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Drake Star Partners Is Publishing a Series of Reports on Artificial Intelligence (AI)

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Industry Update ARTIFICIAL INTELLIGENCE-North America September 2018 Index 1. Introduction 2. AI Description 3. Market Update I. Introduction 4. Financing Trends Drake Star Partners is publishing a series of reports on Artificial Intelligence (AI). 5. Market Trends and This marks the inaugural publication, focusing on trends in financing and M&A in the North American AI sector, with coverage of both major players in the space Adoption and large financing transactions, as well as many innovative, disruptive 6. Conclusions and companies in the sector. Predictions II. AI Description 7. M&A Activity Artificial Intelligence (AI) software achieves multifaceted tasks of learning and recognition in quick and sophisticated ways. AI’s ability to learn is a unique aspect 8. Company Profiles and represents a great number of possibilities for businesses. This is especially 9. Private Placements true in regard to AI’s ability to perform human tasks or even to perform them better than a human could. Adoption We currently live in a world where task-specific narrow AI has met or exceeded 10. Public Market Valuation human capabilities at specific tasks. The current instances of these technologies are task-specific and brittle. For example, IBM Deep Blue is the best chess player in the world, but it is not also the best checkers and backgammon player in the world. AI is tech itself, while for others its an enabler of vertical apps tech. As such AI is already being applied across many industries such as healthcare, transportation, retail, energy, and more. For example, Johnson & Johnson’s Ethicon aims to improve robotic surgery by sharing relevant analytics and information that can lead to better outcomes. Techniques: Machine Learning, Deep Contact Narrow Artificial Learning, Natural Artificial General Artificial Super Intelligence Language Processing Intelligence Intelligence Greg Bedrosian, Managing (NLP), Machine Vision Partner & CEO +1 212 508 7100 [email protected] III. Market Update Artificial Intelligence has both technological factors as well as market factors that Lyle Finkler, AVP are part of its evolving market role. In terms of technological factors, there is the +1 212 508 7107 combination of inexpensive parallel processing and the availability of data going [email protected] into artificial intelligence. In terms of market factors, there is the combination of increased demand for “robots” and increased investment and M&A activity going into artificial intelligence. Inexpensive Increased Increased Availability Parallel Demand for Investment of Data Processing “Robots” / M&A Drake Star Partners 950 Third Avenue Artificial Artificial 20th Floor Intelligence Intelligence New York, NY, 10022 www.drakestar.com Source: Drake Star estimates, Tech Emergence, Artificial Intelligence – The Ultimate Technological Disruption Ascends 1 Industry Update ARTIFICIAL INTELLIGENCE-North America September 2018 IV. Financing Trends The AI industry has received over $24 billion of investments in the last three years. Over $12 billion of VC investments occurred in 2017. Most active VC funds in the space currently are: Data Collective, Khosla Ventures, Intel Capital, New Enterprise Associates, Google Ventures & Bloomberg Beta. $7,000 U.S. VENTURE ACTIVITY IN AI/ML 700 Deal Value ($M) Deal Count $6,000 600 $5,000 500 $4,000 400 $3,000 300 $2,000 200 $1,000 100 $- 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 THE ACTIVE BUYERS AND THEIR RECENT ACQUISITIONS AIMatter Regaind Mobile Eye Expert Personal Coolan Dreambit (Aug-17) (Sep-17) (Mar-17) Shopper (XPS) (Jul-16) (Jan-18) (Nov-16) Halli Labs Lattice Movidius MetaMind Ozlo (Jul-17) (May-17) (Sep-16) Explorys (Apr-16) (Jul-15) (Apr-15) Nervana Kaggle RealFace TappingStone FacioMetrics Systems (Aug- (Mar-17) (Feb-17) Blekko (Feb-16) (Nov-16) 16) (Mar-15) Dialogflow tuplejump Itseez MinHash Wit.AI (Sep-16) (Sep-16) (May-16) AlchemyAPI (Dec-15) (Jan-15) (Mar-15) Saffron Api.ai Turi Tempo AI Face.com Technology (Sep-16) (Aug-16) Cognea (May-15) (Jun-12) (Oct-15) (May-14) Intelligent Moodstocks Emotient Dialogue (Jul-16) (Jan-16) (May-13) Timeful Perceptio (May-15 (Oct-15) Deepmind VocalIQ (Jan-14) (Oct-15) www.drakestar.com Source: Drake Star estimates, Pitchbook 2 Industry Update ARTIFICIAL INTELLIGENCE-North America September 2018 V. Market Trends Artificial intelligence is continuing to see a large rise in revenue. The projected revenue of artificial intelligence companies, is expected to grow at a CAGR of 39.5% from 2016 to 2025. PROJECTED REVENUE OF ARTIFICIAL 2024 PROJECTED REVENUE SHARE BY TECHNOLOGY INTELLIGENCE COMPANIES Neurocomputers In $millions 11% Embedded 100,000 Systems 5% Expert 89,847 Systems 90,000 30% Digital Assistants 80,000 19% 70,972 Autonomous 70,000 Robots 34% 60,000 53,231 50,000 AI Software 14% 40,000 37,987 Artificial Artificial 30,000 25,996 Intelligence Intelligence Services Hardware 56% 31% 20,000 17,268 11,284 10,000 7,345 3,222 4,819 - 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 As AI becomes more advanced and more accessible to consumers, its demand and revenue are expected to increase drastically. Technology is shifting where companies now utilize AI technology of machine learning, deep learning, or augmented reality. As AI becomes more mainstream, its cost goes down and therefore its accessibility to the broader marketplace increases. www.drakestar.com Source: Drake Star estimates, CB Insights, Tractica Global Market Analysis and Forecasts * Deep learning is a field in AI that has networks which are capable of learning unsupervised from data that is unstructured or unlabeled 3 Industry Update ARTIFICIAL INTELLIGENCE-North America September 2018 Market Adoption Adoption and awareness of AI is expected to increase over the next few years. The market adoption of AI is an evolving process with a majority of people believing that there is still quite some time until human-level machine intelligence is attained. AI is being adopted through a multi-tiered approach with different capabilities being adopted at different times. For instance, there is a difference between a customer service AI providing some assistance with the customer service process via a chatbot versus a human-level machine AI. WHEN WILL HUMAN-LEVEL MACHINE INTELLIGENCE BE ATTAINED, GIVEN VARIOUS PROBABILITIES? Survey 10% 50% 90% Philosophy & Theory of AI 2023 2048 2080 Artificial General Intelligence 2022 2040 2065 Greek Association of Artificial Intelligence 2020 2050 2093 TOP100 Poll 2024 2050 2070 Combined 2022 2040 2075 CORPORATES ACTIVELY PARTICIPATING IN AI Major Fundamental /Deep AI Smaller Fundamental /Deep AI Financial Services Healthcare Transport Retail Energy Open Source Hardware www.drakestar.com Source: Drake Star estimates, Tech Emergence, Ascends, Superintelligence – Paths, Dangers, Strategies by Nick Bostrom 4 Industry Update ARTIFICIAL INTELLIGENCE-North America September 2018 Impact of future AI on worldwide GDPs in 2030 AI is expected to be a large contributor to the future economies of the world, although it is currently in the early stages of its mass adoption. 30 26.1% 25 20 14.5% 15 11.5% 9.9% 10.4% 10 7 5.4% 5.6% 5 3.7 1.8 1.2 0.7 0.9 0.5 0 China North America Northern Europe Southern Europe Deeloped Asia Latin America Rest of the World GDP Growth due to AI in % GDP Growth due to AI in trillion USD As AI technology expands, there are new estimates about its impact on jobs. For instance, a report released by the OECD, an inter-governmental group of high-income countries found that only 14% of jobs in OECD countries are highly automatable. While 14% still accounts for over 13 million jobs in the U.S., it is significantly less than the 47% of job loss predicted just 5 years before. Just because a job is not highly automatable does not mean it will not be automated, but it most likely would not be for quite some time. As AI continues to advance, it is anticipated that about 5 million driving jobs will be lost as vehicles begin to achieve more autonomy. www.drakestar.com Source: Statista, OECD Social, Employment and Migration Working Papers No. 202, CNN 5 Industry Update ARTIFICIAL INTELLIGENCE-North America September 2018 Active Investors and Strategic Buyers www.drakestar.com Source: Drake Star estimates 6 Industry Update ARTIFICIAL INTELLIGENCE-North America September 2018 Active Investors and Strategic Buyers OTHER ACTIVE INVESTORS REPRESENTATIVE STRATEGIC BUYERS www.drakestar.com Source: Drake Star estimates 7 Industry Update ARTIFICIAL INTELLIGENCE-North America September 2018 Top 10 Most-funded AI Start-ups 6 OUT OF TOP 10 MOST FUNDED AI START-UPS ARE US-BASED, AS CHINA ALSO INVESTS HEAVILY Equity Last Company HQ Founded Short Description Representative investors Funding Funding Facial recognition technology that Alibaba Group, Qualcomm 2014 can be used for payment and picture $1,600m May-18 Ventures, Silver Lake verification. Partners Chinese language speech Volkswagen Group, Google, 2012 recognition, semantic analytics, and $252.7m Apr-17 Sequoia Capital search technologies. Comprehensive sales acceleration Microsoft, Kleiner Perkins 2004 platform enabling the creation of $251.2m Jan-17 Caufield & Byers high performing sales teams Comprehensive platform as a TPG Growth, Breyer Capital, 2009 service (PaaS) for predictive $222.6m Jan-18 Sutter Hill Ventures analytics, and operational big data. Using AI to create digital ecosystem China Bridge Capital, 2015 $203.4m Jul-16 of consumers’ information Tencent Holdings Homeowners and renters insurance
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