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Start-ups that are into artificial intelligence (AI) technology attracted the most venture capital (VC) investment in all regions of the world in the first quarter of 2018, according to KPMG report.
The ‘Venture Pulse Q1 2018: Global analysis of venture funding’ report noted that AI is seen as one of the most transformative technologies in existence, with broad reach and applicability across industries and verticals.
It identified the financial services sector as the hungriest for AI solutions; hence it has been at the forefront of AI usage globally. Nigerian financial institutions and fintech firms are increasing their adoption of AI technology to enable them provide more efficient and convenient services to customers.
Healthcare is gaining momentum due to the significant diversity of the healthcare related AI capabilities being developed.
“One of the biggest roadblocks to strong AI offerings seen over the past few quarters has been the availability and quality of data to teach AI effectively,” the report noted. “To help address this, a number of companies have been conducting strategic acquisitions in order to gain the right data in sufficient quantities they need to better train their AI solutions. It is expected that AI will only continue to gain momentum in the foreseeable future.”
The momentum nonetheless, a new study conducted by the RAND Corporation said AI might have a different impact on segments like the military. According to RAND Corporation military adoption of artificial intelligence and other emerging technologies could have a destabilizing effect over the next couple of decades, and lead one nation to take the nuclear option.
The KPMG report also disclosed that investment into blockchain technology saw an increase in the first quarter, despite scepticism from different parts of the world.
“During Q1 2018, there was a significant increase in discussions, particularly among corporate, as to the ability to use blockchain technologies in both supply chain and logistics. For example, some began by using it to increase traceability and ensure products are transported according to regulatory requirements. The market for blockchain is well positioned to continue to mature and expand with progress beyond use cases expected by the end of 2018,” the report noted.
