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AI News Thursday, May 31

World’s Biggest AI Startup Raises $1.2 Billion in Mere Months

  • SenseTime Group Ltd. has raised $620 million at a valuation of more than $4.5 billion just months after scoring a similar amount from investors led by Alibaba Group Holding Ltd. and Singapores state investment firm.
  • Fidelity International and Silver Lake Partners were among the investors in the latest financing, bringing the total amount raised by the three-year-old image recognition startup in the past six months to more than $1.2 billion and tripling its valuation in under a year.
  • Investors are handing billions of dollars to Chinese artificial intelligence startups, hoping to ride a wave of support from a government intent on becoming the world leader in the technology by 2030.
  • Some investors warn the sector could experience a downturn towards the end of this year if those companies fail to deliver revenue growth.
  • The companys a big contributor to the worlds biggest system of surveillance: if youve ever been photographed with a Chinese-made phone or walked the streets of a Chinese city, chances are your face has been digitally crunched by SenseTime software built into more than 100 million mobile devices.

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World’s Biggest AI Startup Raises $1.2 Billion in Mere Months

Drones Being Deployed In Photojournalism – DEEP AERO DRONES – Medium

  • The NY times journalists are using this technology at peaks and drones are widely being used in photojournalism.
  • The photographer Josh Haner also explains that how drones have become the part of his everyday lives.
  • Im particularly interested in using drones for actual reporting from counting houses that were damaged in a fire, to tracking plant health over time to help identify the impact of drought, says Josh Haner, the photographer.
  • Earlier, expensive helicopters, airplanes were deployed to obtain aerial photos or video footages, but with the evolvement of drones, the aerial photography has been balanced up.
  • Without a drone, it wouldnt be possible to capture such images and video footages, adds Josh.

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Drones Being Deployed In Photojournalism – DEEP AERO DRONES – Medium

Technology Giants Pose Major Threat to Banking Industry

  • Large technology companies like Amazon, Facebook, Google and Apple are a greater threat to traditional banking than fintech firms, according to a report from the World Economic Forum.
  • Fintech start-ups have been the focus of a great deal of attention in the banking industry, as these firms have combined digital technology with advanced analytics to provide easy-to-use applications that have impacted virtually every aspect of traditional banking.
  • In the World Economic Forum report titled Beyond Fintech: A Pragmatic Assessment of Disruptive Potential in Financial Services, it is noted that fintech start-ups, while achieving success in terms of changing the basis for competition, have had less impact than expected in disrupting the overall competitive landscape.
  • Technology is not driving a global convergence in customer experience, instead divergent customer demand and regulatory priorities are creating distinctly regionalized financial ecosystems said Bob Contri, Industry Leader at Deloitte Global Financial Services, and an adviser to the report.
  • The uncertainty has discouraged incumbents and financial services software providers from investing in platform banking solutions, particularly as the incremental scale required to offset potential cannibalization is unclear.

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Technology Giants Pose Major Threat to Banking Industry

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