(NEW YORK)–AI VentureTech, Inc., a technology accelerator and advisory firm focused in the areas of artificial intelligence and automation, announced non-binding agreement with ChineseInvestors.com, Inc. (OTCQB:CIIX), to develop a potential Artificial Intelligence (A.I.) research facility in China.
In a press release on their webiste AI VentureTech annonced that both companies will work on exploring the possibility of opening their own A.I. research facility in manland China to develop applications in such areas as artificial intelligence, blockchain logistics, IoT applications, automation, and corporate virtual assistants and chatbots geared specificlly for the Chinese market.
Tom Bustamante, the Founder and CEO of AI VentureTech, Inc. commented,”We are very pleased to be partnering with ChineseInvestors to harness their expertise in not just the financial markets, but their operational experience in mainland China as well. The goal will be to assist Chinese companies, of varying sizes, in becoming more productive and cost efficient in their operations by implementing these new technologies and tools to their enterprise. We feel this sector offers tremendous opportunities due to the positive government regulatory environment, and the dynamic growth potential Automation and Artifical Intelligence holds in this region.”
Under the partnership, AI VentueTech, Inc. will raise capital to fund any new research facilities or projects in China.
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.
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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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