(NEW YORK)–AI VentureTech, a technology accelerator and advisory firm focused in the areas of artificial intelligence and automation, announced plans to develop a suite of technologies geared specifically for the Chinese market.
In a recent press release posted on their site the Company stated that along with opening a research facility in New York City, AI VentureTech will also explore developing A.I. technologies geared towards the Chinese market due to the positive government regulatory environment, and dynamic growth potential for Automation and Artificial Intelligence in the region.
AI VentureTech will look to leverage this positive regulatory environment by seeking to establish strategic relationships with partners in the region. The Company is currently speaking with ChineseInvestors.com, Inc. (OTCQB:CIIX) to explore any possible strategic partnership both parties can establish in developing A.I. related technologies towards this market, and potentially opening an A.I. and Automation developmental research facility in the region.
China Push for AI and Automation
In July 2017, China’s State Council issued plan to invest heavily in Artificial Intelligence (AI) and automation technologies in the next 10 to 15 years, with plan to become the world leader in A.I. by year 2030.
In a timeline laid out within the new policy, the government expects its companies and research facilities to be at the same level as leading countries like the United States by 2020. By the year 2025, China is calling for breakthroughs in select disciplines within A.I. that will become “a key impetus for economic transformation.”
By 2030, China is dedicated to become the “world’s premier artificial intelligence innovation center”, which is projected to be worth around 1 trillion Yuan ($150 billion).
Since the release of this imitative a large number of local governments have created special plans and built out research centers to focus on A.I. Many economic regions are spending hundreds of millions of dollars, but some have earmarked even more. In June 2017, the government of Tianjin, an eastern city near Beijing, said it planned to set up a $5 billion fund to support the A.I. industry, and an “intelligence industry zone” that will sit on more than 20 square kilometers of land.
Tom Bustamante, the founder of AI VentureTech commented, “The growth potential for A.I. and automation for China is going to be the story in the coming years, especially giving the governments positive support for companies looking to develop in this area. So along with developing a research IT consulting arm here in the US we will also be exploring establishing strategic relationships that will allow us to quickly access this market, and expand our potential reach for our A.I. consulting services in the areas of healthcare, finance, and education.”
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About AI VentureTech
AI VentureTech is a New York based technology accelerator and advisory firm focused on start-ups in the areas of artificial intelligence, and automation. The technology advisory division assists startups in the areas of business analytics, data mining, machine learning, artificial intelligence, visualization tools, predictive modeling, and cloud advanced analysis in capital formation, funding, and mergers and acquisitions. Our research consulting team of data scientists will assist our clients in transforming their companies data so it can be used to inform, improve, and enable key management decisions.
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