The $1.39Bn public-private partnership deal will be supported by a further $6.9 Bn in extended credit provided by leading AI Banks
SHANGHAI, Sept. 5, 2019 /PRNewswire/ -- The second World Artificial Intelligence Conference (WAIC), which welcomed hundreds of global companies, start-ups and universities, ended on August 31 with the unveiling of several groundbreaking AI projects and international cooperation agreements, set to turn Shanghai into one of the biggest technological hubs in the country.
The Shanghai AI Investment Fund is a private-private partnership endorsed by the Shanghai Municipal Government with funds expected to reach 10 billion RMB (USD 1.39Bn). Alongside the fund, a seven-step plan to push forward technological breakthroughs in Shanghai and disseminate AI technologies to every corner of the city, from healthcare and education to urban management and industrial development was also unveiled.
In total, 33 heavyweight projects were signed during the ceremony, including the landmark unveiling of six global research headquarters dedicated to the development and implementation of Artificial Intelligence technologies, including:
- The IBM AI Innovation Center
- Kuang-Chi Global AI Innovation Center
- Shanghai Artificial Intelligence Algorithm Research Institute
- Shanghai Institute of Intelligent Science and Technology
- SenseTime Group China Headquarter and Global R&D Headquarters
- Shanghai Artificial Intelligence Research Institute Co., Ltd.
To support the healthy development of the AI industry, a total of five enterprises received 50 billion RMB (USD 6.9Bn) in credit by an association of Shanghai AI banks, including representatives of ICBC, CCB, Bank of Communications, Shanghai Pudong Development Bank, Shanghai Bank.
The World Artificial Intelligence Conference 2019 has seen global tech gurus including Amazon, IBM, Microsoft, Tesla, Huawei, Alibaba and Tencent gather in Shanghai along with almost one hundred industry experts, 26 founders of unicorn start-ups, 50 prominent investors and several Turning Award and Nobel laureates divulging their take on the trajectory of the AI industry. The three-day event secured 70 significant projects for the city, and unprecedented interest from all walks of life was shown during the technological feast which attracted 80,000 industry leaders from over 60 countries, more than 240,000 visitors and over 900 journalists.
About World Artificial Intelligence Conference 2019
With the theme of "Intelligent Connectivity, Infinite Possibilities," the World Artificial Intelligence Conference 2019 is a platform for AI scientists, world leaders and entrepreneurs to share their insights on AI innovations and applications, gathering the brightest minds under one roof to enable them to shed light on a better future powered by intelligent technologies. It aims to connect the best of the best from academia and industry to collaborate and offers opportunities for talented innovators to transform the world, meet investors and distribute their ideas globally.
SOURCE WAIC 2019