Luigi Congedo, a young Neapolitan Venture Capitalist working for Bootstraplabs in Silicon Valley, is focusing on helping startups grow in the Artificial Intelligence (AI) space.
I interviewed Luigi for my column on LA VOCE DI NEW YORK, he believes that now is a particularly good time for AI development and investing. In fact, billions of people have internet access and produce enormous amounts of raw data which can be used to "feed" AI software. Additionally, costs of data storage and computing have been plummeting, making AI development accessible even to the smaller startups.
The popularity of artificial intelligence is clear when we learn who is funding AI research: from Microsoft to Apple to Elon Musk, all the tech industry biggest players are involved. There are close to 1,000 companies working in this field around the world, mostly in the United States. Almost 1/3 are developing Machine learning applications (computer algorithms that operate based on their learnings from existing data).
VC Dollars, follow this pattern, about half investments fund Machine learning, followed by Natural language processing and Computer vision. Investment amounts have increased from 3% of total VC investments in 2013 to 5% in 2015 (about $5.5 billion).
In order to build a community around the nascent Artificial Intelligence field, Luigi is launching Bootstraplabs' first Applied Artificial Intelligence Conference (San Francisco, May 25, 2016). Here, founders, investors, and scientists will gather together to learn from AI leaders, discover new technologies, discuss how AI is transforming Transportation, Businesses, and People's lives.