Currently, financial and technology companies appear to be the biggest backers of artificial intelligence startups.
Aside from acquiring, these entities are seen pouring massive amounts of resources in terms of money into promising companies, particularly those focused on AI research and development.
As a testament to this case, JPMorgan Chase & Co recently made a strategic investment into San Francisco-based startup, Volley.com.
The startup is known for utilizing artificial intelligence in helping large companies to produce training content for workers automatically.
Although the companies declined to divulge details pertaining to the size of the investment, Volley stated that it would use the funding to double its team, which is made up of less than 20 individuals, in the next nine months.
The investment by JPMorgan comes at a time when banking institutions are increasingly looking forward to utilizing artificial intelligence in making better use of the growing amount of data, which they hold across multiple business lines, spanning from trading to compliance.
Presently, Volley is creating software that can process data from different sources in a bid to come up with quizzes as well as other corporate training material including compliance sources and cybersecurity.
Carson Kahn, Volley ’s chief technology officer and founder, said in a recent interview that the startup ’s technology boasts the potential to assist large companies including banking institutions in saving both time and money when developing educational material, especially for their employees.
Carson Kahn also stated in the interview that Volley had originally dedicated itself to creating an application for students that utilized its machine learning engine. However, the startup’s mission later changed to that of developing technology for businesses.
New York-based banking institution, JPMorgan has created a reputation for itself when it comes to taking equity stakes in early-stage technology companies, particularly those that can assist the bank to become more efficient, protect its assets and enhance its customer experience.
Joseph Infozino, JPMorgan Chase’s head of learning platforms, stated that Volley’s innovative tech involving the feeding, integrating and targeting of micro-learning content automatically can change the way companies like JPMorgan Chase approach both knowledge and learning management.
Volley currently has numerous key invertors supporting its journey and vision. One of the investors in the startup includes both Don Duet and Paul Walker, who are the former global co-executives of technology at Goldman Sachs Group Inc. Zuckerberg Education Ventures makes up another key Volley investor.
READ MORE: Top 25 AI Software for the Banking Industry
It is a fund that invests on behalf of Mark Zuckerberg, Facebook’s founder.
Paul Walker, who is also Volley’s senior advisor, asserted in an interview that Volley ‘s technology could aid in augmenting people ’s capacity to learn by creating personalized content and recognizing their knowledge gaps.
He further added that the startup is currently dealing with and solving one of the most challenging and vital issues facing machine learning, trying to draw knowledge from unstructured information.
JPMorgan Chase & Co is one of the leading and oldest US-based financial institutions. Its history dates back more than 200 years ago.
As such, it boasts of $2.6 trillion in assets and enjoys a global presence of more than 100 markets.