Blog: Best Artificial Intelligence Startups in Europe
Table of Contents
- In short, what is artificial intelligence?
- Three main factors are driving innovation in automotive technologies
- 5 AI STARTUPS IN EU
- Market potential
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Artificial intelligence (AI) is a strategically important sector and will continue to be a significant component for European economic development.
A common belief about AI deals with the idea that an evil robot army will surpass human intelligence and wipe out humanity.
However, it stands for more than that. In this article, all that nitty-gritty stuff will be discussed.
This article covers every aspect of AI: the European ecosystem compared to the two Ai superpowers, China and the US, and the European AI startups to look out for.
In short, what is artificial intelligence?
If you’re a tech nerd and know everything there is to know about AI, skip to the next section on the landscape in Europe.
However, for the rest of us dummies, have you ever wondered how Siri works? Or how cars like Tesla can drive themselves automatically? Or how Netflix and Spotify can recommend a film or song you might like?
That’s all thanks to AI, enabled by machine and deep learning techniques.
Check out the full article: “The Best AI Startups in Europe”
Three main factors are driving innovation in automotive technologies:
- The progress of machine learning algorithms
- The vast increase in computing capacity
- The troves of data that are continually being produced and used to train machine learning models
Around 60 years ago, AI was only a theory reserved for academics and test labs. However, today, it has shifted to commercial. That being said, it’s far from the point of surpassing human-level intelligence.
Although there are still some pretty cool AI startups popping up in Europe, some industries are beginning to utilize AI that are years ahead of the rest.
We’re already interacting daily with this technology. To name a few: voice recognition, self-driving cars, search engine precision, data analytics, and most important of all, your Netflix recommendations, are just some examples of the integration and applications of AI in our every day lives.
5 AI STARTUPS IN EU
ROBART develops artificial intelligence and navigation for mobile robots. The core product is the ROBART navigation system consisting of software, electronics, and IT services.
Location: Linz, Austria
GiniMachine: AI Credit Scoring
The company develops AI credit scoring solution through machine learning algorithms.
Location: Minsk, Belarus
Pick-it has developed a robot vision solution capable of allowing the robot to see, pick, and place products.
Location: Heverlee, Belgium
Qorio has developed a platform which provides Singing Assistant AI to improve singing education.
Location: Banja Luka, Bosnia and Herzegovina
A4E is building an AI as-a-service platform to help businesses better utilize existing data by adding process automation in several different areas.
Location: Sofia, Bulgaria
DenCity is a Blockchain platform which allows everyone to get in touch with this virtual reality through smooth graphics and tools.
Location: Zagreb, Croatia
China and America still take the crown when it comes to AI, but Europe is still in the game. Though, it’s concerning for Europe since they are the second largest economic power. Meaning, if they don’t step up, they will fall behind on many fronts.
Just a few companies like Spotify can translate their AI into the global market. So, they are making advances. However, there is still something for them to work upon.
Currently, 400+ AI startups occupy continental Europe and the numbers are still growing. The United Kingdom remains the dominating force in Europe, with London taking the lead with over 90 AI startups, followed by Berlin, Paris, then Madrid. Both the UK and France have invested in AI as a top priority, and it is hoped that other European countries will follow suit.
The European Commission (EC) has also proposed legislation to open up data retained by public sectors like transport and healthcare. This critical move will hopefully reinforce investments toward technology.
The EC has noticed, with a growing sector, the need for support to increase the growth of these early-stage companies. They’ve recently promised an increase for annual investment in AI by 70% to €1.5 billion under the program Horizon 2020 (for innovation and research).
This recent investment will hopefully prevent the EU from losing a competitive edge, and avoid brain drain as some of the top academics in computer science have been educated in Europe, but have left to jobs abroad.
AI is completely transforming the way we work and the future of our industries. Machine learning is helping companies streamline processes in retail, transport, finance, and many other sectors. Operations that were otherwise wearisome and repetitive for humans are now being substituted by AI, allowing us to be more productive in an optimal way.
Perhaps Europe will never become a dominant player in AI, but they could become a driver of change. The current dominating markets are far from perfect. China uses AI to manage, monitor, and control its people, whereas the US has little regard for the data privacy of its citizens.
Both China and the US are investing significantly in autonomous weaponry. The European Union could take this opportunity to shape their market into a role model for a transparent ecosystem that benefits its citizens.