Exciting and breathtaking artificial intelligence innovations are increasingly cropping up, startups and tech giants having taken note of the revolutionary technology capabilities. Gone are the days when AI was all about enhancing ad targeting. The technology is finding great use in some industries that very few could ever imagine.
Artificial Intelligence Innovations
Hong Kong-based InSilico is one of the companies that has shown AI is more than just ad targeting and preventative maintenance. The biotechnology company, in partnership with the University of Toronto, has leveraged AI technology to come up with a new treatment showing great prominence in preventing tissue scarring.
Considering that it takes more than a decade to come with such treatments, InSilico achieved the milestone in under 46 days, once again underscoring AI capabilities. The Hong Kong Company used reinforcement learning, a technique that does not require vast pools of data to accelerate the development of the tissue-scaring drug.
Google, just like InSilico, has also achieved a significant milestone as it also continues to configure machine-learning technology. In partnership with the Imperial College of London, the tech giant has successfully used a deep neural network to come up with precise answers to quantum mechanical problems
The success stories on the use of AI technology has got the federal government in the U.S thinking on the potential use of the technology in various sectors. For that reason, the federal government is set to spend nearly $1 billion outside the Defense Department to keep the U.S competitive and match what other countries are doing.
A $1 billion spending by the federal government may not seem much compared to what startups are poised to spend. Data by Chrunchbase indicates that startups focused on AI innovations are raising more money. This year alone, the firms have raised close to $6.62 billion as venture capitalists eye a piece of the AI revolution. Trifacta, a data cleaning startup is one of the startups that is fresh from raising $100 million, signaling an influx of investments around AI technology.
Canada AI Investment Opportunities
Just like the U.S, Canada also continues to make huge progress on the development of AI innovations. A number of companies are already providing exciting investment opportunities around the technology.
BlackBerry (TSX:BB) is one of the Canadian heavyweights that is maintaining a keen interest in AI as it looks to enhance its cybersecurity products. The company is fresh from investing $1.4 billion just to gain access to AI innovations that Cylance has achieved so far. Cylance has already unveiled AI products capable of preventing security breaches.
Kinaxis (TSX:KXS) is another company that has made big investments in AI technology as it seeks to bolster its supply chain and operations software. The company has already unveiled a self-healing supply chain powered software that helps in the automatic detection of discrepancies in supply chain operations. In addition, the AI-powered application can also help in demand sensing as well as accurate forecasting.
Shopify (TSX:SHOP) is another Canadian heavyweight that is using artificial intelligence technology to enhance its cloud-based offerings. With the help of AI, the company has made it possible for companies in its app and theme stores to detect order fraud as well as reduce costs.