Sunday, June 9, 2024
Sunday, June 9, 2024
Home » UK’s Quantexa to Invest $155m to Support Global AI Industry

UK’s Quantexa to Invest $155m to Support Global AI Industry

by Mitchell Woods
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Quantexa, a UK-based decision intelligence (DI) solutions company, has committed to invest $155m (£121m) to support global artificial intelligence (AI) industry over a period of next three years.

Through this effort, the company aims to help its clients in advancing AI use for safeguarding, optimising, and growing their respective organisations.

This will take Quantexa’s overall global investment in AI industry to over $250m by 2027.

The funds will also be utilised for continuing the AI advancement by previewing Quantexa’s Generative AI technology, referred as “Q Assist”.

This technology preview of Q Assist, which is based on Quantexa’s DI platform, will help in showcasing the potential of using Large Language Models (LLMs) for the development of an intuitive as well as conversational interface.

It is projected to provide significant support to organisations. The AI assistant will increase the effectiveness of the analyst staff, making them as proficient as most experienced investigators.

Being LLM agnostic, Q Assist will further enable its users and clients to leverage their own open source, proprietary or commercially available models, such as OpenAI’s LLM – ChatGPT.

Additionally, the British company said that the $155m UK investment will result in creation of nearly 170 new jobs at its London AI Innovation Centre.

Quantexa CEO and founder Vishal Marria said: “We are investing our time, money, and resources into the biggest technological breakthrough for generations as it will transform how organisations make decisions.

“We are proud to invest in London-based innovation but the impact will be felt by the global economy and will start a ripple effect that will unlock DI capabilities for our clients and their respective industries.”

Furthermore, the planned initiatives will allow Quantexa to reinforce its commitment to enhance its existing AI Stack.

This will help its clients and industry partners to explore new industry-specific use cases for various sectors, including financial services, insurance, telecommunications, healthcare, among others.

Source : Verdict

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