One of the most important factors, however, is that Europe suffers from a lack of early-stage private capital. To fill the funding gaps, Pretiosum Ventures (where one of us works) is among the few ventures that have invested heavily in European AI start-ups. Indeed, despite the challenging climate due to Covid-19, the amount of AI investment in Europe is expected to increase further in 2021. Yet, private funding alone is insufficient. As Kim Jørgensen, the head of cabinet for the EU Digital Commission, argues, even though Europe has been able to form a strong base for AI development, more efforts for funding within the budget of the EU is vital to the continuous AI development across the continent.
The EU understands that it missed the bus completely and has a policy document on it:
The three strands of the AI Strategy go hand in hand with a vision for a European ecosystem of excellence and trust. This vision was presented in a White Paper that proposes:
1. Measures that will streamline research, foster collaboration between Member States and increase investment into AI development and deployment;
2. Policy options for a future EU regulatory framework that would determine the types of legal requirements that would apply to relevant actors, with a particular focus on high-risk applications.
I wouldn’t go too much in detail on what their vision document entails. They have ideas around pushing it for the “rightful causes”.
From the blog post:
Healthcare. AI in this field involves sophisticated algorithms and software, which are able to outperform human experts in the analysis and interpretation of medical and healthcare data. Promising innovators: Aignostics, CardioLogs, Kitman Labs, StethoMe, MMG.
If the statement shows that the algorithms “outperform” the human experts, this is setting up the stage for trouble. It would raise the heckles of experts and vastly hypes the AI “achievements”. It is for the EU to decide: do they want a certifiable and quantifiable advancement in the field or as gimmicky as the Chinese promise it to be. There are high stakes in these battles of perception.