Minister for Business, Enterprise and Innovation, Heather Humphreys and Minister for Training, Skills, Innovation, Research and Development, John Halligan today announced a Government investment of €49 million through Science Foundation Ireland in the Insight SFI Research Centre for Data Analytics.
This Government investment will secure a further €100 million from industry and other international sources, such as the European Union, over the next six years to further harness the power of data analytics, machine learning and artificial intelligence (AI).
Through this new investment, Insight will continue its research via a set of three demonstrator projects under the themes - Augmented Human, Smart Enterprise and Sustainable Societies. In addition, it will significantly expand its Education and Outreach Programme, including a new Citizen Science initiative.
Insight was established in 2013 through an initial SFI investment of €43 million and has delivered an economic impact of €593m to the Irish economy. For every €1 of state investment, €5.54 is returned to the economy on an overall leveraged basis.
This funding was supplemented by €63 million from EU sources and industry. That means for every €1 of SFI funding, another €1.46 in additional investment has come from those other sources. During this period Insight has produced over 2,000 publications, trained 184 postdoctoral graduates and established 11 spin out companies and with this new funding will continue to develop these outputs.
Insight was established in 2013 and is hosted at four higher education institutions - Dublin City University, National University Ireland Galway, University College Cork and University College Dublin and works in partnership with Maynooth University, Trinity College Dublin, Tyndall National Institute and University of Limerick.
Commenting on the announcement, Science Foundation Ireland’s Director General and Chief Scientific Adviser to the Government of Ireland, Professor Mark Ferguson said, "Insight’s research is equipping indigenous Irish companies to harness the power of data analytics, machine learning and AI to become more competitive and open new markets. The SFI Research Centres continue to attract and retain multinational organisations who want to conduct high value research in Ireland. Centres like Insight are seeding the next generation of world class innovators in our universities."
Minister Humphreys added, "Many traditional job roles are changing, and with Brexit and other international challenges on the horizon, we must continue to plan ahead, focus on what is within our control domestically and be the masters of our own destiny. Insight is playing an important role in our plans to prepare now for tomorrow’s world by keeping Ireland at the cutting edge of innovation in this important sector."
Source: www.businessworld.ie
