As Singapore scales up plans of achieving a Smart Nation, private investment firm Marvelstone Group is eyeing to launch the world's largest artificial intelligence (AI) hub in the island's central business district in 2018.
According to a statement by the investment firm, the goal is to serve the current need in the market for AI technology. The hub will also make Singapore a global leader in the said technologies. The said hub will be followed by its sisters in Japan, Scotland, and Canada.
Marvelstone President Joel Ko Hyun Sik said there are a lot of ideas in the field of AI that are still research focused and need an incubator such as the said hub. This is in order to bridge the gap to commercialise them for future deployment by future government and corporates.
Aside from serving as an incubator for 100 startups in the field of AI per year, he said the business model of the planned hub includes intellectual property (IP) generation, educating 1,000 people annually, and investments to nurture ideas in improving the nascent field.
"There is a clear need for a big playground for startups, entrepreneurs, and even corporates in the field of AI. Considering the high interest and demand for AI globally, there are still relatively few places to test these new technologies," Sik said.
Multinational corporations and institutions who will partner with the hub will gain access to the innovative AI startups. These up and coming businesses will be able to market their products in a more systematic and organised manner. At the same time, the hub will join these startups in co-building products.
"We're extremely excited about this vision and believe AI will represent an unparalleled theatre of growth of the future," Sik said.
To recall, Marvelstone is behind Lattice80, a 30,000 sqft fintech hub launched in the latter part of 2016. More than 30 governments, 50 corporates, and 100 investors have visited LATTICE80.