HERE Technologies to provide $28M financial assistance to establish AI research institute in Vienna

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HERE Technologies, a mapping and location services company today announced the establishment of the new International Institute for Advanced Research in Artificial Intelligence (IARAI) based out of Vienna.

The startup further stated that this institute will be the first global machine-learning research institute to use industrial-scale geo-location data.

Specifically, HERE will be giving financial assistance of more than €25 million to assist IARAI’s development, including funding for the physical space and research positions.

Where will the funds get utilised?

The current emphasis is on international recruitment to create a research team of approximately 30 people.

The institution will be emphasising on machine learning which will further enhance the location intelligence required to build an autonomous world, thus heightening location awareness for autonomous vehicles, more accurate, self-healing maps, better traffic prediction models and optimised fleet management and city infrastructure.

The IARAI will be led by two experts in machine learning and data science, Sepp Hochreiter and David Kreil respectively. Sepp Hochreiter, is an artificial intelligence pioneer and inventor of the long short-term memory neural network framework, from Johannes Kepler University in Linz. David Kreil is a leader in data science, from Boku University in Vienna.

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How is it beneficial for HERE?

The startup will be coordinating with IARAI at a close level by offering data sets and expertise. This initiative is expected to offer Here, a greater opportunity to emerging technological potentials in the company’s core field of interest, developed on its data.

The startup stated that by applying these algorithms to location data, IARAI will be able to control the most important location-based issues.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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