Smarter.ai, the creators of an AI marketplace to democratize artificial intelligence and help SMEs meaningfully compete with Big Tech, has announced its pre- seed raise, which was led by Fuel Ventures and Hambro Perks.
As noted in the update, this comes at a time when Big Tech monopolies face increasing regulatory and public pressure, while the COVID-19 crisis has “sped up the need for AI-as-a-Service (AIaaS) to solve businesses’ greatest challenges.”
At present, it is estimated that the usability of AI is “available to the 5% of companies with sufficient resources to hire and retain skilled research data scientists to build original models–leaving out 95% of businesses.”
The exorbitant cost of leveraging AI (anywhere from US$20000 to US$1000000+), along with a low efficacy rate keeps firms from being able “to realize the benefits of data gathering and automation–necessary components to survive, especially given the upcoming ban on data capture techniques, such as third-party tracking.”
Last year, the AI market was valued at $93.5bn and by 2028 it is expected to reach $997 billion. AI is going to be “an inevitable element of most business strategies in the coming years, so focusing on creating spaces where innovation is easy and cost effective is a no-brainer,” according to a release.
Francesco Benincasa, Smarter.ai’s CEO. stated:
“The pandemic has accelerated the move to online sales and automation, and the ability to use AI will be make or break for many SMEs competing with Big Tech who control the majority of talent and resources. Here at Smarter.ai, we are leveling the playing field by connecting the world’s best AI solutions with consumers to enable the first “AI creator economy” — the biggest step to making AI truly ethical and democratized.”
As explained in the announcement:
“By fundamentally changing the way AI projects are conceived, built and deployed, SMEs no longer have to hire teams of expensive data scientists to build out original models, and now can access cutting-edge solutions through Smarter.ai’s marketplace.”
This is achieved via as series of matching algorithms and AI driven logic “to deliver the most efficient solution customized to the business’s needs, allowing all SMEs to build advanced AI solutions that were previously unattainable.” In addition, for the first time ever, data scientists will be able “to monetize their independent skills and know-how by selling through Smarter.ai’s platform, making the latest innovations accessible to all.”
Mark Pearson, Founder and Managing Partner at Fuel Ventures remarked:
“We believe Smarter’s strategy of empowering the AI creator economy, by matching operational models to common business needs, will completely change the way AI projects are created and delivered over the next 5 years. The power of Smarter’s AI driven appstore aligned to powerful global network effects means the company is set for exponential growth and we are proud to be associated with Smarter on such an exciting and valuable journey.”
As noted in the announcement, the past 2 years have been “the most definitive period for the information economy, highlighting the winners and losers who are able to operationalize the full benefits of AI.”
As the world takes an increasingly critical view of Big Tech and the accessibility of AI, Smarter aims to streamline how data can be obtained, leveraged and automated to address real-world challenges.
Nicholas Sharp, Head of EIS Fund at Hambro Perks, added:
“For far too long the transfer of experience and knowledge in ML and AI has been broken and inaccessible. Smarter AI is paving the way towards democratisation and efficiency of model deployment between individuals and enterprises. The Smarter team is placed in pole position to catalyse the shift towards decentralised development and knowledge sharing in deep tech. We are excited to be supporters on this journey with them.”