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Jake Yu: Driving Ethical AI Innovation and Governance Through Impact Investing

Press Release

Jul 6, 2024

Managing Partner at Peregrine Ventures Highlights the Critical Role of Impact Investing in Promoting Inclusive and Responsible AI Innovation During Global AI Conference in Shanghai

Shanghai, July 2024 — The 2024 World Artificial Intelligence Conference and High-Level Conference on Global AI Governance (WAIC 2024) commenced on July 4 in Shanghai, bringing together top AI experts, industry leaders, scholars, and innovators from around the globe. The event focused on the theme “Governing AI for Good and for All,” exploring various dimensions such as AI innovation, industrial application, ethics and law, and social governance.


Jake Yu, Managing Partner at Peregrine Ventures and a pioneer in impact investing, spoke at the conference and shared his insights on the innovation and governance of AI technologies at the International Forum. He emphasized the necessity of adopting a developmental and long-term perspective on AI innovation and governance. He highlighted that impact investing is crucial for promoting inclusive AI development and ethical governance.


Jake outlined the evolution of AI, starting from the “Turing Test” and expert systems in the 1950s, through neural networks in the 1990s, machine learning in the 2000s, deep learning in the 2010s, to the widespread application of large language models in the 2020s. He noted that the path to Artificial General Intelligence (AGI) remains exploratory and requires a developmental and long-term approach to AI technology innovation and governance. A standout example is Addepar, a prominent portfolio company of Peregrine Ventures. Since its inception in 2009, Addepar has seamlessly transitioned from the era of big data and machine learning, continuously refining its AI integrations. Today, Addepar harnesses its extensive asset management data and expertise to power Addison, a cutting-edge large language model designed for global asset management. Currently overseeing more than $6 trillion in assets, Addepar’s platform is on a robust growth trajectory. The company’s evolution and adept application of AI technology underscore the immense potential of AI within the investment sector and highlight the critical need for a developmental and long-term approach in capitalizing on AI innovations.


Jake believes that impact investing is crucial for fostering inclusive AI innovation and ethical governance. AI represents a monumental technological advancement, and Peregrine Ventures has long been at the forefront of investing in this transformative field. The firm champions the ethos of “Shaping Futures, One Investment at a Time,” envisioning a future where investment strategies transcend mere wealth generation to promote societal, environmental, and global betterment. Peregrine Ventures’ portfolio companies have empowered millions of families to adopt greener energy solutions and spearheaded sustainable finance initiatives managing trillions in assets worldwide.


As part of The Future Growth Initiative at the World Economic Forum, Peregrine Ventures’ insights and achievements in impact investing ‘Impact investing can create sustainable and inclusive futures’ have been disseminated in multiple languages, extending the reach of impact investing concepts to over 500 million Spanish-speaking individuals in addition to the global English-speaking audience.


Impact investing in AI means channeling funds into technologies and companies that not only push the boundaries of AI capabilities but also ensure these advancements benefit society at large and are developed responsibly. Inclusive AI development entails creating systems and technologies that are accessible and beneficial to all segments of society, including marginalized and underserved communities. By prioritizing inclusivity, impact investors can bridge the digital divide and mitigate the risks of AI-induced inequality. This involves supporting projects that democratize access to AI tools, promote education and skill development in AI, and ensure innovations meet the needs of diverse populations.


For instance, consider the investment in companies like Coursera, which uses AI to provide personalized learning experiences to millions worldwide, including those in remote and underserved regions. By making high-quality education accessible, Coursera helps close the educational gap and equips individuals with the skills needed for the digital age.

Ethical governance in AI requires frameworks and practices that ensure AI systems are developed and used in fair, transparent, and accountable ways. This includes tackling issues such as data privacy, algorithmic bias, and the ethical implications of AI decision-making. Impact investors are crucial in advocating for and funding initiatives that prioritize ethical considerations, aligning AI technologies with societal values and contributing to the greater good. For example, investments in companies like OpenAI focus on ensuring that AI technologies are developed with robust ethical guidelines and transparency, fostering trust and accountability.


By integrating these principles into their investment strategies, impact investors can drive the development of AI technologies that are both innovative and socially responsible. This dual focus on financial returns and social impact creates a sustainable ecosystem where AI can thrive while addressing pressing ethical and societal challenges. Take, for instance, the investment in BenevolentAI, a company that uses AI to accelerate drug discovery and development, targeting diseases that disproportionately affect underserved populations.


Jake’s advocacy for impact investing in AI underscores the importance of a holistic approach to AI development—one that balances technological progress with the need for inclusivity and ethical governance. This approach maximizes AI’s potential to drive economic growth while ensuring its benefits are broadly shared and its risks effectively managed. Through strategic investments in companies that embody these values, Jake Yu and Peregrine Ventures are paving the way for a future where AI advancements serve the greater good, driving both innovation and societal progress.


Additionally, during the conference, Peregrine Ventures engaged in in-depth discussions with several organizations, including UNESCO, on ethical AI and impact investing, exploring potential collaborations.

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