menu

AI Will Sit On Company’s Board Of Directors

AI Will Sit On Company’s Board Of Directors
technology

Hong Kong venture capital firm, Deep Knowledge Ventures has appointed an artificial intelligence tool to help predict which companies to invest in.

Leah Gonzalez
  • 12 june 2014

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.

Aging-Analytics.jpg

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.

Aging Analytics

[h/t] Betabeat

 

technology
Trending

Volvo's Self-Driving Trucks Will Soon Be Put To Work In An Underground Mine

Automotive
Op-Ed Today

The Future Of The American Workforce Requires Unbundling College Education

President of JetBlue Technology Ventures: developing corporate education programs for non-traditional students

Retail Today

Gilt’s Pop-Up House Is The Kind Of Store You’ll Want To Live In

The New York City townhouse plays host to the latest in retail inspiration, curation, and lifestyle activation (and some libations, too)

Trending

Get PSFK's Related Report: Future of Automotive

See All
Advertising Today

The Hottest Chip In The World Comes Packed In A Coffin-Shaped Box

The individually wrapped snack is made from the spiciest known chili

Mobile Today

Registering To Vote Is Now Just A Text Away

A new bot aims to mobilize underrepresented groups this election season through SMS and Facebook Messenger

Related Expert

Christel Quek

Content & Marketing in Asia

Africa Today

Virtual Reality Game Gives Lessons About Emergency Birth Care

LIFE is a serious tool that takes advantage of new technology to help save lives

Luxury Today

Shoe Repair Has Moved Onto Your Phone

Cobbler Concierge is an on-demand service to get your footwear fixed online

Work Today

Microsoft Wants To Help Workers Better Communicate With Their Coworkers

Project Sonoma is a new app designed to help employees chat and coordinate shifts with their associates

PSFK LABS REPORT

Future Of Automotive
Scenarios Driving The Digital Transformation Of An Industry
NEW

PSFK Op-Ed Yesterday

Digital Design Expert: Mobile First Is Dead, Think Mobile Native

Brian Cooper, chief creative officer of OLIVER Group UK, explains how some brands are still playing catch-up to new technology

PSFK Labs Yesterday

The 10 Steps To Discover, Hire, Develop Your Next Leader

PSFK's Future of Work report outlines key steps in the employee development path to empower next-gen leaders

Advertising Today

Real-Time Data Used To Calculate The Brand Power Of Athletes

Brandtix has develope a digital platform with a complex algorithm that combines social media variables with player performance to predict the next A-list pros

Automotive Yesterday

Toyota Is Using Sewage To Power Its New Electric Car

A new hydrogen-fueled vehicle is driven by what we flush away

Culture Yesterday

Catch A Concert On This Small Floating Island

A man-made archipelago in Italy is hosting music and art performances

Design & Architecture Yesterday

DIY Kit Lets You Build Your Own Wooden Bike, Boat Or Caravan

Woodenwidget says its detailed guides are suitable for beginners and experienced woodworkers alike

PSFK LABS REPORT

Future Of Work
Cultivating The Next Generation Of Leaders
NEW

Design Yesterday

Crash-Friendly Drone Made From LEGOs Is Completely Rebuildable

The clever device offers games, education and the uniquely rewarding experience of destroying your high-flying airship

Fitness / Sport Yesterday

Free Sneakers Given Out To Motivated Marathon Runners

Strava will give the shoes to athletes who run the second half of their race faster than the first

Culture Yesterday

Someone Invented A Robot Just To Serve Trays Of Beef Jerky

Boston Red Sox star David Ortiz, in partnership with Chef's Cut Real Jerky, creates an automated snack delivery system

No search results found.