New York City could become the world’s epi-center for artificial intelligence. NYU Tandon School of Engineering, is teaming up with NYC-based ff Venture Capital to create the NYU/ffVC AI NexusLab. The venture will recruit early-stage startups in health care, finance, media, software, and data/security from around the world for a four-month program in NYC.
Five startups will receive $100,000 in funding, and access to $400,000 of support from the NYU Tandon incubator entrepreneurs. The incubators have a 90 percent survival rate for the companies that complete the program. The startups selected will also have access to ffVC’s acceleration team services and technical support, mentoring, and marketing support from AI NexusLab.
AIl Nexus Lab is also working on accelerating progress in a myriad of industries. “AI is an area that’s been on the cusp of mainstream for decades.” ffVC Founding Partner John Frankel said in a statement. “We strongly believe that we have now reached a turning point whereby AI can completely transform, not only user interfaces but allow for meaningful interpretation of the massive amounts of data people and businesses are accumulating. We’re hopeful that the companies entering the program will harness the combined resources of NYU and ffVC to amplify their growth and help shape the future of technology.”
The program is set to take off in November. AI startups have been growing in popularity and necessity since 2010. University graduates with AI experience are some of the most highly sought after job candidates. Commercial applications of AI are valued at a conservative $11 billion, and are expected to grow.