David Siegel (computer scientist)

David Siegel
David Siegel
Born	1961; Bronx, New York, U.S.
Occupation(s)	Entrepreneur, computer scientist, philanthropist
Known for	Co-founder and co-chairman of Two Sigma

David Mark Siegel (born 1961) is an American entrepreneur, computer scientist, and philanthropist. He is the co-founder and co-chairman of Two Sigma. Siegel has authored pieces for Business Insider, The New York Times, and Financial Times, addressing subjects such as machine learning, the evolving workplace, and the influence of algorithms employed by search engines and social media platforms.

Early life and education

Born in 1961, Siegel was raised in the Bronx, New York, where he developed an early passion for computer science. By age 12, he had constructed memory and logic boards and programmed a supercomputer at NYU’s Courant Institute. During his freshman year of high school, he instructed programming at an NYU summer course.

Siegel attended Mamaroneck High School before earning his undergraduate degree in electrical engineering and computer science from Princeton University. He then completed a PhD in computer science at MIT, conducting research at the Artificial Intelligence Laboratory focused on sensors and computational frameworks for the Utah-MIT dexterous robotic hand featuring four fingers.

Career

Following his time at MIT, Siegel joined D.E. Shaw & Co., working alongside Jeff Bezos and becoming the company’s inaugural Chief Information Officer. He went on to establish FarSight Financial Services, recognized as the first integrated personal financial services website that executed the initial online retail stock trade; this venture was subsequently acquired by Merrill Lynch. Later, he held roles as Chief Technology Officer and Managing Director at Tudor Investment Corporation. In 1999, Siegel launched Blink.com, a web-based platform for bookmark storage and sharing with automatic related site suggestions; Blink was eventually sold to the Vendare Group.

Two Sigma

In 2001, Siegel co-founded Two Sigma, a financial services company headquartered in New York City that applies data science and technology to investment management. He champions a scientific methodology for investment managers that incorporates machines, extensive data analysis, and artificial intelligence to secure competitive advantages. By 2019, Two Sigma managed $60 billion in assets worldwide, maintaining offices in New York, Houston, London, Hong Kong, and Shanghai.

Siegel motivates employees to participate beyond their routine responsibilities by engaging in external engineering contests and coding competitions. In May 2019, Two Sigma took part in the first New York City FIRST robotics corporate challenge by setting up a temporary robotics laboratory within its New York office.

He also backs the Data Clinic initiative at Two Sigma, which connects company data scientists with social sector projects on a volunteer basis. A notable collaboration with the Environmental Defense Fund resulted in predictive models using publicly available oil and gas well inspection data to identify higher-risk sites prioritized for inspections.

Published views

Siegel often explores the relationship between technology and society. He characterizes machine learning as "the story of our times," acknowledging its shortcomings such as lacking common sense, yet describing it as "the best method devised so far for algorithmically extracting knowledge from unstructured data."

He stresses the importance of distinguishing myths from facts concerning A.I. and algorithmic systems. In 2019, Siegel cautioned that A.I. and automation might displace numerous middle-skill roles but also generate new opportunities requiring advanced skills.

Siegel has drawn attention to dangers associated with algorithms used by search engines and social media networks, contending that they foster polarization on critical issues. He advocates for these companies to create a self-regulatory organization akin to the Financial Industry Regulatory Authority. Furthermore, he insists that software governing machines involved in life-critical decisions must adhere to "new, more rigorous standards" of quality.

Expressing concern that technology may be shaping an environment "not meant for humans," Siegel observes how the Covid-19 pandemic has hastened automation adoption, adversely affecting human experiences.

In 2018, he urged for a unified and strategic framework for infrastructure investment across the United States rather than intermittent or reactive funding approaches.

Siegel Family Endowment

Established in 2011, the Siegel Family Endowment is dedicated to supporting entities that prepare society for the challenges posed by technological advancements. Among its beneficiaries is the Center on Rural Innovation, which promotes digital skill development and entrepreneurship in rural communities, as well as Data and Society, an institute researching the societal implications of technology.

In 2017, the endowment distributed 50 grants to various organizations such as the New York Hall of Science, Mozilla Science Lab, and Jobs for the Future. By 2019, its funding expanded to include CSforALL, the Constellations Center for Equity in Computing, and the Aspen Institute.

The endowment’s efforts are concentrated within three key areas:

Learning: Investing in research and initiatives that transform education to prepare individuals with skills relevant for the future.
Workforce: Championing technological breakthroughs that create meaningful job opportunities amid economic shifts.
Infrastructure: Supporting groups that analyze how rapid digital progress influences institutions within civil society.

Scratch Foundation

In 2014, Siegel co-established the Scratch Foundation to ensure Scratch, a complimentary online coding platform designed to encourage creativity and teamwork among children, remains freely available worldwide. By October 2018, Scratch had amassed over 40 million shared projects. Siegel holds the position of Vice Chairman on the Foundation’s board.

Board membership

Siegel is an active member of the MIT Corporation, participating on its Executive Committee and several Visiting Committees including those for MIT Media Lab, Electrical Engineering and Computer Science, and the Center for Brains, Minds, and Machines. He also provides guidance to the Task Force on the Work of the Future and serves as Founding Chair of MIT Quest’s advisory board, a program dedicated to exploring human intelligence.

He chairs the Board of Overseers at Cornell Tech and contributes to advisory boards at Stanford's Center on Philanthropy and Civil Society as well as Princeton's Center on Information Technology Policy—both centers focus on technology’s social impact and policy issues.

As a co-founder of New York City FIRST Robotics, Siegel promotes STEM education and robotics initiatives and sits on FIRST Robotics’ national board. Additionally, he serves on Khan Academy’s global advisory board, supporting accessible high-quality education worldwide.

His philanthropic commitments include trustee roles at the Robin Hood Foundation's Learning + Tech Fund, which utilizes technology to enhance education for economically disadvantaged students in New York City, and at Carnegie Hall. In business, he is a board member of Hamilton Insurance Group and has chaired its Compensation and Personnel Committee.

Awards and honors

Siegel was awarded the John C. Whitehead Leadership Award by FIRST in 2016 in recognition of his contributions to advancing science and technology education through their New York chapter.

In 2017, he received the Golden Plate Award from the Academy of Achievement for his innovative contributions to technology and investment management. That year also saw him named among "The Bloomberg 50: The People Who Defined Global Business in 2017."

In 2019, Siegel was honored with a Lifetime Achievement Award from Institutional Investor.

Siegel resides in Scarsdale, New York with his spouse.

Additional reading

Siegel, David. "When human mistakes are inexcusable due to ignoring flawless algorithms," Financial Times. June 4, 2015
Siegel, David. "How endless personalization diminishes our intelligence," Business Insider. February 22, 2017
Siegel, David. "The erosion of the middle class driven by efficiency," The New York Times. January 25, 2017
Siegel, David. "Seventeenth-century strategies still guide top quants," The Wall Street Journal. May 26, 2017
Siegel, David. "Avoid overindulging in bridge-building," The Wall Street Journal. June 18, 2018
Siegel, David. "Algorithms as convenient targets for unpredictable markets," Financial Times. January 21, 2019
Reich, Rob and Siegel, David. "Self-regulation in social media is still achievable," Wired. February 7, 2019
Siegel, David. "Extensive basic research is essential for shared prosperity," Milken Institute Power of Ideas, April 23, 2019
Siegel, David. "There is no justification for careless automation," Financial Times. July 4, 2019

External links

References