FII Institute launches new technology award

Riyadh – Global nonprofit foundation, the Future Investment Initiative (FII) Institute, today announced the launch of the 'Algoritmi Prize' with support from global research publisher Springer Nature. The annual science and technology prize has been created to celebrate artificial intelligence (AI) and robotics research that has the potential to produce real-world solutions that address global challenges.

Each year, the Algoritmi Prize will focus on a different global challenge facing the world community across topics such as food and water security, healthcare, energy and climate change. All eligible applicants will be invited to an open competition, evaluated by an independent panel of global experts.

The winning applicants will then receive funding to develop and scale their technology, while getting access to the FII Institute's platforms where they will be able to share their research with investors, academics and decision-makers. Applications will be open in January 2023, and the winners of the first prize will be announced October 2023 at the FII 7th Edition.

In addition, the prize will be accompanied with an annual symposium at the FII meetings, involving an address from a high-profile speaker in the field of robotics. The symposium will bring together delegates from across academia, government and industry with a common interest, creating a path for discussions in robotics and pushing innovation further.

Richard Attias, CEO of the FII Institute, commented, "Our mission at FII Institute is to create an impact on humanity, with a focus on four main areas, including artificial intelligence and robotics. Through launching the Algoritmi Prize, we hope to encourage the brightest minds from around the globe to share their creative ideas with investors and decision-makers and transform them into real-life solutions to solve some of the problems people are facing all over the world."

Global recognition for the importance of AI and robotics in solving current global issues is increasingly growing, and the number of papers published in science journals has risen exponentially year-on-year. As new technology emerges, it is clear that there is a pressing need for robotics research to focus on real-world solutions to address the social, economic and environmental challenges we are facing today.

The development of the prize program has been conducted in collaboration with global research publisher Springer Nature, who with their expertise across scientific and research communication, will be involved in the judging panel and evaluation of entries for the inaugural prize.

Steven Inchcoombe, Chief Publishing Officer said, "Award programs provide important platforms to recognize the researchers who are extending evidence-based approaches to tackling global challenges. We are pleased to support this new award through which FII will shine a light on influential research emerging in AI and robotics."