Wednesday, August 16, 2017

Allen Institute Company Ramps Incubator Efforts

The Allen Institute for Artificial Intelligence (AI2), the artificial intelligence incubator program founded by Paul G. Allen and Dr. Oren Etzioni, says that it is "doubling down" on its incubator efforts, after the acquisition of its first spinoff by Baidu. One of its startups, KITT.AI, was recently acquired by Baidu, and AI2 says another one of its startups, XNOR.ai, raised $2.6M. The Allen Institute says it typically invests $250,000 in seed funding and provides six months of office space in Seattle, along with providing mentorship from Entrepreneurs-in-Residence. The incubator says it is focused on furthering AI research and innovation that contributes to humanity.