Sales were 265.5 million pounds, up from 102.8 million pounds a year earlier. Above: Google CEO Sundar Pichai is satisfied with the pace of AI research and development at DeepMind. There are no comments yet. On the other hand, the patience of shareholders and investors is measured in months and years. DeepMind currently has none of those. At heart, it is a research lab that wants to push the limits and of science and make sure advances in AI are beneficial to all humans. Therefore, while DeepMind doesn’t need to worry about its unprofitable research yet, but as it becomes more and more enmeshed in the corporate dynamics of its owner, it should think deeply about its future and the future of scientific AI research. The document also mentions that the growth of costs “mainly relates to a rise in technical infrastructure, staff costs, and other related charges.”. Join us for the world’s leading event on applied AI for enterprise business & technology decision-makers, presented by the #1 publisher of AI coverage. The Ten Most Significant Science Stories of 2020 ... Google’s artificial intelligence company DeepMind debuted a deep ... Habitat destruction is cited as the leading cause of these massive losses. But the company’s expenses continue to grow as well, increasing from £568 million in 2018 to £717 in 2019. December 18, 2020 by George Leopold. But the corporate world and scientific research move at different paces. DeepMind's parent has agreed to continue funding the company for at least a year after the report's approval. A tech company losing money is nothing new. At first glance, this isn’t bad news. The overall losses of the company grew from £470 million in 2018 to £477 million in 2019. He writes about technology, business, and politics. Recently, on the heels of DeepMind's advancement in procedure AI to expect protein-folding came the details that the UK-based AI firm is still costing its. Some scientists continue to stay in academia for the sake of continuing scientific research, but they are too few and far between. up-to-date information on the subjects of interest to you, gated thought-leader content and discounted access to our prized events, such as Transform. Recently, on the heels of DeepMind's advancement in procedure AI to expect protein-folding came the details that the UK-based AI firm is still costing its . Research . The two goals are diametrically opposed, pulling DeepMind in different directions: maintaining its scientific nature or transforming into a product-making AI company. VentureBeat’s mission is to be a digital townsquare for technical decision makers to gain knowledge about transformative technology and transact. Its losses also widened, increasing 1.4% to £476.6m. According to its annual report filed with the U.K.’s Companies House register, DeepMind has more than doubled its revenue, raking in £266 million in 2019, up from £103 million in 2018. There are no public details on how much Google charges DeepMind for access to its cloud AI services, but it is most likely renting its TPUs at a discount. Sales were 265.5 million pounds, up from 102.8 million pounds a year earlier. Here in 2020, it was DeepMind’s AI program called AlphaFold that unveiled a solution to the 50-year-old biological challenge of predicting the shape of proteins. And while its owner, which is also the parent company of Google, is currently happy with footing the bill for DeepMind’s expensive AI research, it is not guaranteed that it will continue to do so forever. DeepMind Technologies is a British artificial intelligence subsidiary of Alphabet Inc. and research laboratory founded in September 2010. Last week, on the heels of DeepMind’s breakthrough in using AI to predict protein-folding came the news that the UK-based AI company is still costing its parent company Alphabet Inc hundreds of millions of dollars in losses each year. DeepMind, the artificial-intelligence company owned by Google parent Alphabet Inc., saw its revenue almost double last year, but gains were dwarfed by losses … Scientific research is measured in decades. Blog post . POST COMMENT Comments. And DeepMind is not alone. DeepMind currently has none of those. In July’s quarterly earnings call with investors and analysts, Alphabet CEO Sundar Pichai said, “I’m very happy with the pace at which our R&D on AI is progressing. And for me, it’s important that we are state-of-the-art as a company and we are leading. The two goals are diametrically opposed, pulling DeepMind in two different directions: maintaining its scientific nature or transforming into a product-making AI company. From a report: Revenue jumped 158% in 2019, DeepMind said in a financial filing this week. A tech company losing money is nothing new. The company is based in London, with research centres in Canada, France, and the United States. Compared to previous years, DeepMind’s revenue growth is accelerating while its losses are plateauing. This makes it the fifth-costliest year for the industry since 1970. At first glance, this isn’t bad news. Its owner’s goal, however, is to build products that solve specific problems and turn profits. POST REPLY × Sign up for DeepAI. Companies that can’t turn over a profit in years or at least show hopeful signs of growth fall afoul of investors. Business. The AI research lab, acquired by Google in 2014, reported losses of £470m in 2018, up from £281m in 2017. This means that without the support and backing of Google, the company’s expenses would have been much higher. Compared to the previous years, DeepMind’s revenue growth is accelerating while its losses are plateauing. Virologist says reopening indoor dining is ‘reckless’ as new, more transmissible coronavirus strains spread in the U.S. Study: Life-long antiviral treatment appears to prevent viral transmission from mother to baby, Study offers a new way to treat children with bow hunter syndrome, Disney smashes streaming subscriber expectations, boosting segments hurt by Covid, U.S. lags in new climate ranking and is ‘still struggling to move away from fossil fuels’. But the company’s expenses continue to grow as well, increasing from £568 million in 2018 to £717 million in 2019. Revenue jumped 158% in 2019, DeepMind said in a financial filing this week. Finding biology’s “holy grail” and deciphering the complex protein processes is expected to empower scientists to better understand the machinery of life and unlock opportunities for drug discovery. DeepMind, Google’s AI Unit, Reports Big Loss. DeepMind’s ultimate goal, developing artificial general intelligence (AGI), is by the most optimistic estimates at least decades away. At first glance, this isn’t bad news. And it’s not clear when—if ever— some of its technology will be ready for commercialization. It is an AI research lab that has had to repurpose itself into a semi-commercial outfit to ensure its survival. Read the latest articles and stories from DeepMind and find out more about our latest breakthroughs in cutting-edge AI research. The growing interest in deep learning and its applicability to commercial settings has created an arms race between tech companies to acquire top AI talent. Therefore, while DeepMind doesn’t need to worry about its unprofitable research yet, as it becomes more enmeshed in the corporate dynamics of its owner, it should think deeply about its future and the future of scientific AI research. This post was originally published here. OpenAI, DeepMind’s implicit rival, has been facing a similar identity crisis, transforming from an AI research lab to a Microsoft-backed for-profit company that rents its deep learning models. OpenAI, DeepMind’s implicit rival, has been facing a similar identity crisis, transforming from an AI research lab to a Microsoft-backed for-profit company that rents its deep learning models. Above: DeepMind’s AlphaFold project used AI to help advance the complicated challenge of protein folding. DeepMind’s big losses, and the questions around running an AI lab December 27, 2020 17 Last week, on the heels of DeepMind’s breakthrough in using AI to predict protein-folding came the news that the UK-based AI company is still costing its parent company Alphabet Inc hundreds of millions of dollars in losses each year. DeepMind’s “technical infrastructure” runs mainly on Google’s huge cloud services and its special AI processors, the Tensor Processing Unit (TPU). Companies that can’t turn over a profit in years or at least show hopeful signs of growth fall afoul of investors. ... 04 Dec 2020. Second, it has driven many AI scientists from academic institutions that can’t afford stellar salaries to wealthy tech companies that can. But DeepMind is not a normal company seeking to grab a share of a specific market. Google continues to heavily subsidize its DeepMind artificial intelligence startup, writing off $1.5 billion in debt as losses grew. Much of the AI technology used today in commercial applications has been in the making since the 1970s and 1980s. Alphabet is paying DeepMind to apply its AI research and talent to Google’s services and infrastructure. In July’s quarterly earnings call with investors and analysts, Alphabet CEO Sundar Pichai said, “I’m very happy with the pace at which our R&D on AI is progressing. DeepMind also funds scholarships at Oxford University, Imperial, Cambridge and University College London (UCL), but this is the first one specifically for women. DeepMind’s revenue and losses from 2016 to 2019 And by some accounts, top AI talent commands seven-digit salaries. According to its annual report filed with the U.K.’s Companies House register, DeepMind has more than doubled its revenue, raking in £266 million in 2019, up from £103 million in 2018. In 2015, it became a wholly owned subsidiary of Alphabet Inc, Google's parent company. DeepMind’s big losses, and the questions around running an AI lab 27/12/2020 Last week, on the heels of DeepMind’s breakthrough in using AI to predict protein-folding came the news that the UK-based AI company is still costing its parent company Alphabet Inc hundreds of millions of dollars in losses … 12/27/2020 Comments Off on DeepMind’s big losses, and the questions around running an AI lab Last week, on the heels of DeepMind’s breakthrough in using AI to predict protein-folding came the news that the UK-based AI company is still costing its parent company Alphabet Inc hundreds of millions of dollars in losses each year. Last year, DeepMind spent £14m on academic donations and sponsorships. Ben Dickson is a software engineer and the founder of TechTalks. It is an AI research lab that has had to repurpose itself into a semi-commercial outfit to ensure its survival. Google wrote off $1.3 billion in debt for its loss-making AI startup DeepMind, according to the firm's latest accounts Martin Coulter 2020-12-17T12:43:58Z Environmental, Political, and Cultural News of Our Planet. The document also mentions that the growth of costs “mainly relates to a rise in technical infrastructure, staff costs, and other related charges.” Above: DeepMind’s AlphaFold project used AI to help advance the complicated challenge of protein folding. Most of the industry’s top AI scientists and pioneers are working either full- or half-time at large companies such as Google, Facebook, Amazon, and Microsoft. Above: DeepMind’s AlphaFold project used AI to help advance the complicated challenge of protein-folding. DeepMind had a loss of £477 million ($649 million) in 2019, up from £470 million in 2018, according to documents filed with the U.K.'s Companies House. DeepMind requires deep pockets. Finance; Health. The company’s overall losses grew from £470 million in 2018 to £477 million in 2019. But the report contains a few more significant facts. December 17, 2020. Turnover almost doubled in 2018 to $125 million (£103 million), up from $58 million (£48 million) in 2017. Above: DeepMind developed an AI system called AlphaStar that can beat the best players at the real-time strategy game StarCraft2, According to DeepMind’s annual report, Google Ireland Holdings Unlimited, one of the investment branches of Alphabet, “waived the repayment of intercompany loans and all accrued interest amounting to £1.1 billion.”, DeepMind has also received written assurances from Google that it will “continue to provide adequate financial support” to the AI firm for “a period of at least 12 months.”. While losses at DeepMind have grown, so to have the company’s revenues. It doesn’t have measurable growth because its only client is Google itself. Sales were 265.5 million pounds, up from 102.8 million pounds a year … This is an important point. And to me, I’m excited at the pace at which our engineering and R&D teams are working both across Google and DeepMind.”. Scientific research is measured in decades. Its losses also widened, increasing 1.4% to 476.6 million pounds. Google’s parent company Alphabet has written off $1.5B in debt for its AI research lab DeepMind. The overall losses of the company grew from £470 million in 2018 to £477 million in 2019. But DeepMind is not a normal company seeking to grab a share of a specific market. At heart, it is a research lab that wants to push the limits of science and make sure advances in AI are beneficial to all humans. The fierce competition for top AI talent has had two consequences. So, while DeepMind shows signs of slowly turning around its losses, its growth has made it even more dependent on Google’s financial resources and large cloud infrastructure. On the other hand, the patience of shareholders and investors is measured in months and years. While participation in machine learning courses has increased in the past few years, scientists who can engage in the kind of cutting-edge AI research DeepMind is involved in are very scarce. The large amount highlights Alphabet's ongoing commitment to DeepMind, which saw its losses grow by 1.5% in 2019 compared to 2018. And here’s where DeepMind’s dilemma lies. He writes about technology, business and politics. This is an important point. DeepMind's spending has risen as parent company Alphabet, which also owns Google, hires top academics, researchers and engineers in an effort to beat out its competitors. Insurance industry losses from natural catastrophes and man-made disasters globally amounted to USD 83 billion in 2020, according to Swiss Re Institute's preliminary sigma estimates. DeepMind was acquired by Google in 2014. But the report contains a few more significant facts. The company has already had trouble finding a balance between scientific research and product development in the past. The London-based company … Above: DeepMind’s revenue and losses from 2016 to 2019. So while DeepMind shows signs of slowly turning around its losses, its growth has made it even more dependent on Google’s financial resources and large cloud infrastructure. And while its owner, which is also Google’s parent company, is currently happy footing the bill for DeepMind’s expensive AI research, there is no guarantee that it will continue to do so forever. (AFP via Getty Images) DeepMind, Google’s artificial intelligence unit, reported pre-tax losses of £460.9m in 2019. While participation in machine learning courses has increased in the past few years, scientists that can engage in the kind of cutting-edge AI research DeepMind is involved in are very scarce. And for me, it’s important that we are state-of-the-art as a company, and we are leading. What this also means is that there isn’t yet a market for DeepMind’s AI, and if there is, it will only be available through Google. For the time being, Google seems to be satisfied with the progress DeepMind has made, which is also reflected in remarks made by Google and Alphabet executives. The company has already had troubles finding balance scientific research and product development in the past. A spokesperson for DeepMind told the media that the costs mentioned in the document also included work on the AlphaFold, the company’s celebrated protein-folding AI, another very expensive project. Staff costs is another important issue. The tech industry is replete with examples of companies who burned investor money long before becoming profitable. Here we study how to design artificial agents that can interact naturally with humans using the simplification of a virtual environment. The fierce competition for snatching top AI talent has had two consequences. This setting nevertheless integrates a number of the central challenges of artificial intelligence (AI) research: complex visual perception and goal-directed physical control, grounded language comprehension and production, and multi-agent social interaction. The Machine This post was originally published here. Some of the company’s projects in 2019 included work on an AI system that played StarCraft 2 and another that played Quake 3, both of which cost millions of dollars in training. And DeepMind is not alone. Making sense of AI. And second, it has driven many AI scientists from academic institutions that can’t afford stellar salaries to wealthy tech companies that can. At first glance, this isn’t bad news. In the past, Google has used DeepMind’s services for tasks such as managing the power grid of its data centers and improving the AI of its voice assistant. CrowdStrike and c3.ai both did IPOs and had losses equal to 30% and 40% of revenues respectively in 2019, and 13% and 40% respectively in 2020. A spokesperson for DeepMind told the media that the costs mentioned in the document also included work on AlphaFold, the company’s celebrated protein-folding AI, another very expensive project. The overall losses of the company grew from £470 million in 2018 to £477 million in 2019. Most of the industry’s top AI scientists and pioneers are working either full- or half-time at large companies like Google, Facebook, Amazon, and Microsoft. Above: DeepMind developed an AI system called AlphaStar that can beat the best players at the real-time strategy game StarCraft2, According to DeepMind’s annual report, Google Ireland Holdings Unlimited, one of the investment branches of Alphabet, “waived the repayment of intercompany loans and all accrued interest amounting to £1.1 billion.”, DeepMind has also received written assurances from Google that it will “continue to provide adequate financial support” to the AI firm for “a period of at least twelve months.”. Losses at DeepMind, the artificial intelligence firm owned by Google parent Alphabet, grew by 1.5 percent last year, according to its latest annual report, CNBC reports. The document mentions “Turnover research and development remuneration from other group undertakings.” This means DeepMind’s main customer is its owner. According to a filing with the U.K.’s Companies House, DeepMind’s revenue more than doubled from 103 million pounds ($140 million) in … Above: Google CEO Sundar Pichai is satisfied with the pace of AI research and development at DeepMind. DeepMind’s parent has agreed to continue funding the company for at least a year after the report’s approval. A tech company losing money is nothing new. In the past, Google has used DeepMind’s services for tasks such as managing its datacenters’ power grids and improving its voice assistant’s AI. And it’s not clear when — if ever — any of its technology will be ready for commercialization. Above: DeepMind’s revenue and losses from 2016 to 2019 What this also means that there isn’t yet a market for DeepMind’s AI, and if there is, it will only be available through Google. According to its annual report filed with the UK’s Companies House register, DeepMind has more than doubled its revenue, raking in £266 million in 2019, up from £103 million in 2018. But the corporate world and scientific research move at different paces. Reports surfaced this week that the London-based AI lab acquired in 2014 by Google parent Alphabet for about $600 million lost a staggering $649 million in the last year. Last week, on the heels of DeepMind’s breakthrough in using AI to predict protein-folding, came news that the U.K.-based AI company is still costing its parent company Alphabet hundreds of millions of dollars in losses each year. And by some accounts, top AI talent command seven-digit salaries. up-to-date information on the subjects of interest to you, gated thought-leader content and discounted access to our prized events, such as Transform. For the time being, Google seems to be satisfied with the progress DeepMind has made, which is also reflected in remarks made by Google and Alphabet executives. Revenue jumped 158% in 2019, DeepMind said in a financial filing this week. Alphabet is paying DeepMind to apply its AI research and talent to Google’s services and infrastructure. DeepMind’s “technical infrastructure” runs mainly on Google’s huge cloud services and its special AI processors, the Tensor Processing Unit (TPU). DeepMind, Google’s AI Unit, Reports Big Loss DeepMind requires deep pockets. The growing interest in deep learning and its applicability to commercial settings has created an arms race between tech companies to acquire top AI talent. Above: DeepMind’s revenue and losses from 2016 to 2019. There are no public details to indicate how much Google charges DeepMind for access to its cloud AI services, but Google is most likely renting its TPUs at a discount.