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Venture capital firm gives algorithm vote on board of directors

updated 08:55 am EDT, Thu May 15, 2014

Firm combs data for correlations, has full vote on board

Hong Kong-based healthcare venture capital firm Deep Knowledge Ventures has appointed an algorithm to its board of directors. The VITAL process has a full vote on the board, and is intended to make investment recommendations to the human members of the board after collecting seemingly unrelated pieces of data, collating trends and making predictions based on that data.

Deep Knowledge Venture's Charles Groome told Business Insider that VITAL has already approved two investment decisions similar to the advisory function it performs for the board -- In Silico Medicine and Pathway Pharmaceuticals, both computer assistance developers aiming at better algorithms for drug discovery.

"The prospect for utilizing this approach in portfolio management is very attractive," Deep Knowledge's senior partner, Dmitry Kaminskiy said about VITAL. "We were attracted to a software tool that could in large part automate due diligence and use historical data-sets to uncover trends that are not immediately obvious to humans that are surveying top-line data."

"It's not what you'd call AI at this stage, but that is the long-term goal," said Groome of the algorithm. As of yet, it has not cast its first official vote.




by MacNN Staff

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