American venture capitalist Jim Breyer expects the vast majority of “breakthrough” artificial intelligence firms to emerge from either China or the United States over the next decade.
Breyer, founder and CEO of Breyer Capital, said at the China Development Forum that China has already emerged as a major power in the field of artificial intelligence, and that leading tech companies such as Alibaba, Baidu and Tencent were viewed as key competitors by US industry.
According to a report from Shanghai Securities Journal Breyer pointed out that China is already a world leader in the field of facial recognition, with technology developed by state-owned China Electronics Technology Group Corporation (CETC) being applied to the development of video surveillance products.
Breyer expects 90% of breakthrough AI companies to emerge from China or the United States over the next decade, and is focused in particular on investment opportunities for the application of AI to the pharmaceuticals and fintech sectors.
In addition to heading Breyer Capital Breyer is also a partner at venture capital firm Accel Partners, which was the second largest shareholder in Facebook after Mark Zuckerberg at the time of the company’s IPO in 2005.