We are delighted to be leading a £1 million pre-seed round into Smarter.ai, the world’s first marketplace to make AI accessible to SMEs.Smarter.ai, creators of the world's first AI marketplace to democratise 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.
So who are Smarter.ai?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 democratisation 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.
Why now?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 realise 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.
Francesco Benincasa, Smarter.ai’s CEO, suggested: "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 levelling 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 democratised"
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 operationalise 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 revolutionising how data can be gathered, leveraged and automated to solve today’s real-world challenges.