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 startups

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
View company profile
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
View company profile
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
View company profile
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
View company profile
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
View company profile

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