With each passing day, we are all getting a clearer idea of the impact that advancements in AI technology have on our everyday lives. From online security to healthcare, AI tech is changing the game across every conceivable sector, in ways that are both visible and invisible.
What’s more, it feels like we have only just begun to scratch the surface when it comes to possibilities for the years to come. And that’s why AI tech has been a primary target for forward-thinking investors around the globe. It is going to bring us into the future, it will make life better for people in the world’s poorest nations as well as the first world, and the limits are endless.
A recent report by KMB showed that investments in AI technology are set to reach $232 billion by 2025. To put that number into perspective, AI tech currently accounts for $12.4 billion of global investment. But AI technology is an incredibly broad term that covers a range of different areas, so let’s break a few of the biggest ones down.
Deep Learning Technology For Cars And Consumer Products
What do we mean by deep learning? Well, the easiest way to explain it is to think about some of the technology that you may already have in your home. Whether it’s Alexa, Google Nest, or Siri, this is technology that writes its own software to improve its performance over time, rather than relying on humans to write the software for it.
ARK Invest is one of the most reputable money managers and they made a big splash by declaring their belief that deep learning will create $30 trillion dollars in market revenue over the next 15-20 years. It’s the kind of number that’s hard to get your head around, but when you think about all the potential applications for this technology (self-driving cars being one of the buzziest at the moment), it’s easy to see why ARK Invest is advising their clients to funnel money into businesses developing this tech.
Robotics To Revolutionise Healthcare
Robotics is another umbrella term, but the reason we’re using it is to consider the range of possible applications. As we mentioned, AI tech is having a revolutionary impact on healthcare and improving quality of life around the globe, and that has been a particular focus for Rewired. They are interested in developing tech that will allow robots and machines to interact seamlessly with the world around them, improving their sensory capabilities, and pushing machine learning.
Tech entrepreneur and philanthropist Tej Kohli certainly believes in their mission and their potential, investing another $100 million dollars into Rewired. This investment will help the fund to continue backing companies which are working on a new and improved generation of prosthetics that will allow the patients to feel their environment, developing tech that will allow for scientifically reproducible measurement of reproduction of taste and scent, and the world’s very first open-source machine learning platform which allows people from around the world to share their data.
Keeping It Local With Start-Up AI Companies
In the old days, we would have thought of Silicon Valley as the wellspring of tech and AI start-ups, locked in spirited competition with firms out of China and Japan. What is becoming increasingly apparent, however, is that the next thrilling wave of AI technology can come from just about anywhere. Europe isn’t exactly short of competitors for the title of “start-up capital of the continent”, but if we look to investors to tell us what patterns we should sit up and pay attention to, it seems like Stockholm is continuing to punch above its weight.
Sweden has already given the world Spotify, for example, and as the nation seems to be dealing with the Coronavirus pandemic a little better than some of the other countries in Europe, they are very much open for business. This interview with some of the nation’s biggest investors in tech start-ups reveals that, while they are certainly open to investing abroad, their commitment to local businesses is paying off handsomely.
The Infrastructure To Back AI Applications Up
It’s one thing to develop the technology that will push AI deep learning forward, but it’s quite another to make sure that there is enough power and capacity behind it to make sure that it can actually deliver on its promise.
Recently, the Israeli start-up NeuReality received $8 million in seed money from a cabal of investors to help them bring their concepts to life. NeuReality aims to reduce cost and power without sacrificing performance, helping to address the issue that many of the biggest hyperscalers are still facing in terms of their scalability. The less power it takes, and the less it costs, for these game-changing AI systems to actually run, the more accessible they will be and the more we will start to see their positive impact in sectors like healthcare.