DeepMind, the Google-owned artificial intelligence firm on a mission to create human-level AI, burnt through $570 million in 2018, according to documents filed with Companies House.
DeepMind, the Google-owned artificial intelligence firm on a mission to create human-level AI, had an expensive year in 2018, according to documents filed with the U.K.’s Companies House registry on Wednesday.
DeepMind’s losses are growing because it continues to hire hundreds of expensive researchers and data scientists but isn’t generating any significant revenue. Amazon, Apple, Facebook are locked in an expensive battle with DeepMind and Alphabet to hire the world’s best AI experts, with the goal of building self-learning algorithms that can transform industries.
DeepMind also spent $12 million on construction and $1.2 million on furniture and fixtures. The company is planning to move out of Google’s office in King’s Cross and into a new property around the middle of 2020. “Our DeepMind for Google team continues to make great strides bringing our expertise and knowledge to real-world challenges at Google scale, nearly doubling revenues in the past year. We will continue to invest in fundamental research and our world-class, interdisciplinary team, and look forward to the breakthroughs that lie ahead.”
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