Rolls-Royce shuts down AI venture

 

Rolls-Royce will shut down its AI venture known as the R2 Factory after it failed to find a buyer, according to the Financial Times.   R2 Factory was created a year ago out of the British engineering company's AI and data analytics unit. According to FT, talks with two possible buyers for R2 failed to come to fruition. Rolls-Royce attributed the shutdown to the "tough economic environment and embryonic nature of the business." R2 Factory launched as an offshoot of R2 Data Labs, its data unit that relies on AI, ML, and analytics to boost efficiency across its businesses and supply chains. R2 Factory was designed to provide similar service to Rolls-Royce's bigger industrial customers, according to FT. While the company has planned a spin-off of the business, it began discussions with possible buyers late last year ahead of the arrival of new CEO Tufan Erginbilgic, who has embarked on a strategic review of the company.