VALÈNCIA (VP). Substrate AI, the artificial intelligence company listed on BME Growth, has closed 2022 with revenue growth of 100% reaching €4 million. of total revenues and meeting its business plan. All this, improving the projected negative EBITDA, thus reducing operating losses.
Growth has been sustained mainly in the areas of healthcare, agritech and HR, where its subsidiaries are growing with a focus on the application of AI in their businesses. At the same time, the company has developed several AI projects for external companies that have allowed it to boost its consulting area.
"We are happy with the closing of 2022 which has led us to reach 4 million in total turnover, but the most important thing is that we have been able to meet the timelines and objectives in terms of the development of AI solutions, boosting the products and capabilities of each of our subsidiaries and business areas to be able to continue growing in the future at the pace we have set ourselves. As we published when we went public, we have a very ambitious plan that should lead us to achieve very high growth over the next few years, supported by the adoption of AI in companies, which is growing at a rate of over 30%. In this sense, the 2022 work is simply the first step in this project." notes José Iván García, CEO of the company.
The company published in its business plan a growth forecast of another 100% by 2023, which will lead to a turnover of more than 8 million euros and will be supported by growth in all business areas.
Substrate AI bases its business model on the application of its patented biologically inspired AI technology. in sectors such as healthcare, agritech, HR, energy or finance, through subsidiaries focused on each of these areas and consulting work for large companies that require customized solutions.
In addition, Substrate AI continues to develop new technological capabilities together with the Rensselaer Institute in New York.now related to the construction of a sustainable AI that saves time and energy in model building. The high energy consumption in the construction of artificial intelligence models and in the retraining of existing ones is a problem that is growing every day and threatens to become something similar to bitcoin mining. Substrate AI is working in this field to make available to all developers solutions capable of reducing time and consumption every time we work to apply AI to some new problem.
Valencia-based Substrate AI doubled its revenues in 2022 to four million - Valencia Plaza
Substrate AI doubles revenues to four million euros - Forbes
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