China’s CSC Group Joins Artificial Intelligence Incubator Effort With Founders Factory

Beijing-based private equity firm China Science & Merchants Investment Management Group (CSC Group) has agreed to a multi-million pound partnership with British start-up incubator Founders Factory to invest in artificial intelligence start-ups. No financial details were disclosed, but the two partners will jointly hire 60 people, invest in and grow five early-stage AI start-ups and launch two companies from scratch each year, the company disclosed. The U.K. has been home to some of the world’s most advanced AI companies. DeepMind, a London AI start-up, was acquired by Google in 2014. Another U.K. speech technology firm VocalIQ was bought by Apple last year, and Microsoft purchased London-based predictive keyboard maker Swiftkey earlier this year. Chinese companies and investors, on the other hand, have been betting heavily on AI as well. Last…


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