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Fitch Rating acquiring AI startup Sigma

Fitch Ratings is acquiring AI startup Sigma for its AI-based tools, which can help in detecting frauds. 
Financial institutions and rating agencies are under pressure to ramp-up internal control and protect clients from unauthorized transactions. The financial crisis of  2008 was partly caused by rating agencies exaggerating the ratings of securities, which led to significant losses by investors. Both regulators and investors are demanding that rating agencies be vigilant in identifying financial crimes.

Using AI to Find New Application of Existing Medications

Scientists at Ohio State University Center for Clinical and Translational Science have developed an AI-based algorithm that helps in discovering new applications of the existing medications. Currently, time-consuming and expensive randomized clinical trials are used before an existing medication is re-purposed for a different disease. Using AI-based framework, researchers were able to identify medication that could be a good target to treat other diseases.

Law Enforcement Using AI to Nab Suspects

Police and other law enforcement agencies are using AI to arrest January 6th rioters at the U.S. Capitol. In some cases, the agencies are using Clearview AI-based facial recognization software to identify the suspects. The company has created a database of multi-billion images by scraping the websites and other publicly viable resources. Oxford, Alabama, spokesperson, acknowledge using the software to identify the potential rioters.

Centricity Raising $10 Million

Centricity Inc., a New York-based startup, is raising another $10 million, which will bring the total raised thus far to around $12 million. The company develops AI-based tools to analyze user data for demand prediction and claims to have about ten customers. The company is one of the several trying to capitalize on the opportunities created by the stay-at-home orders across the country. Using the insight produced by the AI-based Machine Learning Models, retailers can predict the future demand for products and services.  

Using AI to Reduce Cost of Processing E-commerce Returns

Online retailers, facing a deluge of returns, are using AI to reduce the cost of processing unwanted goods. Typically, online returns could cost as high as $20, depending on the item. E-commerce returns are expected to cost around  $70 billion for this past holiday season. Clearly, for retailers, it is more economical to issue a refund without processing the return. However, cybercriminals are purchasing from e-retailers with the sole intention of getting a refund while keeping the goods.

Identification of Mosquitoes Using AI

Jannelle Couret of the University of Rhode Island, USA, trained a Convoluted Neural Network (CNN) using  1,709 two-dimensional adult mosquitos images. The mosquitoes were collected from different colonies in five geographic regions and stored by flash freezing or dried samples. The researchers trained the CNN to identify Anopheles mosquito and its sex. Using test data, researchers found a 99.96% prediction accuracy for class and a 98.48% accuracy for the sex of the mosquito.

Improving Quality of Snacks Using AI Tools

Neal Analytics using Microsoft’s Bonsai AI platform helps PepsiCo Inc. to improve the shape, crush, and color of Cheetos cheese-puff snacks. Using a reinforced Machine Learning model, the system is trained and tuned by the subject matter expert. The production process is monitored using computer vision tools, and equipment-lines are adjusted to produce the desired quality of the snacks. The company expects to make consistently high-quality snacks using while reducing waste.