London, February 8, 2021 -- Smarter.ai, creators of the world's first AI marketplace to democratize artificial intelligence and help small and medium-sized enterprises (SMEs) compete with Big Tech, announces its pre- seed raise, led by Fuel Ventures and Hambro Perks. This comes at a time when Big Tech monopolies face growing regulatory and public scrutiny, while the pandemic has sped up the need for AI-as-a-Service (AIaaS) to solve businesses' greatest challenges. Currently, 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+), combined with a low efficacy rate keeps companies 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.
In 2021 the AI market was $93.5bn and by 2028 it is set to be $997bn. 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.
“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”, says Francesco Benincasa, Smarter.ai’s CEO.
How it works
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 through a series of proprietary 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 stated “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.”
The last 24 months 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 a more critical view of Big Tech and the accessibility of AI, Smarter is leading the charge by revolutionizing how data can be gathered, leveraged and automated to solve today’s real-world challenges.
“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.” said Nicholas Sharp, Head of EIS Fund at Hambro Perks.
Smarter.ai is the world’s first marketplace connecting best-in-class AI solutions with the end user, allowing AI technology to be accessible to SMEs in the era of Big Tech. Founded in 2020 by ex-Apple, Ebay, and Booking.com executives with over 30 years of combined AI experience, Smarter.ai’s #1 mission is to make the democratization of AI a reality. Its proprietary matching algorithm is the first to make the AI creator economy possible, enabling Creators to value their skills in a new and creative way while allowing companies to leverage the most powerful benefits of AI without having to face the time and resource constraints of hiring and retaining a data science team required of current AI applications. Currently, the Smarter.ai team is working with leading business and academic institutions as it builds the world’s first AI marketplace.