the pandemic has re-ignited a focus on the software - Savannah Morning News
Artificial Intelligence: worth the hype? – BusinessCloud
The amount of venture capital money flowing into UK artificial intelligence start-ups hit a record-breaking $3.2 billion in 2019, making it one of the hottest sectors to be in.
This financial boost, along with bolder algorithms, Big Data and better infrastructure, is bringing founders andfunders to the AI equation. Yet according to a recent report, 40 per cent of European firms classified as AI start-ups do not actually use artificial intelligence.
Is AI then just a fad or is it worth the hype?
AI makes it possible for human capabilities to be undertaken by technology at scale. While rules-based programs have existed since the 1950s, AI nowadays usually relates to machine learning providing systems withthe ability to automatically learn from data and improve from experience without being explicitly programmed.
This can be applied to a wide variety of prediction and optimisation challenges, from predicting when patients will get sick to teaching self-driving cars to understand their surroundings.
To utilise this technology, start-up founders need access to talent around applied AI, access to large and proprietary data training sets, and domain knowledge to provide deep insights into the opportunities within an industry. Founders need to identify a sizeable target market and understand the problem theyre trying to solve.
I see no better target market for AI applications than real estate. Not only is it the worlds largest and most important asset class, but also one of the last industries to adopt technological change.
A great example is Israeli start-upSkyline AI,which takes the guesswork out of investmentdecisions by training its technology on the mostcomprehensive data set for US multi-family assets.
Mining data from over 130 sources and analysing10,000-plus data points on each property forthe last 50 years, its tech estimates asset value,predicts future performance and discoversinvestment opportunities.
AI can also optimise both property developmenttime and cost. Nordic start-upSpacemakerAIisa development tool used to maximise the potentialof building sites. Property professionals canuse it to generate and assess billions of possiblesolutions to multi-building developments inhours analysing designs for a range of differentparameters such as sun exposure, noise pollutionand apartment size.
The company has partneredwith leading developers in Europe includingSkanska, OBOS, AF Gruppen and Bouygues tohelp them reduce critical planning time whileincreasing sellable space by up to double digits.
Using Big Data and machine learning algorithms,Iberian start-upCASAFARIenables a higherlevel of efficiency and transparency in assetmanagement. The software provides users withdownloadable historical and descriptive datasets for all property cases and is working tobuild the cleanest, most complete database in itsgeographies. Asset managers can use it to setdata-drivenrental prices and identify the best time tosell assets.
AI has almost unlimited potential across multipleindustries and especially real estate. Not everysolution requires it, but knowing how, when andwhere to effectively use the technology can be akey lever for start-ups and businesses alike.
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Artificial Intelligence: worth the hype? - BusinessCloud
The Amalgamation of Human Brain and Artificial Intelligence – Analytics Insight
The human brain has advanced over time in countering survival instincts, harnessing intellectual curiosity, and managing authoritative ordinances of nature. When humans got an idea about the dynamics of the environment, we started with our quest to replicate nature.
While the human brain discovers ways to go beyond our physical capabilities, the combination of mathematics, algorithms, computational methods, and statistical models accumulated momentum after Alan Mathison Turing built a mathematical model for biological morphogenesis, and published a seminal paper on computing intelligence.
Today, AI has developed from data models for problem-solving to artificial neural networks, a computational model predicated on the structure and functions of human biological neural networks.
The brain, customarily perceived as an organ of the human body, should be understood as a biologically predicated form of artificial intelligence (AI). This proposition was surmised by the progenitors of AI in the 1950s, though it has been generally side-lined over the course of AIs history. However, developments in both neuroscience and more conventional AI make it fascinating to consider the issue anew.
The history of neuroscience has shown both tendencies from its inception, not least in terms of the alternative functions performed by the characteristic technologies of the AI field.
Understanding the complete impacts of this distinction needs eluding from the reductionist problematic that perpetuates to haunt philosophical discussions of neurosciences aspirations as a mode of inquiry
The early prospect, which will help to build machines possessing intelligence of humans, found inspiritment in three main directions.
Firstly, proof that the functioning of the human brain and nervous system, while astonishingly perplexed from a biological perspective, is predicated on elementary all-or-nothing procedures of the type that can facilely be copied by digital electronic circuits.
Secondly, the growth of symbolic logic and formal languages that are able to communicate immense components of higher mathematics, recommending that all human reasoning might be ultimately abbreviated to similar manipulating strings of symbols according to sets of rules. Such formal operations can probably easily be imitated by a digital computer.
Thirdly, the outlook of creating faster electronic calculating devices. With regard to this, developments since the 1950s have rarely been saddening. The density of switching elements of todays microchips surpasses that of neurons in the brain.
Artificial intelligence makes industrial machines and equipment precise, credible and self-healing, making strides calibrated performance imitating human action. AI incorporates robotic controls, vision-based sensing, and geospatial systems in order to automate advanced frameworks. It improves disease detection and prevention along with its treatment, amplifies engineering systems and handles self-organizing supply chains.
We, humans, are dependent on machines for decision-making for various processes like underwriting, recruitment, fraud detection, maintenance, etc. Real Core Energy deploys machine learning that assesses production as well as performance factors to better conduct oil drilling operations and investment decisions.
Though artificial intelligence has become indispensable in almost all fields today, the presiding approaches to artificial intelligence are based in false conceptions about the nature of the mind and of the brain as a biological organ.
Sadly, the superficial models of the brain and mind, which were the initial Kickstarter of artificial intelligence, have now become the paradigm for everything called cognitive science, as well as a huge part of neurobiology. It has become a standard protocol to levy methods, concepts, models and vocabulary from the domain of artificial intelligence, computer science onto the research of the brain and the mind. It is difficult to discover a scientific paper on these subjects which does not contain terms like computing, processing, circuits, storage and retrieval of information, encoding decoding etc.
Computational neuroscience connects human intelligence and artificial intelligence by developing theoretical models of the human brain for multiple studies on its functions, including vision, motion, sensory control, and learning.
Studies in human cognition are uncovering a deeper comprehension of our nervous system and its compound processing abilities. Models that provide high-level insights into memory, data processing, and speech/object recognition are simultaneously reshaping AI.
The integration of human intelligence with artificial intelligence will evolve computers into superhumans or humanoids that go far beyond human abilities. However, it needs computing models that combine visual and natural language processing, just how the brain functions, for comprehensive communication.
Neuroscience has made significant contributions to strengthen AI research and gain its increasingly important relevance. In planning for the future amalgamation of the two fields, it is essential to value that the past contributions of neuroscience to AI have hardly consisted of a simple shift of complete solutions which can be simply re-implemented in machines. Rather, neuroscience has often been useful in a precise way, facilitating algorithmic-level questions about qualities of animal learning and intelligence of interest to AI researchers and offering initial drives toward applicable mechanisms.
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The Amalgamation of Human Brain and Artificial Intelligence - Analytics Insight
What Is Prediction, Detection, And Forecasting In Artificial Intelligence? – Analytics Insight
We do not need a soothsayer to realize how Artificial Intelligence (AI) has transformed our lives. From using machine learning for drug discovery to facial unlock ID using facial recognition, its application is everywhere. While AI may not say what the next reading on a dice (or magic 8) ball can be, it surely can predict the probability of getting 6 in the next roll of dice. The predictive aspect of AI has become more refined and accurate with time, thanks to deep learning and data analytics. However, the question is, can Artificial Intelligence do more than just prediction like forecasting or detection of a trend?
While detection and forecasting may sound similar to predictive analytics or simply prediction, they are different. Detection refers to mining insights or information in a data pool when it is being processed. This can be the detection of objects, fraudulent behaviors, and practices, anomalies, etc. Whereas, forecasting is a process of predicting or estimating future events based on past and present data and most commonly by analysis of trends or data patterns. Unlike predictions, it is not vague and is defined by logic. Prediction or predictive analysis employs probability based on the data analyses and processing. Out of the three, it is the more uncertain, complicated, and expensive process.
Detection Vs. Prediction
A paper published by MIT states how detection can help businesses via a smoke detector-crystal ball analogy. Here, smoke detector and crystal ball are metaphorically examples of how detection and prediction work. Smoke detectors issue warning signals of an impending fire hazard. They dont predict the possibility of a fire accident. Based on early warning, we are presented options: whether to extinguish the fire/smoke source or escape the scene.
Similarly, businesses can benefit from detecting issues quickly, even if they are unpredicted. By leveraging detection algorithms of AI, companies always have the chance to act and manage outcomes and other functions even when they might have missed the opportunity to prevent any shortcomings or bottlenecks. Detection always encourages action using multiple solutions. Further, it is always definite as they offer some value, unlike the uncertainty offset of predictive analytics. This can help to boost ROI at minimal costs. One use case is, instead of trying to predict which customers will churn, managers, can shift to detect better which customers are dissatisfied. The implications may be similar, but changes in satisfaction are measurable while customers who were going to leave but didnt are.
Also, detection models can be used in every stage of the business pipeline, just like smoke detectors in every flat in an apartment. They help us to make sense of the activities and business insights. These can be identifying where data signals are currently missing. Where data signals have poor quality? Where are data signals giving false alarms causing system fatigue? All these go in the long run in enlightening ways to augment and enhance the productivity channels.
Forecasting vs. Prediction
Coming to forecasting, Business leveraging Artificial Intelligence-based forecasting models, can figure out trends that shall dominate the market in the coming days. Forecasting relies on the input of base data to arrive at an outcome. The quality of this data affects the results, unlike prediction or predictive models that have no separate input or output variable. Typically, forecasting is all about the numbers and using level and trend and seasonality observations to predict outcomes; predictive analytics is more about understanding consumer behavior. Even though forecasting is considered as projective of predictive models, the former is based on temporal information. It is scientific and free from intuition and personal bias, whereas prediction is subjective, arbitrary, and fatalistic by nature. This is why we have weather forecast instead of weather prediction. We need to strike a balance when employing these algorithms in Business. For, e.g., forecasting can help in marketing and promotional planning, but predictions can help estimate sales for targeting customers.
The bottom line is that businesses need to understand the key differences and use cases of predictive analytics, detection algorithms, and forecasting models of Artificial Intelligence. Then they can employ them as per their requirement to achieve brand goals.
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What Is Prediction, Detection, And Forecasting In Artificial Intelligence? - Analytics Insight
DeepMap Named to Forbes AI 50 List of Most Promising Artificial Intelligence Companies – Yahoo Finance
PALO ALTO, Calif., July 6, 2020 /PRNewswire/ --DeepMap today announced it has been named to the Forbes AI 50, a list of the top private companies using artificial intelligence to transform industries. DeepMap develops scalable, high-integrity mapping solutions for autonomous driving.
DeepMap, Inc. (PRNewsfoto/DeepMap)
"We are honored to be included on the Forbes AI 50 list and recognized as a technology innovator," said Mark Wheeler, Co-Founder and CTO, DeepMap. "High-definition, centimeter-level precision maps help define the world in terms that a self-driving vehicle can understand. Our technology provides a critical piece of the puzzle for safe autonomy, including Level 2+, a category of human-driven vehicles that is a step up from today's advanced driver-assistance systems."
Forbes partnered with venture firms Sequoia Capital and Meritech Capital to create the AI 50, a list of private, U.S.-based companies using artificial intelligence in meaningful business-oriented ways. To be included, companies had to be privately-held and focused on techniques like machine learning, natural language processing, or computer vision.
The Forbes announcement noted that "self-driving tech startups remain hot; the seven autonomous vehicle companies on this year's list have raised over $3 billion in total venture capital." Other autonomy companies on the list include Aurora, Embark, Ghost, Nuro, Pony.ai, and TuSimple.
About DeepMapDeepMap is accelerating safe autonomy by providing the world's best autonomous mapping and localization solutions. DeepMap delivers the technology necessary for self-driving vehicles to navigate in a complex and unpredictable environment. The company addresses three important elements: precise high-definition (HD) mapping, ultra-accurate real-time localization, and the serving infrastructure to support massive global scaling. The company was founded in 2016 and is headquartered in Palo Alto, Calif., with offices in Beijing and Guangzhou, China. Investors include Andreessen Horowitz, Accel, GSR Ventures, Generation, Goldman Sachs, NVIDIA, and Robert Bosch Venture Capital. For more information, see http://www.deepmap.ai.
Contact info: media@deepmap.ai
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DeepMap Named to Forbes AI 50 List of Most Promising Artificial Intelligence Companies - Yahoo Finance
Amplifying the Innovation Pace with Robotics Automation and AI – Analytics Insight
Amplifying the Innovation Pace with Robotics Automation and Artificial Intelligence
The pace of technology is changing over the years, as remarked in the 20th edition of Accentures Tech Vision 2020. Released earlier this year, this report is based on two decades of study, supported by tech trends and their evolution over time. To keep with the competition, it is imperative that enterprises need to embrace technologies concerning their existing investment portfolios.
The report says that artificial intelligence and robotics will be among the key technology trends redefining business parlance over the next three years. The need of the hour for enterprises is to answer the call to rebuild business and technology models from the ground up, keeping in tandem stakeholders expectations a priority.
The professional services MNC adds that as technology is adopted more than ever before, and organisations attempts to meet its needs and expectations may fall short. The Covid-19 pandemic has open doors to new adaptiveness among enterprises, which requires a new mindset and roadmap to succeed.
The Tech Vision encapsulates a study conducted over a cohort of 6,000 IT and Business executives worldwide. Tech Vision also bring forward the views of 100 Irish executives and directors to discuss the impact of technological change. The study found that 83% of Irish business leaders are recognising disruptive technologies like AI and Robotics which have become an indispensable component of elevating the human experience. Besides, Accenture also surveyed 2,000 consumers from across the world, 70% of whom foresee that their relationship with technology will be strengthening significantly into prominence over the next three years.
David Kirwan, Head of Technology at Accenture in Ireland, echos that enterprises must adapt to meet the evolving needs of customers. He says, Covid-19 is the greatest challenge the world has faced in decades and has transformed peoples lives at an unprecedented scale, impacted every industry and co-opted enterprises ambitions for growth and innovation. Companies need to innovate, invent and redefine more quickly than ever before,.
As enterprises face new challenges across the world, embracing technology the report adds that Apart from Automation, enterprises need to move ahead and brainstorm on use cases on emerging technologies, like Artificial Intelligence. The report concludes that Irish executives look at technology with discretion, with 50% saying that their employees who embrace robotics and automation will be challenged to figure how to adapt to robots as their working assistants and the other 50% saying their employees will find it easier to work with robotics and automation.
With an increase in the number of Coronavirus cases, worldwide more and more people are staying at home, and social distancing becomes the new normal/ Th report concluded that every enterprise must re-think its future through the lens of robotics to ensure its business continuity (BCP) framework in the times of the Pandemic.
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Kamalika Some is an NCFM level 1 certified professional with previous professional stints at Axis Bank and ICICI Bank. An MBA (Finance) and PGP Analytics by Education, Kamalika is passionate to write about Analytics driving technological change.
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Amplifying the Innovation Pace with Robotics Automation and AI - Analytics Insight
Artificial intelligence isn’t all about the Terminator, tech sceptics are warned – Mirror Online
Arnold Schwarzeneggers Terminator character is a top example of artificial intelligence, according to nearly one-in-five confused Britons.
Some 19% believed Arnie's cyborg assassin from the 1984 blockbuster film was a prime illustration of the technology.
The revelation stands in stark contrast to Prime Minister Boris Johnson's claim in a speech last week that Britain could lead the world in AI.
A survey carried out into people's understanding of artificial intelligence lays bare how much work remains to be done.
In the hit I'll be back science-fiction movie, the T-800 Terminator is sent back in time from 2029 to 1984 to kill Sarah Connor, played by Linda Hamilton.
Her son will one day become a saviour against machines in a post-apocalyptic future and needs to be destroyed.
AI pioneer Yoshua Bengio told the BBC in October 2019 he was not a fan of the Terminator films.
"They paint a picture which is really not coherent with the current understanding of how AI systems are built today and in the foreseeable future," he said.
"We are very far from super-intelligent AI systems and there may even be fundamental obstacles to get much beyond human intelligence."
But for 19% Britons, the film is a chilling demonstration of what AI can offer.
The reality is more useful predictive texting on mobile phones uses AI, as do apps like Uber and Google Maps.
However, just 41% of people questioned believed they had encountered AI in the past three months.
Researchers uncovered big gender gaps, with 69% of women saying they did not know when they last encountered AI if they ever had.
Some 51% of men thought they had used it in the past 12 weeks.
The online Populus study of 1,093 adults was carried out for communications agency Zinc Network.
Executive director Louis Brooke said: The Government has laid out an ambitious agenda for AI, seeking to turn the UK into a world leader in this area.
AI will play a vital role in helping the UK exit lockdown and overhauling health, education, travel and the workplace.
"Yet this data shows public understanding of AI is chronically low, particularly amongst women.
"For the public to buy into new uses for AI technologies, it will be vital to ensure that innovations are well understood, and benefit those who may be the most sceptical.
Some of those quizzed readily understood the technology, saying they thought it included any sort of robot that can react to its surroundings and doesn't need programming and chat bots used by companies to deal with customer service queries.
But others were more fearful of AI's potential to oust humans from the workplace.
One described it as work done by machines replacing humans and another as creepy Japanese humanoids.
Others totally missed the point, according to researchers, with responses including artificial insemination, as with cows and other animals for breeding and aliens.
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Artificial intelligence isn't all about the Terminator, tech sceptics are warned - Mirror Online
This Machine Learning-Focused VC Firm Just Added A Third Woman Investment Partner – Forbes
Basis Set Ventures investment partners Chang Xu, Lan Xuezhao and Sheila Vashee are looking to run a ... [+] different kind of venture capital firm.
Basis Set Ventures doesnt want to be your typical venture capital firm. First, theres the fledgling VC firms focus on a technical area that has seen some disillusionment in recent years: machine learning and artificial intelligence. Sure, AI has become something out of startup bingo, tacked on in pitches and often stretched behind meaning. Basis Set founder Lan Xuezhao is confident she and her team can figure out whats real and whats not. We want to transform the way people work, she says.
Basis Set is different in another meaningful way, too: a woman-led VC firm, it has recently operated with two women investment partners in Xuezhao and Chang Xu, a partner who joined the firm from Upfront Ventures last year. Now, Basis Set has added its third woman investment partner in Sheila Vashee, giving the firm three women at the top of its investment committee.
Vashee joins Basis Set from Opendoor, where she led the unicorns growth team, including marketing, partnerships, operations and some of its product. Before her two-and-a-half year stint at Opendoor, Vashee was an early employee at Dropbox, where she helped oversee marketing and the launches of its business product. At Dropbox she sat close to Xuezhao, who joined in 2013 and led corporate development before departing to found Basis Set in 2017.
In an interview, Vashee says she decided to join Basis Set in part because of its thesis; in part because of a culture that operates differently from the typical venture shop. I believe that theres going to be a new wave of work tools that really revolutionizes every industry on every level, and I want to build that future, Vashee says.
Given its self-imposed focus on companies utilizing machine learning and AI, Basis Set has to be selective in what companies it pursues. Like other investors that use data to attempt to find better deals, Basis Sets data science team studies companies leadership and launches to move fast when attractive fundraises are coming together, hoping that its speed and accessibility will allow it to join rounds pursued by the best-known VC firms. A network of technical advisors, meanwhile, is intended to evaluate what startups are really using machine learning and AI in their core software.
We want to be superhuman in the sense that our data science team builds the armor that makes us see better, see further, run faster and process a lot more deals and high-quality investments, says Xuezhao.
With 50,000 founders in its database, the partners at Basis Set hope they can evaluate more startups in more places, including those who might fall into the blind spots of traditional VC because founders dont have the typical background or base their company in Silicon Valley. That includes the partners training the firms algorithms hands-on. Every morning, if Im not doing anything, Im in my inbox, saying whether a company is good for us and label data myself. That makes the system better, Xuezhao says.
So far, Basis Sets approach has led to investments such as Workstream, a hiring platform; Rasa, which provides conversational AI tools to big businesses; and Ike, which offers automation tools to the trucking industry. (It also includes Lime, a business that may use data but is known better for its rental scooters.) Vashee brings perspective from collaboration software and real estate software given her background, but the partners say their focuses within Basis Set are flexible.
Basis Sets partners hope that they stand out because of their young firms culture, too. Vashee says that her experience and Xuezhaos as professional moms with kids at home during the current Covid-19 work-from-home environment helps them relate to some founders who might not connect as well to more traditional VCs, but who are going through many of the same things: toddlers getting sick, the need to take early evening breaks and then get business done late into the night after the familys asleep.
My kids are right outside the door screaming now, and that wouldnt work in a normal VC, Vashee says. But I think integrating every part of our lives makes us better at everything we do, and actually makes founders relate to us better.
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This Machine Learning-Focused VC Firm Just Added A Third Woman Investment Partner - Forbes
How Machine Learning Will Impact the Future of Software Development and Testing – ReadWrite
Machine learning (ML) and artificial intelligence (AI) are frequently imagined to be the gateways to a futuristic world in which robots interact with us like people and computers can become smarter than humans in every way. But of course, machine learning is already being employed in millions of applications around the worldand its already starting to shape how we live and work, often in ways that go unseen. And while these technologies have been likened to destructive bots or blamed for artificial panic-induction, they are helping in vast ways from software to biotech.
Some of the sexier applications of machine learning are in emerging technologies like self-driving cars; thanks to ML, automated driving software can not only self-improve through millions of simulations, it can also adapt on the fly if faced with new circumstances while driving. But ML is possibly even more important in fields like software testing, which are universally employed and used for millions of other technologies.
So how exactly does machine learning affect the world of software development and testing, and what does the future of these interactions look like?
A Briefer on Machine Learning and Artificial Intelligence
First, lets explain the difference between ML and AI, since these technologies are related, but often confused with each other. Machine learning refers to a system of algorithms that are designed to help a computer improve automatically through the course of experience. In other words, through machine learning, a function (like facial recognition, or driving, or speech-to-text) can get better and better through ongoing testing and refinement; to the outside observer, the system looks like its learning.
AI is considered an intelligence demonstrated by a machine, and it often uses ML as its foundation. Its possible to have a ML system without demonstrating AI, but its hard to have AI without ML.
The Importance of Software Testing
Now, lets take a look at software testinga crucial element of the software development process, and arguably, the most important. Software testing is designed to make sure the product is functioning as intended, and in most cases, its a process that plays out many times over the course of development, before the product is actually finished.
Through software testing, you can proactively identify bugs and other flaws before they become a real problem, and correct them. You can also evaluate a products capacity, using tests to evaluate its speed and performance under a variety of different situations. Ultimately, this results in a better, more reliable productand lower maintenance costs over the products lifetime.
Attempting to deliver a software product without complete testing would be akin to building a large structure devoid of a true foundation. In fact, it is estimated that the cost of post software delivery can 4-5x the overall cost of the project itself when proper testing has not been fully implemented. When it comes to software development, failing to test is failing to plan.
How Machine Learning Is Reshaping Software Testing
Here, we can combine the two. How is machine learning reshaping the world of software development and testing for the better?
The simple answer is that ML is already being used by software testers to automate and improve the testing process. Its typically used in combination with the agile methodology, which puts an emphasis on continuous delivery and incremental, iterative developmentrather than building an entire product all at once. Its one of the reasons, I have argued that the future of agile and scrum methodologies involve a great deal of machine learning and artificial intelligence.
Machine learning can improve software testing in many ways:
While cognitive computing holds the promise of further automating a mundane, but hugely important process, difficulties remain. We are nowhere near the level of process automation acuity required for full-blown automation. Even in todays best software testing environments, machine learning aids in batch processing bundled code-sets, allowing for testing and resolving issues with large data without the need to decouple, except in instances when errors occur. And, even when errors do occur, the structured ML will alert the user who can mark the issue for future machine or human amendments and continue its automated testing processes.
Already, ML-based software testing is improving consistency, reducing errors, saving time, and all the while, lowering costs. As it becomes more advanced, its going to reshape the field of software testing in new and even more innovative ways. But, the critical piece there is going to. While we are not yet there, we expect the next decade will continue to improve how software developers iterate toward a finished process in record time. Its only one reason the future of software development will not be nearly as custom as it once was.
Nate Nead is the CEO of SEO.co/; a full-service SEO company and DEV.co/; a custom web and software development business. For over a decade Nate had provided strategic guidance on technology and marketing solutions for some of the most well-known online brands. He and his team advise Fortune 500 and SMB clients on software, development and online marketing. Nate and his team are based in Seattle, Washington and West Palm Beach, Florida.
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How Machine Learning Will Impact the Future of Software Development and Testing - ReadWrite