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FAIRVENTURES


Granitepost
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FAIRVENTURES

Fairfax has recently opening an innovation lab in Waterloo, Ontario, to bridge the gap between startups and Fairfax, and to act as a matchmaker to allow them to work together. 

It is not that easy to describe or understand this bet on innovation, but certainly it will prove to be very interesting.  It will potentially generate many projects that will help Fairfax to reduce the risk of new ideas from harming its existing businesses as well as contributing new ideas to make more money in the long run. 

Prem should be congratulated for getting involved in this creative project.

http://www.bnn.ca/Shows/the-disruptors.aspx

See original BNN TV show dated March 3 2016 which I saw on March 8.

It will be interesting to follow this as more info becomes available.  I don't believe there has been on official announcement of this venture yet.

Cheers, Granitepost

 

 

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Thank you for posting.

 

It looks like Fairfax is trying to leverage its connection with the University of Waterloo and their expertise in technology. Of course, it is using shareholders money to do so… But it looks like a very small investment has been done till now, while to payoff could be interesting.

We’ll see!

 

Cheers,

 

Gio

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Sentient has received $143 million in venture capital funding, the most of any AI startup, according to research firm CB Insights. Since 2010, AI startups have received $967 million in funding. Intel (INTC) alone has invested in 16 AI companies, including Saffron Technology.

 

Saffron says its platform “mimics the fundamental principles of how humans remember and learn.” In a case study on its website, Saffron helped an insurer to identify fraudulent auto insurance claims. Over 10 weeks, Saffron examined 113,000 claims from one year in one state and found three potential fraud rings. It then detected that these rings were part of a larger ring involved with 38 claims, of which the insurance company had paid out about $400,000 in claims. Saffron was able to collect data that identified relevant and unknown relationships, including different providers, demographics and injury descriptions, creating a knowledge store that had never been done before. Saffron forecasts that the insurer can avoid a payout of tens of millions of dollars a year.

 

http://www.investors.com/news/technology/artificial-intelligence-weaves-its-way-deeper-into-daily-business/?utm_source=dlvr.it&utm_medium=twitter

 

Cheers,

 

Gio

 

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