Foxconn Invests $340M into AI Venture

AI

Photo by: Paul Hobbs via Flickr

 

Electronics industry company Foxconn said that it will be making a major investment in an AI-based research and development as part of its search for new growth opportunities in the business. This is according to international publication, Nikkei Asian Review. 

The Taiwan-based company has reportedly pledged an amount of $342 million to become an artificial intelligence player amid the slowing global mobile market.

Foxconn’s founder and chairman Terry Gou said that they will at least invest the amount for the next five years to focus on recruiting top talent and deploying AI applications in various manufacturing locations. He adds, “We will become a global innovative AI platform rather than just a manufacturing company.”

The Taiwanese tycoon expressed that they are also planning to invest some more if they find their deployments successful or if it could generate the results they hope. To make this come true, they are set to recruit about a hundred AI experts from different countries and they will also open jobs for the young talents with good ideas about deep learning techniques and machine learning applications.

Gou also announced that Foxconn will be teaming up with one of the popular figures in the community of machine learning -- Andrew Ng. With him on board, he can help transform the process of manufacturing, detect and predict the defects.