Tuesday, May 13, 2014
OK, I guess we are closing in on SkyNet territory. A VC firm in Hong Kong just named an algorithim to its board of directors:
How does the algorithm work?
VITAL makes its decisions by scanning prospective companies' financing, clinical trials, intellectual property and previous funding rounds.
Groome says it has already helped approved two investment decisions (though has not yet cast its first vote), both of which resemble its own function: In Silico Medicine, which develops computer-assisted methods for drug discovery in aging research; and In Silico's partner firm Pathway Pharmaceuticals, which employs a platform called OncoFinder to select and rate personalized cancer therapies.
On the plus side, VITAL won't demand a corporate jet or fancy meetings at the Four Seasons with golf. On the negative side, well ... billables for lawyers advising VITAL are going down ...