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Uber Acquires AI platform to advance its Self-driving cars technology

26Jun By AdityaNo Comments

ACQUISITION

Uber Acquires AI platform to advance its Self-driving cars technology

Cab booking platform Uber has acquired computer vision startup Mighty AI to help advance its technology for self-driving cars. Terms of the acquisition were not disclosed, but the ride-hailing giant said 40 employees of the Seattle-based firm would join Uber soon. Mighty AI specialises in computer vision, a field within artificial intelligence that is used to better understand or "label" the surroundings of vehicles that will be deployed autonomously. "The team at Mighty AI has built technology to label at scale using the latest AI and user experience techniques," said Jon Thomason, vice president of software engineering for the Uber division. "Training our AI at increasing pace is critical to scaling our self-driving technology, and I look forward to bringing Mighty AI's techn...

LIC to Pick Up a Stake in State-owned IDBI Stake

Indian state-owned insurance group and investment company LIC (Life Insurance Corporation) has decided to pick up a further 7% stake in the government lender IDBI Bank through a preferential issue. LIC already holds a stake in the bank which is equal to 7.98% and it is moving towards acquiring more of it. Lately, IDBI Bank’s capital adequacy ratio fell largely to 8.18% as on June end, below the regulatory requirement of 9%. This move, however, will help the lender to improve its capital adequacy ratio. “It is advised that the bank has received a letter dated August 28, 2018 from Life Insurance Corporation of India giving their in- principle approval for subscription of the equity shares on preferential basis subject to their total exposure not exceeding 14.90% of post-issue capital of ...

Dell acquire EMC Corp for $67 billion

A record deal in technology industry Computer-maker Dell Inc buy data storage company EMC Corp for $67 billion. Dell tries to transform itself into a giant in the fast-growing market for managing and storing corporate data. The deal will help Dell, the world's No. 3 computer maker, diversify from a stagnant consumer PC market to faster-growing market for cloud-based data services. (more…)