RACQ buys 30 percent stake in Brisbane AI company Blackbook.ai

The Royal Automobile Club of Queensland (RACQ) has acquired a 30 percent stake in artificial intelligence and robotics company Blackbook.ai.

The interest is part of the insurance provider’s strategy to “support and advance” Queensland innovation.

“Our organisation has been around for 112 years, and since its inception we’ve been seeking and implementing initiatives which improve the lives of Queenslanders through innovation,” RACQ chief information officer Greg Booker said.

“Our partnership with Blackbook.ai is just one way we’re ensuring RACQ is at the forefront of the emerging artificial intelligence and robotics space.”

He adds that the collaboration will add value to the Australian AI and robotics services market, and would ultimately benefit the RACQ’s members and all Queenslanders as well.

Brisbane-based Blackbook.ai develops AI strategy for clients, identifying any opportunities where the technology can assist.

Its algorithms are applied through IBM’s Watson, Google’s TensorFlow, Azure machine learning and Amazon machine learning.

One of its applications is chat bots developed for financial institutions that can augment call centres, which assist in processing of loans, credit cards, claims and bank account applications.

The company’s co-founder Thuy Lam said the company is looking forward to collaborating with Queensland’s largest club.

“We created a business with the purpose of allowing Australians, and specifically Queenslanders, the pathway to work in emerging technologies without having to go overseas,” Lam said.

“It’s an exciting time for the AI and automation space and our partnership with RACQ reflects a shared vision of investing back into the local community to help establish technology as a growth driver in Australia’s economy.”