Tuesday, May 13 16:31:44
A Hong Kong VC fund has just appointed an algorithm to its board, according to reports in the online media today.
Deep Knowledge Ventures, a firm that focuses on age-related disease drugs and regenerative medicine projects, says the program, called VITAL, can make investment recommendations about life sciences firms by poring over large amounts of data, Businessinsider.com said.
Just like other members of the board, the algorithm gets to vote on whether the firm makes an investment in a specific company or not. The program will be the sixth member of DKV's board.
VITAL's software was developed by UK-based Aging Analytics.
"(The goal) is actually to draw attention developing it as an independent decision maker," Deep Knowledge Venture's Charles Groome told Businessinsider.
VITAL makes its decisions by scanning prospective companies' financing, clinical trials, intellectual property and previous funding rounds.