Japan’s Mitsubishi Corp. is set to invest in a new artificial intelligence (AI) fund led by Stanford University computer scientist Andrew Ng. This strategic move aims to build connections between Mitsubishi’s diverse business operations and cutting-edge AI technologies.
Andrew Ng, known for his work with Google, Baidu, and as co-founder of Coursera, launched his first AI-focused fund in 2017, raising $175 million from investors including Japan’s SoftBank Group and Mitsui & Co. Ng’s second fund, now in the fundraising phase, is expected to draw over $120 million and will primarily target U.S. startups working with AI in retail, healthcare, and logistics. More than 10 companies are anticipated to invest in this initiative.
Mitsubishi’s investment in the fund is part of a broader strategy to integrate AI across its operations, which span sectors such as energy, steel, automotive, and food. Additionally, the company is focused on developing AI talent internally. This summer, Mitsubishi will launch a three-month training program in Japan, alongside a short-term study abroad program for AI training at top universities, with seven participants selected for fiscal 2024 and more in subsequent years.
Supporting these efforts, Tokyo-based MC Digital, a Mitsubishi subsidiary, will provide expertise in AI-powered systems for tasks like logistics optimization, purchasing data analysis, and power plant output forecasting. Mitsubishi has also offered digital transformation courses to all employees since 2022, including training in app development and other digital skills.
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