TOKYO -- Japan's SoftBank Group and a U.S. data analytics startup will offer quick, low-cost predictive services for everything from prices to human behavior through a new joint venture, using cutting-edge technologies such as artificial intelligence to do modeling work that humans perform elsewhere.
SoftBank's telecom unit carries a 51% interest in the Tokyo-based venture, while Findability Sciences holds 49%. The joint venture, which also goes by the name Findability Sciences, will handle predictive analytics for everything from feed prices to the need for equipment maintenance. Financial institutions, food makers and trading houses are among the wide group of intended clients.
The venture says it can cut the cost of data analysis by roughly half while completing jobs in several hours that others need several months to finish. The American partner has automated the process of turning raw data into functional models -- a task competitors leave up to expert technicians requiring more time and money.
The U.S. company, founded in 2010, has taken its services to markets including India and Europe. SoftBank invested roughly 800 million yen ($7.08 million) in the startup as of July.