AI’s Transformative Power: From Healthcare to Cleantech and Finance
From healthcare to cleantech and finance, the potential applications of artificial intelligence (AI) are vast. Experts discussed the impact of AI at the Collision Conference, which was held in Toronto, Canada, from June 18 to 20. This article explores the insights shared by these experts, shedding light on how AI is poised to transform diverse sectors and drive innovation.
Key Takeaways:
- AI agents are set to revolutionize industry dynamics, empowering individuals to write software programs for diverse applications without specific coding knowledge.
- AI’s impact on the built environment is transforming cities and architecture, enabling smarter infrastructure and sustainable urban planning.
- Healthcare is being redefined by AI-powered personalization and testing, leading to more accurate and effective diagnosis and treatment.
- Cleantech breakthroughs are being powered by AI, making fleet vehicles more efficient and contributing to a greener future.
- AI is playing a crucial role in revolutionizing the financial system, decentralizing finance and promoting greater financial inclusion.
AI Agents: Democratizing Computing and Transforming Industries
Harry McCracken, technology editor at Fast Company, sat down with Kanjun Qiu, co-founder and CEO of Imbue, to discuss how AI agents can democratize and decentralize computing and transform entire industries.
"I think of (AI agents) as a thing that makes your computer do things you want it to do, like a software program that takes action," Qiu said. "And so an existing AI agent is a Facebook news recommendation system or a self-driving car. These types of AI agents are very vertical-specific, and what’s most exciting about this upcoming wave is more general AI agents."
Qiu explained that as these agents improve their reasoning capabilities, individuals, even those without tech skills, will be able to use them to write software programs for virtually any application.
"Most people think of agents as this personal assistant, but, actually, an agent is this intermediary between you and your computer, and you talk to it in English, and it talks to your computer by writing code," she said. "And what that allows for is for your agent to do anything on your computer without you having to write specific code for every single application."
This ability to bridge the gap between human language and complex coding has the potential to empower individuals and businesses alike, driving innovation across various industries.
AI’s Impact on the Built Environment: Smarter Cities and Sustainable Architecture
Alex Israel, co-founder and CEO of Metropolis, discussed the scalability and diverse applications of AI and machine learning technology in the built environment. Metropolis provides smart parking and mobility solutions for urban environments, employing computer vision to identify vehicles and automate payments.
Israel explained, “We leveraged computer vision technology to take a fingerprint analysis of the vehicle, identify a vehicle, and pair that vehicle with a profile. So users sign up … with their credit card, license plates, and phone number, and then anytime they enter a Metropolis-enabled facility anywhere in the United States, they get a text message when they arrive, and they’re seamlessly charged when leave.”
Metropolis aims to expand its technology into new verticals, such as car washes and gas stations, creating a future where payments are automated, eliminating the need for apps or credit cards.
"My goal would be that this idea of seamless, checkout-free commerce becomes a household component of everyone’s day-to-day life, that they’re not taking our their phone, they’re not taking out their wallet, but just engaged in seamless, checkout-free commerce,” he said.
Israel also stressed the importance of public-private sector partnerships to develop AI tools for urban planning, recognizing that informed decisions require data from diverse sources.
"I think there’s a real opportunity for a public-private partnership, where there’s significant collaboration between the private sector that’s developing innovative solutions, from either an autonomous vehicle perspective or artificial intelligence side of things, directly with regulators and policy."
Healthcare Redefined: AI-Supported Personalization and Testing
AI is making significant strides in the healthcare industry, particularly in life sciences where AI models are used to analyze genetic data, enabling personalized care plans.
Wesley Chan, co-founder and managing partner of FPV Ventures, believes the life science sector will increasingly benefit from AI over the next five to 10 years.
AI has made a particularly significant impact in oncology. In addition to its role in advancing CAR-T cell therapy, AI has enabled more accurate and personalized cancer testing, improving patient outcomes.
Dr. Craig Eagle, a leading expert from Guardant Health (NASDAQ: GH), discussed liquid biopsies, non-invasive blood tests that can test for abnormal DNA. He presented a compelling case to Collision attendees for the transformative potential of widespread adoption of liquid biopsies in oncology.
Liquid biopsies analyze shed cancer cells in the bloodstream, known as circulating tumor cells (CTCs). This method offers a more accessible and effective way to test for cancer over traditional diagnostic procedures, which involve retrieving a tissue sample.
Ongoing efforts are dedicated to developing more comprehensive liquid biopsy tests, and technological advancements have improved their sensitivity while reducing the cost. The Food and Drug Administration (FDA) has approved multiple technologies designed to capture and categorize CTCs, including the CellSearch System, developed by Menarini Silicon Biosystems.
Cleantech Breakthroughs: AI-Powered Sustainability for Fleet Vehicles
Cleantech is gaining mainstream recognition as a viable investment opportunity. Panelists highlighted a growing interest in climate tech across various sectors, driven by both economic viability and the global imperative for climate action.
Advancements in electrification for fleet vehicles, such as wireless electric vehicle chargers and repurposed charging infrastructure, are gaining traction. Also discussed was the use of generative AI to improve autonomous fleet vehicles.
John Rizzo, chief technical officer at wireless charger developer InductEV, highlighted the importance of electrifying fleet vehicles, which produce over 70 percent of carbon emissions.
"So, to the extent that we can focus on taking carbon out of the atmosphere by electrifying fleet vehicles, like buses, dredge trucks and box trucks — it’s a huge win not only for carbon, but it turns out, they’re much more economical to operate,” he said. InductEV charges vehicles wirelessly at points along their route, such as bus stations or loading docks.
Raquel Urtasun, CEO of Waabi, presented her company’s solution to putting autonomous electrified fleet vehicles on the road. Waabi has applied generative AI technology to the autonomous trucking industry for the past three years.
Urtasun emphasized that self-driving cars must be able to perceive, interpret and reason on the road. Current testing models haven’t accurately reflected real-world scenarios, but generative AI can create a more realistic simulator that includes driver behavior and interactions with other vehicles.
Waabi’s Waabi World simulator, powered by its in-house technology, uses machine learning algorithms to analyze data collected by the vehicle’s sensors. Waabi-powered self-driving trucks have already been deployed in Texas, and on June 18 the company announced a US$200 million Series B funding round led by Uber (NYSE: UBER) and Khosla Ventures. Waabi plans to deploy autonomous trucks all over the US and Canada by 2025.
Decentralizing Finance: AI’s Role in Revolutionizing the Financial System
The integration of AI, Web3 infrastructure, and blockchain is driving a paradigm shift, enabling decentralized solutions to gain momentum. At the Collision event, Lucas Matheson, CEO of Coinbase (NASDAQ: COIN) Canada, emphasized the significance of blockchain technology, stressing its transparency and ability to serve diverse interests.
He contrasted this with traditional financial systems, which he argues primarily benefit governments and institutions.
"One of the things that makes blockchain so incredible isn’t the technology; it’s that we understand how blockchains work,” Matheson said. “There’s no secrets, there’s no ulterior motives — the system is transparent and it’s designed with everyone’s intentions and interests in mind.”
Emma Todd, CEO of MMH Technology Group, and moderator Sam Bourgi talked about the potential of digital assets, including Bitcoin and stablecoins, in addressing financial inclusion in countries facing hyperinflation.
The need for regulatory guidance in the Web3 space to balance financial stability and innovation was discussed by Rashmi Gopinath, a general partner at B Capital Group; Ana De Sousa, CEO at Agio Ratings; and Ed Zitron, CEO at EZPR.com.
The speakers agreed that guidelines and standards are crucial, and also acknowledged the need to move beyond liquidity and focus on productive use cases such as tokenization of real-world assets, supply chain and data management, and decentralized financial services such as lending, borrowing, and trading.
If concerns surrounding standardization and regulatory challenges can be resolved, the integration of AI could enhance the capabilities and efficiency of these decentralized systems.
Investor Takeaway
AI, with its multifaceted applications, is helping revolutionize many industries, from enhancing urban planning and healthcare to driving sustainability and decentralizing finance.
As AI technology continues to advance, it holds immense potential to address global challenges, such as climate change and financial inequality, and shape a more sustainable and equitable future for all. It is important for these advancements to be developed responsibly, with proper regulation and oversight, to truly benefit humankind.
