G42, the Abu Dhabi-based artificial intelligence and cloud computing firm, announced an undisclosed investment in a new edge computing and AI company launched at Davos during the World Economic Forum on Thursday.
Analog, the Abu Dhabi-headquartered start-up, aims to develop AI-powered solutions in edge computing that will enhance the speed and operating efficiency of individuals and businesses alike.
“Analog is born out of the ambition to mix human needs with the potential of AI … creating experiences to simplify and enhance everyday life,” Alex Kipman, founder and chief executive of Analog, told The National.
“It will be at the forefront of innovation, crafting technology that amplifies rather than replaces human skills.”
Analog was launched at AI House Davos, a multi-stakeholder platform for responsible AI progress of which G42 is the initiating partner.
Analog said it will harness the capabilities of edge computing to create a smooth and interconnected relationship among individuals, locations and objects, and boost speed while minimising latency.
The company said it will deliver custom solutions to tackle challenging global issues for business, public sector companies as well as health care and the environment sectors.
The AI market is projected to reach $305.9 billion this year, according to Statista. It is expected to show an annual growth rate of 15.83 per cent, resulting in a market volume of $738.8 billion by 2030.
Edge computing is an emerging paradigm that refers to a range of networks and devices at or near the user. Edge is about processing data closer to where it’s being generated, enabling processing at greater speeds and volumes, leading to greater action-led results in real time, according to consultancy Accenture.
“In traditional AI companies, intelligence comes from historical data that is pre-trained and digitally stored … while in edge computing, intelligence emerges from live, real time sensors’ data. So, this world of AI is very focused on understanding the complexities of real world in real time, understanding people, understanding places and understanding things,” Mr Kipman said.
“We will be harnessing data coming from millions of sensors to help businesses grow their bottom line while devising solutions that are human-centric in approach.”
Analog’s ability to capture and use data from the real world is the company’s unique selling proposition, Mr Kipman said.
“A lot of sensors exist in the world today but there are not a lot of systems or solutions that give you insights from top of those sensors. Clearly, there is an unmet need, and we are going to plug this gap.”
Without disclosing other investors, Mr Kipman said G42 is the biggest investor in the start-up and it “has made serious commitments”.
“Analog represents the latest addition in G42’s portfolio of AI-powered businesses … and it’s the piece of the portfolio focused on edge computing AI,” he added.
Reacting to recent reports regarding G42’s alleged links with blacklisted Chinese entities, Mr Kipman said: “I will refer you to the public statements that G42 has already given. I strongly believe in them and I also believe in the immense market opportunity in the region.
“We are not thinking about Analog from a short-term perspective but it’s a long-term approach to life and I believe that G42 will continue to be a growing player in the AI ecosystem, both regionally as well as globally.”
Last week, the US House of Representatives was presented with a letter by congressman Mike Gallagher that made claims about G42’s business ties with Chinese entities.
Among the entities named were technology major Huawei and the Beijing Genomics Institute, companies blacklisted in the US and with which G42 was alleged to have maintained “active relationships”.
However, G42 has denied any links with the Chinese government and military, dismissing the allegations as “unfounded and irresponsible”.
Analog announcement is the latest in a series of new initiatives from G42.
The group recently announced the establishment of Core42, a provider of national-scale digital transformation.
It also announced the launch of – pending regulatory approvals – Space42, an AI-powered space technology champion to capture regional and international opportunities in geospatial and mobility solutions, satellite communications and business intelligence.
Mr Kipman, who aims to make Analog profitable soon, said he is not aiming to raise more funds at this moment.
“We have enough funds to start and show real progress in the region … that’s the focus rather than raising more money.
“We are a Made-in-the-UAE company and, initially, we want to focus on this market only as we see massive potential here … gradually, we will decide on expanding to new markets,” he said.
Source: The National News
