DeepMind, the Google-owned artificial intelligence agency on a mission to create human-stage AI, had an expensive year in 2018, in line with paperwork filed with the U.K.’s Firms House registry on Wednesday.
The London-based AI lab—founded in 2010 by Demis Hassabis, Mustafa Suleyman and Shane Legg—noticed its pretax losses grow to $570 million (£470 million), up from $341 million (£281 million) in 2017, and $154 million (£127 million) in 2016.
DeepMind’s losses are rising because it continues to hire thousands of expensive researchers and information scientists, however, aren’t generating any vital revenue. Amazon, Apple, Facebook are locked in an expensive battle with DeepMind and Alphabet to hire the world’s finest AI experts, with the purpose of building self-learning algorithms that may transform industries.
In 2018, DeepMind spent $483 million (£398 million) on around 700 staff, up from $243 million (£200 million) in 2017. Other important costs included technical infrastructure and operating prices. As well as, DeepMind spent $17 million (£14 million) on academic donations and sponsorships.
DeepMind additionally spent $12 million (£9 million) on development and $1.2 million (£1 million) on furnishings and fixtures. The corporate is planning to maneuver out of Google’s workplace in King’s Cross and into a brand new property across the center of 2020.
While losses at DeepMind have grown, so to have the corporate’s revenues. Turnover almost doubled in 2018 to $125 million (£103 million), up from $58 million (£48 million) in 2017. The agency sold a few of its software to Google, which has used DeepMind’s AI methods to make the cooling units in its knowledge centers more energy-efficient, and improved battery life on Android devices. DeepMind doesn’t make any money from its work with Britain’s National Health Service.