_Quantexa CEO outlines vision for investment in support of UK
Government’s plan to make UK an AI Hub, which includes:_
* £125M in new global investments _aimed at accelerating enterprise
and government agency’s ability to use trusted AI-enabled Decision
Intelligence solutions_
* £85M in dedicated UK investment will _create over 170 new jobs in
London AI Innovation Centre team _
* _Preview of Generative AI assistant shows how world-leading
institutions will unlock the full potential of data to investigate risk
and identify opportunity_
LONDON and NEW YORK, July 09, 2023 (GLOBE NEWSWIRE) — Quantexa, a
global leader in Decision Intelligence (DI) solutions for the public and
private sectors, announced today that it will invest an additional
£125M in the global artificial intelligence (AI) industry over the next
three years to help clients advance the use of AI to protect, optimise,
and grow their organisations. By 2027, Quantexa’s total global
investment in AI will reach more than £200M.
The investment marks Quantexa’s continued advancements in AI with the
preview of its Generative AI technology, Q Assist. Quantexa also
furthered its commitment to advancing the company’s existing AI Stack
to enable its growing global ecosystem of clients and partners to unlock
new industry-specific use cases for financial services, insurance,
telecommunications, healthcare, and in the public sector. Quantexa’s
Decision Intelligence platform and suite of solutions for data
management, customer intelligence, KYC, risk, fraud, and financial crime
have been deployed in over 70 countries.
Analysis from University of Washington suggests this investment will
boost the global AI industry by £600M as the multiplier effect is
realised.
AI in Context: How Quantexa Augments and Automates Decision Intelligence
with AI [1]
[2]
Preview of Generative AI Assistant Breaks New Ground
Built on Quantexa’s Decision Intelligence Platform, the technology
preview of Q Assist, a generative AI assistant, demonstrates the
potential of using LLM’s to create an intuitive and conversational
interface bringing new efficiencies for analysts working with data to
identify risks as part of investigations. For organisations, the
potential benefit is significant – as the AI assistant allows all
analyst staff to become as effective as the most experienced
investigators.
Q Assist is LLM agnostic and will allow clients to use their own
proprietary, open source, or commercially available models including
ChatGPTTM, a leading LLM from OpenAI. Quantexa’s market-leading entity
resolution, graph analytics, and scoring capabilities become
turbo-charged when they can be queried with natural language questions
and prompts in Quantexa’s Decision Intelligence Platform.
Today, in a video showcase, Quantexa demonstrated one of what could
become many potential use cases for Q Assist. The financial crime
investigation scenario was chosen to show the potential in using natural
language to query vast amounts of structured and unstructured data at
scale, allowing even junior analysts to understand the complex data
behind graph analytics and alerts. The preview also showed the ability
to automate the generation of Suspicious Activity Reports (SARs) and
investigative summaries – possible in close to 100 languages – driving
further efficiency in what is typically a manually intensive process and
allowing more time to be redirected to strategic activities.
AI Throughout Quantexa’s Decision Intelligence Platform Delivers
Business Value
Enterprises and government agencies are using Quantexa’s Decision
Intelligence to become more effective and efficient at organising
siloed, messy data to obtain 360-degree views of customers and suppliers
to identify fraud, qualify eligibility for services, stop dangerous
goods at borders, or optimise supply chains.
Quantexa is using three core principles to responsibly build out its AI
Stack:
* Context-Based Learning: Just as humans require full context to make
informed decisions, so does AI. Without context, even the smartest
machine learning or deep learning algorithms lack accuracy to be
deployed reliably. For example, it’s impossible for a person or AI
model to know if a single bank transaction in isolation is money
laundering. Quantexa builds true context by using data to create single
views of people, organisations, places, and other entities and assembles
them visually to show complex interactions between entities. This
context is what enables a person or AI to make an accurate decision.
* Composite AI: Quantexa’s Composite AI Stack aggregates the outputs
of many different techniques, including machine learning, natural
language processing and deep learning. Combining these with input from
subject matter experts, organisations can continually use analytics to
improve decisioning to protect, optimise, and grow. Quantexa uses
exclusive access to huge volumes of structured and unstructured industry
data to train its AI and provides out-of-the-box open models, giving
clients the ability to modify or create their own.
* Explainability and Trust: In the highly regulated environments that
organisations work in, it is crucial that decisions are transparent and
explainable with no suggestion of bias. Quantexa’s technology and
governance uses context-based techniques and composite AI to drive
adoption of explainable outcomes without privacy concerns. Quantexa
publicly maintains its AI ethics and safety guidelines here [3].
Rishi Sunak, Prime Minister of the United Kingdom, said:
_“We want to ensure the UK remains the best place in the world to
build, test, and use safe AI technology. Quantexa’s new £85M London
AI Innovation Centre will help cement this reality. It will create over
170 jobs, harness the extraordinary potential of AI as we grow our
economy, and lead the way on responsible AI development around the
world.”_
Chloe Smith, Technology Secretary, said:
_“The Government is serious about AI, which is why we’ve invested
£2.5B in AI infrastructure and skills since 2014 and this year set out
our plan for AI regulation to drive innovation and build trust.
Quantexa’s investment is a huge vote of confidence in those plans and
will unlock new opportunities for growth and job creation, enabling us
to continue to pave the way as a global leader in the development of
AI.”_
Vishal Marria, CEO and Founder, Quantexa, said:
_“While many_ companies are talking about AI and machine learning, we
have been investing in it since our inception. We are investing our
time, money, and resources into the biggest technological breakthrough
for generations as it will transform how organizations make decisions.
We’re proud to invest in London-based innovation but the impact will
be felt by the global economy and will start a ripple effect that will
unlock decision intelligence capabilities for our clients and their
respective industries.”
Dr Oren Etzioni [4], Professor at the University of Washington’s
Computer Science and founding CEO of the Allen Institute for AI, said:
_“An investment of 100 AI jobs will drive economic growth not just in
London but around the world. The places most likely to benefit are AI
innovation hubs like New York City, Seattle, and San Francisco. Based on
my research into the impact of AI on employment and economic growth, the
long-term monetary benefits of this announcement will increase
significantly because of the multiplier effect from job creation and
innovation. An initial investment of £200M is likely to benefit the
wider AI industry by £600M globally within three years.” _
To learn more about how your organisation can benefit from Quantexa’s
AI investment, innovation, and ethical practices, please visit here [5].
About Quantexa
Quantexa is a global data and analytics software company pioneering
Decision Intelligence that empowers organisations to make trusted
operational decisions by making data meaningful. Using the latest
advancements in big data and AI, Quantexa’s Decision Intelligence
platform uncovers hidden risk and new opportunities by providing a
contextual, connected view of internal and external data in a single
place. It solves major challenges across data management, KYC, customer
intelligence, financial crime, risk, fraud, and security, throughout the
customer lifecycle.
The Quantexa Decision Intelligence Platform enhances operational
performance with over 90% more accuracy and 60 times faster analytical
model resolution than traditional approaches. Founded in 2016, Quantexa
now has more than 650 employees and thousands of users working with
billions of transactions and data points across the world. The company
has offices in London, New York, Boston, Toronto, Malaga, Brussels,
Amsterdam, Ireland, Luxemburg, Singapore, Melbourne, Sydney, and the
UAE.
