JPMorgan Chase shares closed lower Tuesday, amid news the US investment bank has made a strategic investment in AI start up, Volley.com. The US bank joins other well-known investors of the firm, including Mark Zuckerberg and former Goldman Sachs technology leaders.
JPMorgan Chase shares ended the US Tuesday session 0.07% lower at $110.50. The stock has been moving broadly higher in recent weeks.
JPMorgan’s Volley.com investment
The two companies announced JPMorgan’s investment decision Tuesday. Volley.com is an AI business whose tech automatically develops employee training programmes based on the data and information generated within that company.
This means the AI tech employed by the company can take important information from raw data. And that’s something that could have a broader impact on the AI and tech world.
“Volley’s innovative technology to ingest, integrate, and target micro-learning content automatically can fundamentally transform the way firms like ours approach learning and knowledge management,” said Joseph Infozino, Head of Learning Platforms at JPMorgan Chase.
Volley.com shared a few details on how this latest investment will be used by the business.
“We’ll use JPMorgan’s financing to expand our team’s unique AI expertise, accelerate our technical capabilities, and continue expanding delivery of Volley’s commercial platform to a variety of other leading banks and Fortune 500 firms,” said Volley founder and CEO Zaid Rahman.
JPMorgan joins well know investors
As JPMorgan works to increase its own tech investments and capabilities by working with Volley.com, it joins some savvy investors.
Existing financial supporters of the AI firm include: Zuckerberg Ventures, owned by Facebook founder Mark Zuckerberg and a number of current and former executives from Goldman Sachs, Apple, Facebook, Udemy, and Dropbox.
“Volley is tackling and solving one of the most difficult and important problems in machine learning: extracting knowledge from unstructured information,” said Dr. Paul Walker, PhD, Volley Senior Advisor and former Global Co-Head of Technology at Goldman Sachs.
“By extracting the ‘latent pedagogy’ from our information bases to generate learning resources automatically, we create a more informed and agile workforce in today’s information enterprise,” Dr. Walker adds.