According to documents submitted to the British Companies Registry on December 17, DeepMind, the UK-based AI arm of Google’s parent company Alphabet, has lost GBP 477 million in 2019 which is 1.5 percent increase from one year prior. The vast majority of DeepMind’s expenditures were spent on salaries and expenses for its 1,000 employees around the world, and many of them require an annual salary of over USD 1 million, and the accumulated expenditure was GBP 468 million.
Founded in 2010 by AI scientists Demis Hassabis, Mustafa Suleyman and Shane Leg, DeepMind was acquired by Google in 2014 for USD 600 million. The company has led R&D breakthroughs in giving birth to world champion of Go “AlphaGo” and AlphaFold 2 capable of predicting protein structure. With world-leading AI technical prowess, Alphabet has pledged to keep funding DeepMind despite its financial losses. (Source)
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