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    Alphabet’s DeepMind AI Lab Makes Profit for the First Time

    Deep Mind CEO Demis Hassabis at the 2017 event in China.

    Source: Alphabet

    London — DeepMind, one of the world’s leading artificial intelligence labs, made a profit for the first time, according to a submission to the UK corporate registry released Tuesday.

    A London-based research firm recorded a profit of £ 43.8 million ($ 59.6 million) in 2020 after recording hundreds of millions of dollars in losses over the past few years.reported Loss of $ 649 million in 2019, for example.

    DeepMind’s revenue has more than tripled from just £ 265.5 million in 2019 to £ 826.2 million in 2020, according to annual results submitted to Companies House. DeepMind owned by Google parents alphabetDid not provide a specific reason for the surge in revenue.

    DeepMind does not sell its products directly to consumers and has not announced any transactions with private companies outside of Alphabet. However, it sells software and services to Alphabet companies such as Google, YouTube, and Moonshot’s X.

    A DeepMind spokeswoman told CNBC that the company “strengthens products and infrastructure that enrich the lives of billions of people through the many collaborations that Alphabet has worked on over the years.” Told.

    A person in the AI ​​industry with DeepMind knowledge told CNBC that a surge in revenue could result in “creative accounting.” DeepMind did not respond immediately when asked to comment on the claim.

    “I don’t think DeepMind has many or no sources of income,” a CNBC source said, calling for it to remain anonymous due to the nature of the debate. “That is, all that income is based on the amount Alphabet pays for internal services, which can be completely arbitrary.”

    Elsewhere, labor and other related costs have risen slightly from £ 467m to £ 473m, suggesting that DeepMind’s hiring enthusiasm may have ended.

    DeepMind employs some of the world’s leading AI research scientists who can direct an annual salary of over $ 1 million.

    These top people, who often have PhDs from Oxford, Cambridge, Stanford, MIT, etc., are also sought after by big tech companies such as: Facebook, Apple, Amazon When Microsoft..

    DeepMind has not specified how many people will be added to the team in 2020, but says it currently employs more than 1,000 people. About 1,000 people participated last year.

    Alphabet’s DeepMind AI Lab Makes Profit for the First Time

    Source link Alphabet’s DeepMind AI Lab Makes Profit for the First Time

    The post Alphabet’s DeepMind AI Lab Makes Profit for the First Time appeared first on Eminetra.

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