ARTIFICIAL INTELLIGENCE | RANKINGS
SenSat hits #1 in European AI Rankings
SenSat, a U.K. startup aiming to use visual and spatial data to “simulate reality” and teach AI to better understand the physical world, has been rated as the top AI company in Europe by Crunchbase.
13.8.2018 // 3 minute read
SenSat, a U.K. startup aiming to use visual and spatial data to “simulate reality” and teach AI to better understand the physical world, has been rated as the top AI company in Europe by Crunchbase. Crunchbase, headquartered in San Francisco, tracks hundreds of thousands of technology companies from startups to Fortune 1000’s and is used by investors and businesses to discover industry trends, investments, and news about global companies.
Funding in the AI sector has climbed steadily—and impressively—over the past decade. In 2017, investors pumped nearly $5 billion in U.S.-based AI startups. And trends point to 2018 being another great year for venture investing in AI and machine learning startups. However investors are now turning their attention to European opportunities where the efficiency of capital is often much higher.
“We’re starting to see a trend whereby Silicon Valley VCs look for companies with a US vision but European discipline” says Daniel Glazer, Partner at Palo Alto based law firm WSGR. “The arbitrage opportunities are really beginning to take hold”.
SenSat turns complex visual and spatial data into a real time simulated reality that helps computers solve real world problems. The cloud-based technology allows companies operating in physical domains, such as infrastructure construction, to make more informed decisions based on multiple variables at large scale and complexity. SenSat call this ‘Visual Intelligence’, a subset of Artificial Intelligence focussed on teaching computers how to understand and interact with the real world.
“We believe that the ability for computers to understand and interact with the real world is the next major phase in technology. It will enhance the human experience and change how we understand the real world, helping us to make better decisions” said James Dean, CEO of SenSat.
“The core technologies we’re building enable many of the emerging technologies of tomorrow,” comments Alvin Chua, CTO at SenSat. “By creating an operating system that allows users to apply our base technology into solving their niche needs, we create the ability for Mapp® to positively impact any industry that makes critical decisions based upon physical and environmental factors”.
Artificial intelligence, in its many forms, will likely continue to redefine how individuals think about government, school, work, and daily life. And startups that are not leveraging AI are beginning to fall behind the rest of the pack.
SenSat is exploring applications in city management, telecommunications, infrastructure and logistics, energy, transportation, traffic control and the Internet of Things, and has also seen interest for defence applications. Proofs of concept and pilot projects have included the simulation of the city of Cambridge, working with the city council to map the city’s infrastructure, traffic, pedestrians and other layers in the most complex real time city simulation ever created.
The AI investment scene is seeing increased activity. In late May, Chinese facial recognition technology developer SenseTime Group announced it had raised $620 million in a second round of funding. The raise valued the company over $4.5 billion, making it the world’s most valuable AI unicorn. SenseTime reportedly became profitable last year.
Alongside ranking top for European AI companies, SenSat ranked 3rd worldwide for AI, 2nd worldwide for companies working with 3D tech and 30th worldwide for VC backed technology startups. The Crunchbase rankings measures the rate of a company’s activity. SenSat’s score of 9.9 mean it’s moving up in rank much faster compared to its peers.