Hong Kong venture capital firm, Deep Knowledge Ventures has appointed an artificial intelligence tool to help predict which companies to invest in.
So it has begun, the age when robots slowly climb to the seats of power. Or so it would seem, since biotechnology and regenerative medicine research company Aging Analytics has announced in a press release that the new algorithm they have licensed to a Hong Kong venture capital firm has been appointed to that firm’s board of directors.
Aging Analytics licensed their new algorithm or tool called VITAL, which stands for Validating Investment Tool for Advancing Life Sciences, to Deep Knowledge Ventures, a venture fund management company that focuses on mid- to long-term biotechnology investments at their early stage. Deep Knowledge Ventures has appointed VITAL to its board, where it will help the firm by predicting which companies they should invest in.
According to the venture firm’s website, it “routinely invests in both private and public companies specializing in biotechnology, regenerative medicine, oncology, drug discovery, bioinformatics and personalized medicine.”
The VITAL algorithm or program will make recommendations on investments with life sciences firms by going over large amounts of data. The program will be able to make decisions by going through information related to the financing, clinical trials, intellectual property and previous funding rounds of prospective firms.
VITAL will be the sixth member of Deep Knowledge Ventures’ board of directors and, like the other board members, the program will be able to vote on whether the firm invests in a particular company.
In an interview with Betabeat, Deep Knowledge Ventures Senior Partner, Dmitry Kaminskiy, explained that VITAL will be incorporated into board meetings in the sense that the analytical reviews made by the program will be discussed during meetings and all investment decisions will be made after VITAL provides its data.
Although it hasn’t cast any vote just yet, the program has already helped the firm approve two investment decisions – one with Silico Medicine, a company that develops computer-assisted methods for drug discovery in aging research; and one with Pathway Pharmaceuticals, Silico’s parter firm which uses a platform called OncoFinder to select and rate personalized cancer therapies.
According to Charles Groome of Deep Knowledge Ventures, their goal is to draw attention to developing the tool as an independent decision-maker. Groome also added that at the moment the program is not exactly what most would call “artificial intelligence,” but the long term goal is to get it to that stage.