A new report on artificial intelligence (AI) has shown that global investment in AI startups in the last decade continued to go north .
From a total of US $1.3 bln raised in 2010 to over $40.4 bln in 2018 (with $37.4 bln in 2019 as of November 4th), funding has increased at an average annual growth rate of over 48%.
The annual, ‘Artificial Intelligence Index Report 2019′ said autonomous Vehicles (AVs) received the largest share of global investment over the last year with $7.7B (9.9% of the total), followed by Drug, Cancer and Therapy ($4.7B, 6.1%), Facial Recognition ($4.7B, 6.0%), Video Content ($3.6B, 4.5%), and Fraud Detection and Finance ($3.1B, 3.9%).
Raymond Perrault, Yoav Shoham, Erik Brynjolfsson, Jack Clark, John Etchemendy, Barbara Grosz, Terah Lyons, James Manyika, Saurabh Mishra, and Juan Carlos Niebles, “The AI Index 2019 Annual Report”, AI Index Steering Committee, Human-Centered AI Institute, Stanford University, Stanford, CA, December 2019, reported that 58% of large companies surveyed reported adopting AI in at least one function or business unit in 2019, up from 47% in 2018. Only 19% of large companies surveyed said their organizations were taking steps .
The AI Index is as an independent initiative at Stanford University’s Human-Centered Artificial Intelligence Institute (HAI).
To read up on this report, click here.
Image Credit: Stanford University