Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

Blockchain company Bitfury launches AI division

Amsterdam-based blockchain company Bitfury has just launched its artificial intelligence (AI) division, Reuters reported on Tuesday.

The company said the new division will use Bitfury’s existing hardware and software technologies to build integrated product solutions, as well as cloud-to-edge enterprise solutions for corporations and governments.

Talking to Reuters, the firm’s co-founder and CEO Valery Vavilov said Bitfury is still in “research mode”, but will announce its first AI products later this year.

“Data is becoming the next oil,” he explained. “We have collected so much data, but only 2% of all this data has been analysed; 98% is sitting idle and waiting to be analysed.”

“We also need to trust that data so that’s where blockchain comes in,” Vavilov said.

Founded in 2011, Bitfury is a security and infrastructure provider for the bitcoin blockchain. The company closed an $80 million funding round last November led by venture capital firm Korelya Capital with participation from Mike Novogratz’s Galaxy Digital, Macquarie Capital, and others.

This investment, which brought the firm to a $1 billion evaluation, is fuelling Bitfury’s expansion, also enabling the upcoming developments of its AI division.

“Just as blockchain technology enables us all to fix our most broken and distrusted systems, artificial intelligence will bring new and extraordinary benefits to nearly every facet of our lives,” Vavilov said.

“To help this incredible technology achieve maximum impact, Bitfury is expanding our mission to offer hardware and software solutions designed especially for AI applications.”

Bitfury’s new AI division will be led by tech veteran Fabrizio Del Maffeo, former vice president and managing director of AAEON Technology Europe, a firm focusing on AI and IoT as part of the ASUS Group.

Commenting on the news, Del Maffeo said: “I look forward to leading Bitfury’s AI team and to launching products that make it easier, safer and more cost-efficient for businesses to adopt artificial intelligence at scale”.

Image via PXhere.

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