11th January, 2024: Fatfish Group Limited (ASX:FFG) has launched a new AI technology incubator, Fatfish Applied AI Lab (FAI). FAI’s core mission will be to focus on the use of generative AI technologies to find applications in digital entertainment, fintech, and e-commerce, and other verticals where FFG has a present interest in.
FFG, an ASX listed tech venture firm, launches a new AI technology incubator named Fatfish Applied AI Lab (FAI)
FAI will focus on acquiring Generative-AI focussed startups for both technology and talent, initially within the digital entertainment, fintech, and e-commerce sector
FAI will also work with existing FFG portfolio companies to identify new business opportunities enabled by Generative-AI and offer fee-for-service arrangements with third parties leveraging its expertise
FFG has significant track record in the incubating of digital ventures including the very successful spin-out of iCandy Interactive (ASX:ICI)
FFG will re-deploy some of its technical personnel with experience in big data, machine learning experiences to FAI, while continuously being on the lookout to recruit global talents that could help with FAI’s mission.
Generative AI presents what the FFG management considers to be the most important development in the history of computing since the explosion of the Internet.
A direct example of how generative AI will reshape computing is video game development – an area FFG has a particular interest in – where the technology will shorten development timeframes and, with self-learning decision making algorithms, create entirely new and never-before-seen interactive experiences.
“We are at the beginning of the generative AI technology era. The business opportunities we see are as exciting as investing in internet businesses in late 1995. An AI ecosystem will become a key ingredient for any business to be economically competitive in the near future”, says Larry Gan, chairman of FFG.
As part of its strategy, FAI intends to invest in or acquire Generative AI-oriented startups for its technology or talents.
The initial launch of FAI will be funded from the recently completed highly successful capital raising via placement of A$3.25 million fresh capital in FFG, and is a further extension of FFG’s strategy as an incubator of new ventures in emerging technologies. Further capital, up to an initial A$8 million, will be invested by FFG into FAI progressively.