CompassRed, a data analytics and artificial intelligence company, will use its $2 million grant from the CARES Act to fund a Data Innovation Lab to accelerate the use of data insights and intelligence to address COVID-related issues in the Mid-Atlantic region.
"This grant recognizes the tremendous potential of data innovations to create jobs, stimulate the economy and build on the existing regional strengths we have already in the analytics space," said Patrick Callahan, CEO, CompassRed. "Funding will develop new discoveries and technologies to help companies and the data industry evolve together. Potential applications include improved automation and transformation for businesses impacted by COVID-19, including enhanced pandemic analytics and data visualization strategies."
The goal of the Data Innovation Lab will be to engage local and global organizations in an ongoing conversation around the use of advanced data analytics and artificial intelligence to fast forward research ideas out of the lab and into the marketplace.
The Mid-Atlantic region already hosts a concentrated community of technologists and data scientists in the financial services, chemical, biopharma manufacturing, and legal sectors with direct access to some of the largest companies in the world. The Data Innovation Lab will be modeled after MIT's Media Lab with corporate, government, higher education and non-profit involvement.
The CARES Act Innovation Grant, awarded via a highly competitive process, seeks to fund innovative solutions to COVID-19 problems while providing opportunities to establish new multi-sector partnerships. The grant also accelerates the potential for new businesses to be born based on innovations developed in the Lab.
For more information about this news, visit www.compassred.com.