At London Tech Week: Tej Kohli, the London-based tech entrepreneur, has invested another $100m into Rewired, a robotics-focused venture studio with a humanitarian bent. Rewired is pioneering investment into artificial intelligence and machine learning ventures that will power the new economy, transform businesses, revolutionise global healthcare and even improve and extend human life.
Some of the companies already backed by Rewired include:
- Open Bionics: is developing the next generation of prosthetics, which for the first time enable patients to feel their surrounding environment through their prosthesis.
- Aromyx: is developing technologies that for the first time enable scientifically reproducible measurement and digitisation of taste and scent. Applications include the detection and capture of new data modalities for machine learning.
- Seldon: has developed the worlds first open source machine learning platform to enable data scientists, developers and large organisations to share data, thus harnessing the network effect for machine learning and enabling machines to learn faster, bigger and better.
Current thinking suggests that the global AI market will be worth anything from $3.9 trillion by 2022 (Gartner) to $15.7 trillion by 2030 (PWC) “ but Tej Kohli believes that the true value could be much greater.
Conventional wisdom is too cautious. I predict that the global AI sector will be worth $150 trillion by 2025. My forecast is based on a five-part analysis:
- The Internet today is worth $50 trillion. You can take that and extrapolate it to at least three or four times as many applications as the Internet to get $150 trillion. I dont see how it can be any less because AI has so many different industries and applications;
- Everything that is currently on the Internet can also be manifested through AI in smarter and better and more effective ways. These Internet-linked applications alone are worth hundreds of billions “ and AI can be similarly applied across hundreds of other industries;
- The rapid pace of growth of AI in China, with Shenzen now a global hub of AI excellence that will surpass the ever more regulated Silicon Valley in the medium term;
- The global growth in 5G coverage plus ubiquitous smartphone usage removing technological barriers to embracing the AI revolution in a true Internet of Things;
- That we are now at a tipping point, after which AI and machine learning will grow exponentially to underpin and benefit every single aspect of human life.
I am not saying that $150 trillion is based on a complete adoption of AI across everything. I believe $150 trillion is where you get to when keeping our basic human norms and values intact. It is using AI to make our lives more efficient without radically changing our lives to the full extent that AI is capable of. I estimate this value to be three to four times the Internet.
And I believe that AI will enable humanity to take unprecedented leaps forward in solving the most pressing human problems across poverty, geopolitics and unequal access to healthcare, by virtue of its ability to make businesses and organisations far more efficient. There is scope for huge commercial gain coupled with unprecedented opportunities for human progress.
About Tej Kohli
Tej Kohli is a London-based technology and real estate entrepreneur, businessman and philanthropist who now focuses on visionary ventures and investments that have the potential to transform lives and change the world. Through his investment vehicle Kohli Ventures, Mr Kohli targets high-impact investments into AI, robotics, biotech, genomics and Fintech that help to solve the worlds most pressing challenges and create a better tomorrow.
Mr Kohli also has a well-publicized mission to cure corneal blindness worldwide by 2030 through the philanthropic Tej Kohli Foundation that provides direct funding for the Tej Kohli Cornea Institute, a preeminent global institute for solving corneal blindness worldwide.
Mr Kohli is a Distinguished Alumnus of the Indian Institute of Technology in Kanpur (IITK) where he completed a degree in Electrical Engineering. He first rose to success building innovative white label technology and e-commerce solutions for companies during the dot com boom.
Rewired is a robotics-focused venture studio specializing in applied science and technologies. Rewired launched in 2017 with an initial $100 million fund for technologies that will enable robots to interact properly with real-world environments. In backing the development of robots sensory capabilities and understanding of the world around them, Rewired seeks to play a major part in enabling the safe and efficient integration of machine learning into everyday life.
For more information about Rewired see https://youtu.be/6yc5EcBIU5U
For an interview with Tej Kohli please contact:
Helen Tarbet / Kim van Beeck / Hannah Ratcliff (Buchanan)