Jul 30, 2020 | Neelam Tyagi
Starting from the most emerging technologies such as Artificial Intelligence, Machine Learning, and Big Data, these technologies not only able to change our lives but also make a complete transformation in the business process over multiple industries, they change in ways like how organizations will function, control operations, manage finance, decipher accumulated data and engage customers. (Visit the category “ Business Analytics” to explore more related articles.)
Since data-driven approaches and algorithms are adopted in almost all industries, Enterprises investors are interspersed in investing artificial intelligence-based startups in order to provide more efficient solutions to advance business.
From a recent report of BuyShares.co.nz, the sum of the amount that AI startups have raised overtime is reached to $61.6bn in the following quarter of 2020, it is said to be almost 35% hike in a year.
In the year 2010, AI startups have raised a total of $277.3 million as funding amount worldwide, according to the news revealed by the CrunchBase data. Also in the subsequent three years, this amount hiked to more than $1bn for the very first time.
While the huge investment is taken place in order to provide AI solutions, the amount reached $26.6bn in the second quarter of the year 2018, from the statistics this amount significantly increases by $19.1bn and reached to $ 53.6bn at the end of the year.
This investment is continued to expand in the year 2020 with the total sum of fund-raised increases by $8,2bn in the first half quarter, even though the slowdown in venture capital funding due to the COVID-19 pandemic. (Check out here, how multiple industries get impacted by COVID-19)
From the report, North America has led the realm with a total amount of $33.7bn worth as investments in AI startups. The US companies advanced over 95% of that amount, with California, San Francisco, and New York.
From the Statistics, it can also be seen that Asian companies have raised a total amount of $20.3bn in funding that marked them as the second-leading domain globally. Following the race, European AI startups have invested almost $7.3bn so far.