Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Technology

Posted By Uma Rajagopal

Posted on December 6, 2024

Italian startup iGenius and Nvidia to build major AI system

By Stephen Nellis

(Reuters) – Italian startup iGenius and Nvidia on Thursday said they are planning to bring online one of the world’s biggest deployments of Nvidia’s newest servers by the middle of next year in a data center in southern Italy.

iGenius is building a data center that will house about 80 of Nvidia’s most powerful servers, called GB200 NVL72 machines, each with 72 of the tech company’s “Blackwell” chips in them.

The startup did not give a price tag for the project. But Chief Executive Uljan Sharka told Reuters that iGenius, one of the few AI startups in Europe valued at more than $1 billion, had raised 650 million euros so far this year and is taking on additional capital for the AI computing system, which will be called “Colosseum”.

iGenius differs from rivals such as OpenAI in that it develops open source AI software models for chatbots it sells to banks, healthcare firms and other industries with strict data security rules, who run the models on their own infrastructure.

For Colosseum, iGenius has also tapped into Nvidia’s full array of software tools, including one introduced this year called Nvidia NIM that functions almost like an app store for AI models. That means the AI models iGenius hopes to develop with Colosseum – some of which could be as large as 1 trillion parameters according to one measure of AI sophistication – can easily be distributed to any business that uses Nvidia chips.

“With a click of a button, they can now pull it from the Nvidia catalog and implement it into their application,” Sharka said.

Colosseum will be one of the largest deployments of Nvidia’s flagship servers in the world, Charlie Boyle, vice president and general manager of DGX systems at Nvidia, told Reuters.

Multiple Nvidia software and hardware teams are working directly with iGenius to bring the system online, he said.

“They’re really building something unique here.”

(This story has been refiled to reflect that Nvidia’s software tool is NIM, not NIMS, in paragraph 5)

(Reporting by Stephen Nellis in San Francisco; Editing by Tom Hogue)

Recommended for you

  • The Future of Asset Management: Technology-Driven Innovations and Client Expectations

  • How can we ensure privacy in the digitization of healthcare?

  • Quantum Computing: Unleashing Disruptive Potential and Strategic Industry Implications