The world is changing and many are calling the emergence of big data, AI, and machine learning as the fourth industrial revolution. These new technologies will impact not only the physical space but also the digital space. Economies, industries, and ideas will be challenged. A Korean advanced technology startup MIND’s Lab, which started from big data to machine learning to artificial intelligence in 3 years. Now it is taking in over $2 million a year and is considered one of the fastest-rising tech startups in Korea and has already had over $5 million in investments.
Their focus is focusing these new technologies in regards to the healthcare industry. They are certain that healthcare will be the industry that will lead this fourth industrial revolution mainly with AI. As digital capacity advances, more and more data can be stored in the digital space. Digital data is growing very rapidly, doubling every two years. Add this to the success of machine learning systems like Watson, the potential in this field is mindblowing.
MIND’s Lab is about to launch their AI platform that centers around healthcare and education services. This platform will be a place where developers will have the tools to utilize new technologies. Their main product is the AI speaker called Ascar which works much like Amazon’s Echo but can be installed in cars. However, MIND’s Lab ultimate goal is to make the Korean version of IBM’s Watson.
By starting the healthcare industry to incorporate AI, MIND’s Lab has the potential to revolutionize the healthcare and medicine industry. AI can be used to organize patient routes or treatment plans better as well as provide doctors and physicians with all the information they will need to make good decisions. If you don’t think AI will be used in hospitals you have to look around at where AI is being used now. AI is being used in cars, Google searches, Amazon suggestions, Apple’s Siri, Microsoft’s Cortana, and so much more. There is an “AI lawyer” that can help you with your parking tickets.
MIND’s Lab also deals with voice recognition, text analytics, social data analytics, and deep learning based analytics platforms. They have gotten funding from ETRI which is one of the largest government-funded research institutions in Korea. If a Korean version of Watson will be built it will most likely come from MIND’s Lab.