This document is from an AI venture capital firm that has made 16 investments in AI and machine learning companies, giving it one of the largest AI portfolios among early-stage investors in Europe. It discusses the history of "investment winters" in AI due to hype and rising valuations drying up investment. However, AI is different now due to emerging platforms, increased computational power, and more structured data. The firm is looking to invest in industries where AI can significantly reduce costs or increase value through technologies like computer vision, natural language processing, and open/closed data sets. It provides some examples of companies in its portfolio applying AI in healthcare, legal automation, and transaction security.

1. AI.VENTURE CAPITAL

2. Early-Stage Investment Fund
Carlos Espinal
Partner
@cee

3. 16 INVESTMENTS IN AI/ML COMPANIES.
ONE OF THE LARGEST AI PORTFOLIOS OF ANY EARLY-STAGE INVESTOR ACROSS EUROPE

4. INVESTING IN AI

5. Geographies of Interest

6. Annual Global Financing History

7. Compared to Fintech & Proptech

8. Is Winter Coming?
> first winter in 1970-1980 due to component hype (eg. the
Speech Understanding Research debacle 1974 grant
cancellation)
> second winter in mid-1980's due to more component hype
(the fall of expensive 'expert systems')

9. WHAT IS AN INVESTMENT WINTER &
HOW DOES IT FORM?
WHEN INVESTMENT DRIES UP DUE TO EXCESSIVE INVESTMENT + RISING VALUATIONS + EXCESS
VAPORWARE

10. WHAT DOES GOING THROUGH AN
INVESTMENT WINTER FEEL LIKE?
VCS DEFENDING INVESTMENTS VS INVESTING IN NEW COMPANIES + DOWNROUNDS/FLATROUNDS +
LONGER TIMEFRAME TO FUNDRAISE

11. HOW IS AI DIFFERENT?

12. > Like mobile in 2007+ Sector is going from macro
category to empowering sub-industries
> Major platforms (to build on) are emerging
> Much more computational power available (for cheap)
> Much more structured data available

13. Google, Intel, Apple, Twitter,
Salesforce

14. SUB-INDUSTRIES OF INVESTMENT

15. Industries where the mundane can be automated or where
there is little or no margin for error

16. Industries where good-enough AI-based 'labor' can go
mainstream due to economic factors

17. The Economist on The End of the Bracero and the Rise of
the Machine

18. SO WHAT ARE WE LOOKING TO INVEST IN?
Industries where AI can unlock huge value due to
lowering costs of operation or increasing value
Component technologies: Computer Vision, NLP,
Open+Closed data sets

19. Some of our companies
> Gyant/Viz.ai - Healthcare
> OpenSensors/Repositive - Data
> Reinfer.io - nlp & customer service
> Beagle/Legit Patents - Legal automation
> Fraugster/ThirdEye - Transaction security
> The Rocket Company - Complex & Expensive designs

20. WANT TO HEAR FROM
EXPERTS IN THE FIELD?

21. The 'This Much I Know' Podcast -
> Kenneth Cukier - The Economist
> Azeem Azhar - Exponential View
> Reinfer.io + IBM Watson - The state of AI
> Evan Nisselson - Visual Tech + Computer Vision
> AI Is Now Event

23. Learn more about us @
http://www.seedcamp.com
my twitter: @cee
sc twitter: @seedcamp