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David Ferrucci, a prominent artificial intelligence researcher who led the team that created IBM Watson , has raised nearly $60 million for his AI startup called Elemental Cognition, according to a regulatory filing. The filing on Thursday says the company sold $59.95 million worth of equity to 17 investors and plans to raise another $5.75 million. Ferrucci led IBM Watson between 2006 and the end of 2012, during which time the computer system famously won "Jeopardy!" He then ran AI research for Bridgewater Associates, one of the world's largest hedge funds. In January of last year, the company sold its Watson Health unit for an undisclosed amount to private equity firm Francisco Partners.
Persons: David Ferrucci, Watson, Cora, Ferrucci, IBM Watson, David Shepler, Eric Brown, Mike Barborak, Jim Breyer, Sam Palmisano, Greg Jensen, Bridgewater's, Geoff Yang, OpenAI's Organizations: IBM, Bridgewater Associates, Rensselaer Polytechnic Institute, Bridgewater, Breyer Capital, Facebook, Redpoint Ventures, CNBC, Investors, Health, Francisco Partners Locations: New York, New, Helmsley, guardrails, China
Lawyers to the uber-rich told Insider how purpose trusts work and how to plan for centuries ahead. Fortunately, there is a workaround: purpose trusts. Trusts are well-known as a tool for saving millions on taxes, but purpose trusts are seldom used to pay less to Uncle Sam. Here is how purpose trusts workPurpose trusts are not absolutely necessary to make sure your pets are cared for after you pass, Yadav told Insider. Purpose trusts set up to maintain art collections usually include a timeline for liquidating or donating the artworks, according to lawyer Neil Solarz of Weinstock Manion.
Persons: Leona Helmsley, Naomita Yadav, Uncle Sam, Yadav, perpetuities, Neil Solarz, Weinstock Manion, Solarz, that's, Samantha, someone's, Shepherd Organizations: Siberian huskies, huskies Locations: Withersworldwide, California
The rich can use trusts to devote millions to pets, art collections, and even cryogenic freezing. Lawyers to the uber-rich told Insider how purpose trusts work and how to plan for centuries ahead. Fortunately, there is a workaround: purpose trusts. Trusts are well-known as a tool for saving millions on taxes, but purpose trusts are seldom used to pay less to Uncle Sam. Here is how purpose trusts workPurpose trusts are not absolutely necessary to make sure your pets are cared for after you pass, Yadav told Insider.
Persons: Leona Helmsley, Naomita Yadav, Uncle Sam, Yadav, perpetuities, Neil Solarz, Weinstock Manion, Solarz, that's, Samantha, someone's, Shepherd Organizations: Siberian huskies, huskies Locations: Withersworldwide, California
WWE has always been a family business – Vince McMahon, Sr., handed over the reins to his son in the 1980s – and it seemed set to continue that way. Why was Vince McMahon stepping aside such a big deal? Vince McMahon was more akin to a king than a business executive in the world of WWE, his fingerprints on everything. Once considered a wrestling genius, critics have more recently come to consider Vince McMahon a creative liability. McMahon,” Vince McMahon’s devious on-screen character, who served as wrestling’s greatest heel for years in the late 1990s and early 2000s.
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