Boston-based artificial intelligence (AI) company DataRobot has confirmed to set up a regional headquarters in Singapore. The top AI company is looking to spend more financially for its presence in the Asia-Pacific region.
DataRobot on Tuesday, November 21 announced that it will invest S$15m into Singapore as part of its expansion plans in the Asia-Pacific region. Apart from the being the regional quarters, the office will also be its second research and development centre in the country.
In a statement to IBTimes Singapore, the company is planning to increase its investments into the Singapore operations by up to S$50m more. About 50 per cent of the initial investment will be earmarked for the hiring of manpower.
DataRobot is looking forward to hiring 50 employees in Singapore by 2019, of which 40 per cent are technical experts and data scientists. Co-founder and chief executive Jeremy Achin says Singapore is the ideal AI centre in the region.
"We see Asia-Pacific as a key growth market for us," says Achin. "The rise of the data-driven economy favours corporations which can make better sense of their data to gain a competitive advantage. The future is in AI and we believe Singapore can be the regional centre of this brave new world."
With its Smart Nation campaign, the Singaporean government has been hard at work to leverage the use of artificial intelligence, a key pillar of technology that it will focus on to make the country "economically competitive".
DataRobot's technology has been used globally to help insurance companies detect fraudulent claims, businesses set competitive pricing, financial institutions predict loan defaults and many more.