Madrid, April 2023. Substrate AI, the Spanish AI company listed on BME Growth, grew by 191% in total revenues in 2023, exceeding €13.5m, and had a negative ebitda of €3.7m improving in both concepts the unaudited data presented in March this year and beating all expectations by growing well above expectations in a year marked by acquisitions and strong investment in product and international presence.

With this data, the company consolidates its position as the first Spanish artificial intelligence company by turnover and one of the best prepared companies to represent our country in this newly created sector, which is attracting all the interest since the launch of ChatGPT by Open AI.

"We are very happy with the effort made in 2023 fruit of the work of many people who have achieved a very difficult milestone, as we have almost tripled the company consolidating a project that this year expects to reach €20 million in turnover and a positive ebitda of €4 million as we have published in our projections. But beyond these data, we are very happy with the work done in the development of products such as our own LLMs or Serenity Star and others, such as those led by Fleebe AI or 4D, which place us at the European forefront at a technological level and which we are sure will bring many successes to our shareholders in the future." notes José Iván García, CEO of Substrate AI

Substrate AI presented in April its strategic plan for the next five years at its investor day in London after having presented its two new products: Serenity Star, the AI solution for business and government, and Fleebe Corporate, its talent platform, in London, Madrid and at the Mobile Congress in Barcelona.

With these developments in the market, the company now has seven subsidiaries selling AI products in verticals such as AI Tech (Subgen AI), Healthcare (4D), Human Resources (Fleebe AI) or Agritech (PAM).

Substrate AI was listed on BME Growth in May 2022 as the first artificial intelligence company to be listed in Spain and operates as a holding of companies that sell, apply and develop Artificial Intelligence in its sectors with a focus on creating efficiencies that drive the economy on its path towards sustainability and emission neutrality. The companies that make up the Substrate AI portfolio develop and sell Artificial Intelligence solutions in sectors such as Generative AI, Healthcare, Agritech, Fintech, Human Resources and Energy.

The company has also enhanced its international presence with dual listings in London and the US, bringing it closer to new investors and clients.