Uber expands AI data services business to 30 countries

SAN FRANCISCO - Uber Technologies, Inc. (NYSE: UBER), a $174.49 billion market cap company with robust 17.6% revenue growth over the last twelve months, announced Thursday the expansion of its AI data services business, Uber AI Solutions, to 30 countries, offering its technology platform to AI labs and enterprises worldwide. According to InvestingPro analysis, the company maintains a GREAT financial health score, positioning it well for this expansion.

The expanded services include a global digital task platform connecting enterprises with experts in coding, finance, law, science, and linguistics for AI-related tasks such as annotation, translation, and content editing.

Uber is also launching a new data foundry providing datasets for training large AI models, including audio, video, image, and text data collected by individuals globally using Uber technology. The service supports generative AI, mapping, and speech recognition applications.

Additionally, the company is offering tools and data to help train AI agents, including task flows, annotations, simulations, and multilingual support. Uber is making its internal platforms available to enterprise clients for managing annotation projects and validating AI outputs.

"We’re bringing together Uber’s platform, people, and AI systems to help other organizations build smarter AI more quickly," said Megha Yethadka, GM and Head of Uber AI Solutions, according to the company’s press release.

The expansion leverages Uber’s experience in collecting, labeling, testing, and localizing data for its own global operations, including place search optimization, self-driving car systems, and content translation in over 100 languages.

Uber stated it is developing an AI-powered interface that will allow clients to describe their data needs in plain language, with the platform handling setup, task assignment, workflow optimization, and quality management for AI training.

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In other recent news, Uber Technologies Inc. has made significant strides in its autonomous vehicle initiatives, announcing a collaboration with Wayve to trial self-driving cars in the U.K. This partnership aims to initiate fully autonomous rides without a safety driver, marking a pivotal moment for Uber in the autonomous driving sector. In addition, Citizens JMP maintained its Market Perform rating on Uber, noting potential future partnerships with companies like Oxa and Waymo, which could further enhance its autonomous service offerings in Europe. Meanwhile, Stifel analysts have initiated coverage on Uber with a Buy rating and a price target of $110, expressing confidence in Uber’s diverse service portfolio and its ability to meet financial targets for 2024.

In another development, Uber has filed a lawsuit against a Miami law firm and a medical center, alleging their involvement in a staged car accident scheme for fraudulent insurance claims. This legal action underscores Uber’s commitment to addressing fraudulent activities impacting its operations. Furthermore, Coco Robotics, a startup backed by Sam Altman, has raised $80 million in funding and has partnerships with Uber Eats, enhancing Uber’s delivery capabilities through advanced robotic technology. These recent developments reflect Uber’s ongoing efforts to expand its technological and service offerings while navigating legal challenges.

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