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

PSFK's Workplace Vision: How The Nurturing Of Seeds Will Come To Define The Onboarding Process

Brand Development
Media & Publishing Today

CNN Launched An Entire Drone Division Of Their News Network

CNN AIR incorporates aerial footage into the corporation's ongoing news coverage

Advertising Today

Uber’s Breathalyzer Cards Let You Know If You Are Sober Enough To Drive

A new campaign from the ride-sharing service raises awareness about the importance of a safe trip home

Trending

Get PSFK's Latest Report: Future of Retail: Technology Primer

See All
Design Today

Milk Proteins Could Be The Packaging Material Of The Future

A newly discovered casein-based alternative is biodegradable, sustainable and even edible

Technology Today

Intel’s New System Will Help Technology See And Understand The World

Joule is a tiny board for developers designed to bring powerful computer vision to cheap and easy-to-make prototypes

PURPLELIST EXPERTS

Dmitry Patsukevich

CG Generalist & Shading / Lighting Artist

Design Today

This LA Hotel Is Designed Specifically For Cocktail Drinkers

The Walker Inn is a new Los Angeles "Bed and Beverage" experience that offers guests an intimate setting for their night cap

Education Today

Bringing Virtual Reality And Telepresence Robotics To E-Learning

This Learning Management System is embracing new technologies to reallocate teaching resources to where they should be going

Advertising Today

Interactive Art Exhibition For Dogs Provides Endless Fun

Installations created by artist Dominic Wilcox are based on activities loved by canines, such as fetching tennis balls and splashing in water

PSFK LABS REPORT

Future Of Work
Cultivating The Next Generation Of Leaders
NEW

PSFK Op-Ed Yesterday

Why Building Better Offices Is The Key To Employee Engagement

Interaction Designer and Audio-visual Technologist at ESI Design illustrates the value in creating environments filled with surprise and delight

PSFK Labs Yesterday

PSFK’s Workplace Vision: The Annual Review Becomes An Everyday, Collaborative Activity

Our Future of Work vision is a web-based platform through which teams can collaborate on and monitor performance reviews across all channels, ensuring a happier workplace

Beauty Today

Design Your Own Custom Watch Faces

Customize your wrist device with Garmin's new app that lets you display personalized images or patterns

Syndicated Today

How The Olympics Taught Us Lessons In Cloud Analytics

Dan Vesset, group VP for analytics and information management at IDC, tells how cloud-based business analytics support decision-making

Beauty Today

Retail Expert: What Sustainability Means To The Millennial Generation

Jo Godden, Founder of RubyMoon, discusses how brands can limit their environmental impact worldwide

Arts & Culture Today

Artist Shuts Down Sexist Comments By Turning Them Into Images

Rora Blue explores social stigma in a photo series titled 'Handle With Care'

Arts & Culture Today

Japanese Face Wash Creates A Perfect Rose Every Time

Kanebo's latest addition to the Evita line includes an application that dispenses cleanser in the shape of a flower

PSFK LABS REPORT

Innovation Debrief: Boston
Business Concepts Born In 'The Hub'
AVAILABLE NOW

Mobile Today

Twitter Bot Will Warn You If You Are A Troll

An online tool developed out of Intel's Hack Harassment movement helps filter out or notify cyber bullies

Retail Today

Passengers Can Now Earn Airline Miles For Sharing Their Location Data

The Frequent Flyer app measures background data and gives travelers points that can be exchanged for tickets with participating airlines

Advertising Today

The NBA Is Releasing Two Original Shows To Stream On Twitter

The sports league announced a deal that demonstrates an interesting expansion of its content strategy

No search results found.