Artificial Intelligence (AI) is that technology that allows machines to perceive, analyze and learn from the environment. Thanks to all the information they collect, they can predict and make decisions to achieve specific goals. There are many applications for which AI can be really very useful, for example medicine, agriculture, education, finance, quantum physics, security or astronomy, among others.
The term arises for the first time from some works published in 1950 by Alan Turing, a British mathematician. In 1956 he applied the concept of “artificial intelligence” at Dartmouth College in New Hampshire, United States, during a conference convened by John McCarthy (prominent American computer scientist 1927-2011). However, for decades its progress stalled until in 1980 the British authorities began funding research to develop it.
Today, according to a survey by the British venture capital firm MMC, startups that claim to work in Artificial Intelligence attract between 15% and 50% more investment than other companies. Unfortunately in Europe 40% of those classified as AI companies do not use it in a way relevant to their business, or rather superficially in chatbots (26%) and fraud detection (21%).
Around the world, meanwhile, investment in companies specialized in AI has broken records: 17.9 billion dollars of investment in 2021 (15.644 million euros) between July and September, creating 13 new unicorns (companies valued at more than 1,000 million dollars) in the sector, according to data compiled by CB Insights.
Another of the conclusions of this business analysis platform is that Europe continues to lag behind in investment in this technology compared to Asia and the United States. By the end of 2021, just $ 1.6 billion (€ 1.4 billion) were invested in AI companies, compared to $ 4.8 billion (€ 4.149 billion) in Asia and $ 10.4 billion (€ 9,088 million) in U.S. In fact, none of the new unicorns have originated in Europe, nor have any of the top ten operations closed.
Joining startups with AI brings mutual benefits. First, while almost all companies require a wide selection of AI solutions, startups are targeting a specific niche through the use of the latest technology. Second, AI being constantly dedicated to adapting processes, collecting data, and working in agile environments increases its performance with more data and applications by being in contact with several startups dedicated to different activities. Finally, large companies can partner with startups to solve certain challenges, without neglecting the creation of value.
Without trying to copy Silicon Valley, European startups must take advantage of the differences with the rest of the world to unfold their full potential and show what they are capable of.
Are you thinking of boosting your Startup with Artificial Intelligence? Come to Impulsa Ventures where they can provide you with all the training in this regard and put you in contact with specialists in the field.
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