With technology rapidly changing means that people need to adapt and integrate new software within their life in order to stay up-to-date. AI opens new opportunities for the education sector, but there are concerns around its proper use. AI has been used within education for a few years now with universities using it to detect plagiarism as well as it being used for analysing student data, but as there has been further development within the technology with the introduction of new software like ChatGPT being created, has caused an uproar into how the software should be used within education or even used at all.
Recently, all 24 Russel group UK universities have begun drawing up principles to ensure that students and staff are AI literate. At one stage, there were talks of banning software like ChatGPT in order to prevent cheating however, the guidance is now saying that students should be taught how to use the software appropriately within their studies which will help to make them aware of the risks of plagiarism, bias and inaccuracy in generative AI. The universities have reviewed their academic conduct policies and guidance to reflect the emergence of generative AI. The guidance states “These policies make it clear to students and staff where the use of generative AI is inappropriate and are intended to support them in making informed decisions and empower them to use these tools appropriately and acknowledge their use where necessary.”
The Benefits
AI has been found to be beneficial for the education sector with it being used by both students and teachers. One of the benefits of AI being used is that it allows for the students’ education to become more personalised. AI systems can analyse vast amounts of data which focuses on things like students’ performance, learning styles and preferences which in course of time will allow students to be taught more specifically to their needs and not in one generalised way of teaching. As well as it being beneficial for students, teachers have begun using AI systems for administrative tasks. A recent government survey found that one in five teachers work at least 60 hours a week but on average only spend about half of this time teaching. AI tools can help to streamline the process of these tasks and the teachers are able to spend more time focusing on teaching and supporting students.
The Limitations
Although AI could be beneficial to some extent for the education sector, it does have its limitations. One of the challenges of using AI would be the need for training, teachers would need to be shown how to properly use the technology in order to be able to use the software correctly. As well as teachers being taught how to properly use the software it is important that this is passed on to the students who are interested in using the software themselves. Another significant issue with the software is its lack of accuracy, the information which is provided is not always accurate. There have also been issues brought up around the ethical use of software like ChatGPT. Within a recent survey it was found that more than half of students consider using AI tools within their schoolwork to be a form of cheating with others saying that it is not a form cheating as they already currently use online resources to support their work.
In a recent article done by The Guardian earlier this year, they discuss how AI tools “raise a number of challenges and concerns, particularly in relation to academic honesty and plagiarism”. Software like ChatGPT is at a very high writing level making it harder for lecturers to differentiate between what is written by a human and chatbot. Universities are trying to discourage the use of the software by detecting its use within students work, if found using the software the students will be trained on the appropriate use of AI, any further use the students could then be expelled. Irene Glendinning, head of integrity at Coventry University said, “They’re wasting their money and their time if they aren’t using university to learn.” If the students are choosing to use the software to replace doing work instead of using it as an aid, punishments like these would ensure that the students are deterred from using it incorrectly which would be more beneficial for students to be independent within their work.
To Conclude
With some universities and schools beginning to embrace AI software within their learning system this will allow for a more versatile educational environment for students. Stating how AI software should and should not be used within education lets students and teachers understand to treat it as more of an aid instead of a replacement for doing work. There are clear positives to using the software but challenges which come along with it, it will continuously need to be reviewed and re-evaluated in order to meet the needs of the users but overall could enhance student learning globally. AI gives the opportunity for all students to receive a higher quality education in order to reach their highest potential if it is used to correctly.
The pharma-race is on, with new start-up, Inceptive, raising $100m in a new funding round following seed funding of $20m last year, led by NVIDIAs NVentures and Andreessen Horowitz. Founded by former Google AI researcher Jakob Uszkoreit, Inceptive uses AI to design biological molecules for vaccines, therapeutics and other treatments. The software designs and tests new molecular structures in the lab to then be developed into new medicines. This exciting progress in the Healthtech space demonstrates the power AI has on global expansion and human health advancement.
Drug development usually costs – on average – somewhere in the region of $3bn, and takes over a decade to discover, develop and pass approval, with 90% of experimental drugs failing. AI promises to speed up this process for both drug development and molecular advancement. Morgan Stanley estimates that over the next decade, AI will enhance early-stage drug development and translate into 50 novel therapies worth more than $50bn in sales.
Start-ups like Inceptive have encouraged investors to bet on Healthtech start-ups that merge biotech and AI, demonstrating the confidence investors have in the AI drug discovery service. Funding from industry giants such as NVIDIA gives Inceptive access to world-beating platforms and access to its latest chips, allowing for far higher levels of computational power than would otherwise be available. AI startups have been facing a chip shortage resulting in a lack of development in sophisticated AI algorithms.
Ibex Medical Analytics is another AI specialist which has raised $55m in a series C round of funding led by 83North, this will be used to drive take-up on its Galen cancer diagnostic technology. According to the company, Galen can detect over 100 types of cancer and non-cancer samples from medical images. Thyme Care is another cancer specialist which has brought in $60 million in second-round funding, its platform allows members to find the right support and resources through its app, offering “round-the-clock guidance”. Polestar expects bespoke platforms such as Thyme Care will maintain funding momentum throughout the next few years.
In France, pathology system, Tribun Health, has completed series B funding worth €15 million, which the company says will be used to increase momentum in the development and commercialisation of its AI-powered platform and pharmaceutical laboratories. The round is also expected to go towards its expansion in sales and marketing across Europe and North America, along with contributing to the funding for Tribun’s acquisition of Eyedo, another computational pathology company.
As we see continued investment and backing into the health tech space, Polestar predicts an increase in M&A activity over the coming year, with smaller technology-forward companies being acquired by larger, brand-focused counterparts. Polestar will continue work with all parties to secure funding and explore their M&A opportunities whilst also watching the space to see how new companies such as Inceptive navigate the climate and bring transformative technology to the sector.
The healthtech space remains a dynamic playing field, ready to develop the future of healthcare. If you have an interest in the healthcare space, read our September 2023 Health and Education Sector valuation to find out more in-depth information about the M&A activity within the sector. Otherwise reach out to us for bespoke information and advice in the space.
Semiconductors are present in almost all of our technology as they are used in chips to drive power flow through the devices we use every day. The unprecedented growth growth in demand for tech solutions brought about by the Covid-19 pandemic and its associated lockdowns has led to a semiconductor shortage. This blip in a seemingly smooth production process has led tech giants and governments to work together to build a future rich with semiconductors. With the UK developing new post-Brexit trading partners, it is a crucial time to analyse where and how the development of semiconductors will impact our world.
I began reading this article about the semiconductor crisis which got me questioning how semiconductors fit into our society.
If you know all about what semiconductors are skip to the next bit.
A semiconductor is a material that enables computers and devices to conduct electricity and perform tasks. It is the foundation upon which all everyday electrical appliances are built. Its efficiency lies in its ability to sit in the middle of the conductor and insulator scale. Semiconductors are used in the following circuits:
Diodes – flow in one direction.
Integrated Circuits – a set of circuits on one piece of semiconductor material, sometimes known as a microchip.
Transistor – amplifies, controls and generates electrical signals
Semiconductors can vary in conductance depending on the impurities added to it, these impurities are known as dopants. The majority of semiconductors are created by combining a mixture of materials to produce little crystals – these crystals have distinct electron patterns that layer into what are known as shells, these shells layer inside of the atom. The final layer of shell is called the valence shell. The electrons within this powerful shell form bonds with nearby atoms producing covalent bonds. Semiconductors differ to regular conductors by housing four electrons in their valence shell compared to the mere one electron in regular conductors. When the atoms nearby have the same four-electron shell, they combine and organise themselves into crystalline structures, which are then combined to create semiconductors. The most used form of conductor uses silicon crystals.
These complex crystal compounds are what’s powering the 21st century – so, what is the shortage crisis and how can we mitigate potential societal damage?
Semiconductor revenue has increased by 95% in the past decade, leading many government officials to comment on the growing need. Michelle Donelan, the UK’s Secretary of State for Science, Innovation and Technology, commented: “We rely on semiconductors – they are in everything from our smartphones, kitchen appliances, and cars all the way through to the supercomputers that support our weather reporting, energy sector and countless other areas of our economy.” Semiconductors look to reach a market volume of $818.6bn by 2027, due to an expected growth rate of 8.09% (CAGR 2023-2027).
However, supply has not been keeping up with demand, which has been impacting semiconductor-dependent sectors. This has led governments and tech companies to fund new development projects; a government study has been funded to consider semiconductor infrastructure improvement plans focusing on “industry coordination, silicon prototyping, open-access manufacturing, advanced packaging and intellectual property.” Donelan hails the study as way of producing a “new national institution and greater research facilities”.
Chip giant, Intel, has now announced it will invest £80bn over the next decade into every aspect of its semi-conductor supply chain. The company looks to develop manufacturing facilities, state-of-the-art packaging technologies, and build new research into its growth. It also plans to invest in European countries including France and Germany. This expansion of production will reduce export costs and reassure its customers that there will not be a chip shortage. Similarly, the EU and US are looking to localise chip production to reduce the threat of economic and national security risks to the supply chain.
Countries are particularly concerned about Chinese chip production. Supply chain disruptions were seen across many sectors during the pandemic, which has highlighted the importance of reliable and secure sources of critical components such as semiconductors. Intel’s decision to invest in Europe will bring jobs and economic growth and stability, ensuring technological regional independence throughout Europe. Intel’s leading investments are representative of a significant step within the secure and self-sufficient global semiconductor industry.
The UK government published a semiconductor strategy in 2021: its goal was to expand the national semiconductor industry by boosting infrastructure projects, research and development. The Department for Digital, Culture, Media and Sport (DCMS) is commissioning a research project to investigate new national initiatives that would bring together industry, academia and government within the UK to help businesses grow and tackle production development. This government backing will grow domestic companies with the goal of attracting foreign investment, as well as creating new opportunities for the UKs semiconductor industry and promoting research projects in AI, quantum computing and the internet of things (IoT). The UK is looking to focus on developing a reliable and resilient semiconductor industry to support and promote economic growth and national security whilst also developing homegrown innovation and collaboration.
The semiconductor industry is not only looking to bring new economic growth but also to promote a sustainable agenda. The development of semiconductors will increase energy efficiency through the development of energy-efficient chips that will reduce energy consumption and carbon emissions. This can be done through the development of efficient microprocessors or chip design optimisation. One example is Toyota’s new development in chip material replacing silicon with silicon carbide, this has improved fuel efficiency through the reduced loss of electrical power. This will also reduce waste and help to develop a more sustainable manufacturing processes. To increase sustainability, Toyota will begin to produce semiconductors that can be easily fixed, upgraded and are durable. This will reduce environmental waste and develop a new circular economy.
To increase sustainability, the waste generated during semiconductor manufacturing can also be recycled. Many of the materials used in semiconductor manufacturing are hazardous and toxic, and improper disposal can lead to environmental and health hazards. Recycling can help recover valuable materials and reduce waste. Several companies are now working towards developing sustainable and circular processes for semiconductor manufacturing.
Semiconductors are the backbone of modern technology, and the demand for them is only increasing. The semiconductor crisis has highlighted the importance of a secure and self-sufficient semiconductor industry. Governments and tech companies are now investing heavily in research and development to expand the semiconductor industry and promote economic growth, innovation, and sustainability. As the world becomes increasingly digital, the future of the semiconductor industry looks promising, and we can expect to see more exciting developments in this field in the years to come.
