KPMG: VC investment into AI and ML doubled to $12bn in 2017
According to new research from KPMG, venture capital (VC) investment hit a decade high in 2017, standing at a total sum of $155bn.
Within this, VC investment in Artificial intelligence (AI) and machine learning (ML) rose from $6bn in 2016 to over $12bn a year later – a 100% increase.
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As emerging technologies such as AI and ML applications have become more diverse, an increasing number of investments have followed, with such technologies becoming more applicable to a multitude of industries.
“Cross-industry solutions will likely be a key focus of VC investors heading into the next few quarters,” said Arik Speier, Head of Technology, KPMG Somekh Chaikin in Israel. “The applicability of innovative technologies, whether AI and machine learning or blockchain, to different sectors will likely keep investors focused and investment high regardless of any pauses among specific industries.”
With this in mind, looking to the year ahead, KPMG is expecting strong VC investment to continue throughout the early stages of 2018.
This could further be attributed to a growing level of competition, as firms look to create funds that can rival that of Softbank’s own $100bn Vision Fund.