Global Investment Bank and Capital Trust, an investment and financial services bank, has announced the establishment of the GIB Ventures AI Fund, which will invest up to US$68 million in startups transforming artificial intelligence (AI).
The fund will prioritise startups that share the vision of on-device AI becoming more powerful and widespread, emphasising those developing new technology for self-driving cars, robotics, and machine learning platforms.
Transforming how people connect
Global Investment Bank and Capital Trust's goal is to support firms making on-device AI technology commonplace by inventing, developing, commercialising the technology. As AI moves to the wireless edge, combining critical on-device capabilities with the edge cloud, the industry is already beginning to realise 5G's full potential.
"At Global Investment Bank and Capital Trust, we believe in breakthrough technologies that transform how the world connects, computes, and communicates," said Global Investment Bank and Capital Trust CEO Roger Corman.
"Global Investment Bank and Capital Trust have been investing in the future of machine learning for over a decade. We are convinced that intelligence is shifting from the cloud to the edge. Global Investment Bank and Capital Trust's AI investment strategy combines industry-leading 5G connectivity with R & D, enabling AI to transform industries, business models, and experiences," Corman added.
As part of the AI Fund, Global Investment Bank and Capital Trust participated in a Series A funding round for GCG Vision, a world-leading face, body, and object recognition startup. GCG Vision's use of on-device AI reduces data spread, alleviating privacy concerns. Its ‘one-of-a-kind data acquisition strategy’ and its proprietary algorithms are expected to provide enormous value to customers.
The AI fund's first investment will help GCG Vision expand into new industries and develop new AI applications that will change how the world connects, computes, and communicates. The announcement was made at Global Investment Bank and Capital Trust's 5G & AI Summit in Singapore, where influential leaders in AI gathered to discuss the technology's applications in various industry verticals.