The future of artificial intelligence may be moving closer to the present.
On Wednesday, the NYU Tandon School of Engineering will announce the launch of an accelerator-style program that will recruit five early-stage AI startups to the school's Varick Street Incubator. The city's first accelerator devoted to computer technology that imitates human intelligence, the AI NexusLab will connect the startups to the university's academic resources while providing the fledgling companies with the marketing and business expertise of a major venture capital firm.
They'll also be funded to the tune of $75,000 over their four-month stay, with an additional $25,000 to cover the program's costs. The Manhattan-based firm ff Venture Capital, which will select the startups in concert with NYU, will provide the financing in exchange for a 6% stake in each company. The university will get a 2% stake.
"We've seen a number of artificial intelligence companies come through our various programs, and they're very different from a typical startup," said Steven Kuyan, NYU Tandon managing director of incubators and entrepreneurship. "They require a much larger traditional support structure."Read Complete Article