Robotics Business Review has partnered with Abishur Prakash at Center for Innovating the Future to provide its readers with cutting-edge insights into recent developments in international robotics, AI, and unmanned systems. Are you ready to be updated?
Chinese AI startups get strong funding support
Robotics development: Last year, Chinese AI startups raised more money than their U.S. counterparts. Chinese AI startups raised around $4.9 billion, compared with $4.4 billion raised by U.S. AI startups. Overall, funding for new AI companies increased 150% globally, rising from $4 billion in 2016 to over $10 billion in 2017.
Geopolitical significance: Funding is a new arena for the intensifying rivalry between the U.S. and China around machine learning and related technologies. They and other nations see AI and automation as the keys to economic success.
It is important to note that funding for startups is separate from overall funding. Between 2012 and 2016, Chinese AI firms raised $2.6 billion, compared with $17.9 billion in the U.S. It’s also important to note that the U.S. has 2,905 AI firms, compared with 709 in China.
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