Tungsten announces Analytics joint venture with Goldsmiths
Partnership will undertake research and development into advanced Artificial Intelligence
London, 27 April 2015 – Tungsten Corporation plc (LSE:TUNG), the global e-Invoicing, analytics and invoice financing company, is delighted to announce that it has established the Tungsten Centre for Intelligent Data Analytics (“TCIDA”), through a joint venture with Goldsmiths, University of London. TCIDA is to undertake research and development into advanced Artificial Intelligence (“AI”) techniques for undertaking “Big Data” analysis. TCIDA will develop software to support Tungsten’s overall business and so continually improve its ability to provide state-of-the-art value added services to its clients.
TCIDA will support three senior Professors and fund PhD and post-doctoral research programmes. It will be based in Tungsten’s London office and is expected to begin delivering artificial intelligence software for commercial applications within 18 months.
Professor Mark Bishop, (academic) Director of TCIDA, said, “In the commercial, banking and finance sectors, AI systems and raw computer power have now advanced to the position where modern algorithms can be usefully applied to analyse very large data-sets. Research and development at TCIDA will be targeted to exploit the very latest AI techniques.
Goldsmiths is delighted to partner with Tungsten Corporation in this innovative initiative to further the UK’s globally leading scientific and technology development, through such areas as Deep Learning, Reinforcement Learning and Reservoir Computing for commercial application with Tungsten.”
Phil Ashdown, Chairman of TCIDA, has moved over from his roles as CEO of Tungsten Bank and the plc board to oversee his TCIDA initiative.
Edmund Truell, Group CEO, Tungsten Corporation, said, “I’m delighted that Phil Ashdown has initiated this important step for Tungsten in partnership with a globally leading UK based technology institution in the form of Goldsmiths. TCIDA will enable us to develop even more advanced proprietary analytics software and so maintain market leadership in the state-of-the-art services that we provide to our clients.”
About Tungsten Corporation plc Tungsten Corporation (LSE: TUNG) accelerates global trade by enabling customers to streamline invoice processing, improve cash-flow management and make better buying decisions from their detailed spend data.
Buyer organisations that join Tungsten Network, the world’s largest compliant electronic invoicing network, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers supply chain financing through Tungsten Bank*; and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100 by connecting the world’s largest companies and government agencies to their thousands of suppliers around the globe. It enables suppliers to submit tax compliant e-Invoices in 47 countries, and last year processed transactions worth over $187bn for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg’s, and the US Federal Government.
Tungsten Corporation acquired DocuSphere, a provider of accounts payable automation solutions, in September 2014.
Contact: Rosie Park / Kerry Grove, Speed Communications, +44 117 973 3300
* Tungsten Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Tungsten Bank is registered on the financial services register with firm reference number 139209.
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