Uber just acquired Geometric Intelligence, a New York-based artificial intelligence (AI) start-up, with a view to accelerate the ride-sharing service's progress in developing self-driving cars. With the acquisition, Uber will get 15 expert researchers who will run a new division of the company called Uber AI Labs.
Most artificial intelligence start-ups generally pursue one method of study of artificial intelligence. Different from them, Geometric Intelligence's approach is multi-disciplinary. Following the acquisition, Geometric Intelligence co-founders Gary Marcus and Zoubin Ghahramani have been appointed co-directors of the company's new research arm.
The new team will have a wide-ranging brief, including enhancing predictions about traffic and on possible future flying cars, Geometric Intelligence co-founder Gary Marcus told BBC. Uber foresees a future wherein its vehicle fleet will be able to make maximum maneuvers while ferrying passengers without a driver. This can only be achieved with smarter vehicles, Marcus said.
The latest acquisition by Uber as well as its new research arm is evidence of the fact that tech firms in the Silicon Valley are betting heavily on artificial intelligence. Earlier, Google, Facebook and other companies have ventured into AI, with a view to augment competition against each other.
Today, all major tech firms have realized the importance of artificial intelligence, New York Times quoted Marcus as saying in an interview with the publication. The former Geometric Intelligence boss further said that since the companies are operating on vast scale of data, even the slightest increase in efficiency can help to bring about massive changes, as far as profits are concerned.
After the acquisition of Geometric Intelligence, Uber is now valued at nearly $70 billion. Despite an aggressive growth during the last few years, Uber has suffered losses worth $2 billion in 2015, mainly due to heavy subsidization of fares. However, the company is not concerned about the losses, Uber chief product officer, Jeff Holden, told the publication.
Now the ride-sharing company hopes that Marcus and his team of experts will be able to exploit the whale of information they will be collecting the daily rides on Uber. The company desires to use this data to make significant advances in learning the way computers on self-driving vehicles think as well as make various decisions while on the road.
What has attracted Uber to Geometric Intelligence and its expert researchers is that Marcus is dealing with AI in a different way. Instead of following only one approach such as deep learning, this start-up combines data scientists using different techniques to analyze artificial intelligence.
Watch the new deal signed by Uber to acquire Geometric Intelligence: