The funding, which comes from Calibrate, a venture capital firm, is an additional success for the company that has recently garnered a number of accolades.
"This is a very exciting time in Diveplane's evolution," said Dr. Michael Capps, CEO of Diveplane. "...This new funding will support key initiatives, including further developing our technology capabilities, bolstering our research and software development efforts, and enhancing scale.”
Capps says there are vast quantities of untapped, uninterpreted data waiting for companies to interpret. He says this data will help them make sense of their customer base and make more informed decisions about what is the best approach to doing business in a particular sector.
The goal of Diveplane is to demystify AI, Capps said in an interview with North Carolina-based economic development organization Research Triangle Regional Partnership. While popular culture portrays AI as entirely unintelligible at best and world-endingly insidious at worst, Capps says that it should be understandable to the layman and helpful in making analytical decisions.
This, says Capps, is further complicated by the astronomical growth of AI, which he says is growing yearly by a factor of 20.
He says that this growth is a liability for large corporations but an opportunity for small companies and startups who can adapt more easily to changes in the technology.
One of the tools Diveplane has developed is ALLUVION, which predicts volatility in the housing market and equips realty companies to act based on those predictions. The technology works differently from traditional market predictions by taking into account factors that are difficult for humans to consistently and reliably track instead of simply looking to the past.
Partnered with GEMINAI, which creates a shareable partner dataset devoid of confidential information, Diveplane’s technology is a formidable asset to companies seeking to effectively make inferences about incoming data.
The Opportunities of the AI Economy
AI is a rapidly growing market filled with potential. Companies like Nvidia, Alphabet (Google’s parent company), Amazon, and Microsoft are pioneers in the industry, developing customer solutions technologies, data management, and cloud computing.
These developments, among others, are contributing to a current global valuation of nearly $40 billion. That market is expected to grow at well over 40% yearly, carrying the global value of such technologies to over $733 billion in 2027.
Diveplane itself has had a considerable share in this success. The company, despite being only two years old, has managed to gather about $6 million in funding for its future projects.
In an article published by the World Economic Forum in collaboration with Forbes, Mohamed Kande and Murat Sönmez write that despite the popular negative depiction of AI, the technology should be a source of hopefulness rather than fear.
“While some have a dystopian view of the future,” they write, “the reality is that AI’s positive social impact will likely outweigh its consequences. Only through investment in high-quality, holistic education and upskilling opportunities paired with multi-sector initiatives can we prepare society and ourselves for this future and embrace the benefits of AI.”
However, while AI-driven robots might not dominate the world anytime soon, one source of concern for many US government officials is the rise of AI abroad.
The Future of Chinese AI
China’s AI program is perhaps the most concerning to American officials.
The country has vowed to become the leader in AI by 2030, a promise that American intelligence officials are being forced to acknowledge.
“The Chinese Communist Party recognizes the transformational power of AI,” Defense Secretary Mark Esper said at the 2020 Defense Department’s AI Symposium and Exposition.
Eric Schmidt, the former CEO of Google, told National Defense Magazine that Americans should not become complacent as the current leaders of the AI industry,
“We’re a year or two ahead of China,” he said. “We’re not a decade ahead.”
In fact, he said, it is likely that China will surpass the United States in AI capabilities.
“We’re in a contest, and part of the reasons I think that China may win is that they have five times as many people,” Schmidt said. “...They have incentives now in their research community for people to publish papers. … The quality may not be there, but numerically they’re there.”
So while it is unclear to know the role of AI in the future of geopolitics, companies like Alphabet, Amazon, Microsoft, and Diveplane are part of a technological race, the results of which will be fascinating to watch.
About the Author
Elijah Labby is a graduate of the National Journalism Center. He has previously written for Broadband Breakfast, a technology and internet policy website.