What happened: A Hong Kong artificial intelligence lab backed by Alibaba and SenseTime has picked seven startups that will receive funding under its accelerator program. The AI lab will provide each of the selected startups $100,000 in seed funding, office space, and the access to Alibaba and SenseTime’s AI resources and Alibaba Cloud’s cloud computing services. The Lab will officially launch this month.
Why it’s important: The Hong Kong AI Lab, established in May by e-commerce giant Alibaba and Hong Kong’s first unicorn SenseTime, is part of the Hong Kong government’s efforts to boost innovation in areas including AI, biotech and fintech. In partnership with the Hong Kong Science and Technology Parks Corporation, the Lab launched a six-month accelerator program aiming to foster more AI startups in Hong Kong.