Deeptech
Q4 202323.11.2023

Future of Data

Picture of Éanna Kelly

Éanna Kelly

at Sifted

The hunt for (even more) data is on. Just about every startup is shaping up to provide “AI-powered” X or Y and underpinning all these efforts are enormous datasets, like the ones used to train the latest generation of AI — the ChatGPTs and Stable Diffusions — which can contain billions of images and words scraped from the internet. Europe doesn’t have the AI specialised chips — these mostly reside in Silicon Valley — but there are other ways for the region to gatecrash the Big Tech party.

Shortage of data? Just make some up. “Synthetic” or artificial data can be used to train AIs in areas where real data is scarce or too sensitive. 60% of all data used to train AI will be fake by 2024, up from 1% in 2021, predicts Gartner.

At the same time, the future of data is a scramble for supercomputers and data centres. Experts warn a lack of proper computing power, unless addressed, will hobble Europe’s lofty AI ambitions. Growing alongside data infrastructure companies is demand for label makers, as machine learning systems require a huge number of correctly labelled samples to start getting good at prediction, meaning the likes of London annotation specialist V7 are pulling in big money from VCs.

20 most promising early-stage data startups

  • CASAFARI logo

    Sifted score

    9.16
    -

    CASAFARI

    • Strong investor(s)
    • Serial founder(s)
    • Hiring
    • Year founded

      2018

    • HQ

      Lisbon, Portugal

    • Latest round

      Series A
      30m / Nov 2021

    • Total funding

      25m

  • 9fin logo

    Sifted score

    8.74
    -

    9fin

    • Strong investor(s)
    • Hiring
    • Year founded

      2016

    • HQ

      London, United Kingdom

    • Latest round

      Series A
      21.7m / Dec 2022

    • Total funding

      35m

  • Apheris AI logo

    Sifted score

    8.5
    -

    Apheris AI

    • Strong investor(s)
    • Serial founder(s)
    • Hiring
    • Year founded

      2019

    • HQ

      Berlin, Germany

    • Latest round

      Seed
      8.7m / Nov 2022

    • Total funding

      11.2m

  • Graphext logo

    Sifted score

    7.77
    -

    Graphext

    • Strong investor(s)
    • Serial founder(s)
    • Year founded

      2015

    • HQ

      Madrid, Spain

    • Latest round

      Seed
      4.2m / Jun 2023

    • Total funding

      13.7m

  • Tinybird logo

    Sifted score

    7.4
    -

    Tinybird

    • Serial founder(s)
    • Hiring
    • Year founded

      2019

    • HQ

      Madrid, Spain

    • Latest round

      Series A
      33.6m / Apr 2022

    • Total funding

      36.4m

Related Briefings

Related articles

Europe has a secret weapon to beat Big Tech on GenAI

November 13, 2023

Europe has a secret weapon to beat Big Tech on GenAI

By Tim Smith
AI startups need more data centres. France wants to build them
DeeptechAnalysis

October 17, 2023

AI startups need more data centres. France wants to build them

An AI illustration of a data centre
By Daphné Leprince-Ringuet
AI, quantum, semiconductors and biotech on EU’s list of critical tech

October 3, 2023

AI, quantum, semiconductors and biotech on EU’s list of critical tech

By Cristina Gallardo
Cloud, privacy and AI: Trends defining the future of data and databases
DeeptechAnalysis

September 27, 2023

Cloud, privacy and AI: Trends defining the future of data and databases

Sponsored by SurrealDB
An unknown Swedish startup’s €3bn bid to build a green rival to AWS

June 6, 2023

An unknown Swedish startup’s €3bn bid to build a green rival to AWS

Evroc's hyperscale cloud centre
By Mimi Billing