Substrate AI, the Spanish artificial intelligence company listed on BME Growth, will begin trading in the U.S. today, November 30. The company has selected for this first dual listing the American OTC market where BME Growth companies such as Lleidanet are already listed, as well as large Spanish companies such as Repsol and Telefónica. With this step, Substrate AI will give investors access to its capital.
American institutions interested in joining the company's project.
"For Substrate AI, going public in the US means, in a way, a return home", says José Ivan García, CEO of the company, "we must not forget that our CTO Bren Worth is American and it was there that he developed the technology that we apply today in our products and that it was there that the Substrate AI project was conceived, in one way or another. On the other hand, this step is very relevant for us, as it responds to the request of some American institutional investors who are interested in entering our capital and will now be able to do so with the advantage of investing from their own country. We are sure that these new investors will help us in our future growth as they have a lot of experience in promoting companies like ours."
The United States is the Western market in which artificial intelligence is the most advanced in terms of development.. In it are many listed companies, large and small, in the AI sector, some well known as Nvidia or Alphabet, and others less followed by the general public as C3.AI, Five9, Palantir, Veritone or Zoominfo. All of them form an ecosystem that Europe does not have today, but that it must have in the coming years in order not to miss the train of artificial intelligence, a technology that is increasingly applied to more use cases and that is already part of our daily lives.
In this world, Substrate AI develops SaaS AI systems (Software as a service) for companies with their own technology and is present in Spain, France and the US in sectors such as fintech, energy, human resources, agritech and healthcare. The SaaS industry has grown by more than 500% in the last 7 years and, according to the consulting firm Gartner, moves annually about 172,000 million dollars. These systems represent 70% of all software systems used by organizations.
Within this industry, SaaS services associated with AI, such as those developed by Substrate AI, will be the fastest growing with figures close to 30% annually over the next few years.