GENIA Latinoamérica Plans New $200M AI Fund
GENIA’s new Inter-American artificial intelligence investment fund will look to back research and development of AI-based technologies.
Miami, FL — GENIA Latinoamérica is preparing to partner with major international organizations to launch a new $200 million Inter-American AI fund. The US-based public benefit corporation looks to secure investment for AI-based solutions that tackle the most important socioeconomic challenges of Latin America.
The LATAM AI Fund will launch late 2020 with a $200 million budget to invest in artificial-intelligence-focused startups across the region. Over the past four years, GENIA’s directors have been sketching the initiative that concretized last October in Washington, D.C with the launch of the world’s first AI regional strategy for Latin America.
The companies backed by the fund will address the lack of inclusion and diversity in the development of Expert Systems, as well as, guiding local AI scientists and developers into training their models with robust data that represents western values — toward AI Supremacy.
GENIA, already met the Ambassador of Costa Rica to the US — country selected to pilot its Inter-American Network of Autonomous Artificial Intelligence Laboratories — and looks to headquarter in Miami, FL with the partnership of Miami-Dade Beacon Council. According to GENIA’s CEO, Miami-Dade offers cultural diversity with strong ties to Latin America & an attractive emerging technology ecosystem.
Artificial Intelligence for Latin America
Jean García Periche, GENIA´s Chief Government Officer said that, “A big part of our work is directed toward securing the digital rights of individuals in a world where cyberspace plays a central role in society. Governments of the XXI Century must accelerate the transition to future-proof systems that can tackle the grand challenges of our times. For that reason, we launched a solid regional strategy that aims to directly impact the development AI and make our industries more efficient. Our LATAM AI Fund is a core piece that empowers the private sector to lead in the creation of an emerging continental market destined to super-charge smart and innovative solutions for the region.¨
At the same time, Felipe Castro Quiles, CEO of the Corporation stated, “We are strictly compromised with the progress of underrepresented regions and look to enhance their competitive advantage — by applying machine learning that secures the flow of more inclusion, abundant data, the instruction of local highly competitive AI scientists, an environment of public policy that is favorable to local AI and western values; and of course, the encouragement of entrepreneurial activity to guarantee regional economic progress toward the fourth industrial revolution.”
With over 630 million inhabitants, a growing middle class and in a world where ¨data is the new oil¨ , Latin America serves as fertile ground to develop robust artificial intelligence systems that can regionally scale and turn innovative ideas into profitable businesses. Backed by an Inter-American AI strategy that includes both the private and the public sector, GENIA Latinoamérica plays a key role in the future of AI and Latin America and more importantly, the Supremacy of fair and democratic systems. By connecting entrepreneurs, data, scientists, and policy, the public-benefit corporation creates an optimal scenario to launch the first LATAM AI Fund that ensures the investment ecosystem that is still lacking to make the region competitive in terms of artificial intelligence.
GENIA Latinoamérica researches and develops Expert Systems to solve the greatest social challenges in Latin America and advocates for inclusive and diverse development of Machine Learning Models to ensure a representative socioeconomic transformation. Learn more about our AI Labs here: #YoSoyFuturo