Artificial intelligence has moved from the age of discovery to the age of implementation. Among our invested portfolios, primarily in China, we see flourishing applications using AI and automation in banking, finance, transportation, logistics, supermarkets, restaurants, warehouses, factories, schools, and drug discovery.
Yet, looking at the overall economy, only a small percentage of businesses is starting to use AI. There is immense room for growth.
I believe that AI will be as important as electricity in the history of mankind’s technological advancement. In the next decade or two, AI will penetrate our personal and business lives, delivering higher efficiency and more intelligent experiences. It is time for businesses, institutions, and governments to embrace AI fully and move society forward.
I am most excited about the impact of AI on healthcare and education. These two sectors are ready for AI disruption and can deploy AI for good.
We invested in a company that uses AI and big data to optimize supply chains, reducing medication shortages for over 150 million people living in rural China. We are also funding drug discovery companies that combine deep learning and generative chemistry to shorten drug discovery time by a factor of three to four.
In education, we see companies developing AI solutions to improve English pronunciation, grade exams and homework, and personalize and gamify math learning. This will free teachers from routine tasks and allow them to spend time building more inspirational and stimulating connections with up-and-coming generations of students.
I hope to see more bright entrepreneurs and businesses start using AI for good in 2020 and years to come.
Kai-Fu Lee is chairman and chief executive of Sinovation Ventures.