Small Business: Artificial intelligence, computer vision set to ‘take over the world’ – Rush

“We think computer vision is going to eat the world. If you think about the human brain, AI is basically computers trying to mimic how the human brain works. Fifty per cent of what we do or think about or are emotive about is the brain reacting to what our eyes see. Cameras are everywhere, they’re getting cheaper and as computers get more and more powerful and more reliable, we think computer vision – the ability for computers to see and make sense of the world – is going to drive a generation that you and I can’t even comprehend.

Cameras have the ability to make life easier from an experience perspective. As a sub-set of AI, it is hugely powerful. If you think about what’s going on in China with state-sponsored computer vision, we want to use that force for good.”

ViSenze raises $20 million to further develop its AI product comparison tools

Visenze received another $20M in funding. Here’s a “Crib Sheet” post that I wrote on them in 2017.

Additionally, here are some key take-always from today’s news.

  • “Artificial intelligence (AI) in retail is having a moment. Spurred by growth in automated merchandising, recommendation engines, and customer behavior tracking, spend with respect to AI-driven commerce services is expected to top $8 billion by 2024, research firm Global Market Insights reports. And according to the McKinsey Global Institute, said services will impact between 3.2 percent to 5.7 percent of global retail revenue.
  • After three years of steady growth (200 percent) that saw the number of users conducting searches with its products exceed 300 million (and search volume surpass three million queries a day), ViSenze is raising venture capital
  • ViSenze — which was spun out from the National University of Singapore’s Next research center in 2012 — claims its infrastructure can index and process of “billions” of images, and generate search results in less than a second for newly uploaded product images (and less than 200 milliseconds for existing images).
  • That scalability — along with computer vision models trained continuously to improve recognition accuracy — are the reason its customers see 50 percent higher click-through rates and up to 5 times higher conversion rates, ViSenze contends.”

We used AI to study the world’s toilets. This is what we found –

Sure, I could have written about something glitzy and glamorous like CES. In fact, I can’t imagine anything less interesting than “toilet knowledge,” but how can you pass-up clicking on that headline.

I’ll spare you the bathroom related double-entendres, because the article is insightful and thought provoking. It caught my attention because it’s a unique execution of: AI, image recognition, public data and social awareness.

Plus, I feel like I’ve been missing out…who knew there was a “World Toilet Day!”

Here are just a few key take-aways:

  • With reams of public data and open-source artificial intelligence at our fingertips, the challenge for businesses does not lie in access to data, but in how to use data creatively to stay competitive, innovative and philanthropic.
  • Last summer, Alto Analytics, took on the challenge to help understand the global water crisis in support of World Toilet Day
  • Alto’s analysts modelled an AI-powered image recognition analysis of toilets, for an automated and faster way to find a more exact number of people impacted by unsafe sanitation conditions on a global scale.
  • Toilets of families with an income of less than $122.50 per month were not recognized by the AI, representing 30.3% of the world’s total population, 2.22 billion people.
  • Toilets of families with an income of less than $245 had a 50% chance of being recognized. These families represent 47.8% of the world’s population, 3.42 billion people.
  • What makes Alto’s insights powerful is that they can be updated in real-time, as new photos are constantly uploaded