There is no doubt that artificial intelligence (AI) is rapidly evolving. In the last few years, AI has gone from being a largely theoretical concept to a reality across a multitude of industries, helping increase productivity levels and decrease costs. There are a number of reasons these trends have been observed including the increase in computing power, cloud storage and development of ancillary tools to support the nascent technology
As AI continues to evolve, there are several predictions about its future.
Predictions of how AI will change the world
One prediction is that AI will become increasingly specialised and capable of enhancing virtually all elements of our lives. Data-driven decision making will not be a “nice to have” anymore. This old-school approach of continuously looking at data and the insight it can provide to inform and adjust decision-making will simply become more naturally intuitive to our minds and work cultures. This will allow workers to better enjoy life as they generate efficiencies that enable a true work-life balance and better explore available opportunities.
AI is also set to become more human-like in the next few years. As these systems become more sophisticated, AI will eventually be more effective in carrying out conversations, writing, generating designs and doing tasks more naturally and better than many skilled humans. It will inevitably significantly impact the economy as AI will likely transform several industries. This could lead to a major shift in how the economy works, with businesses and individuals relying more on AI to get things done.
Yash Varma, Founder and General Partner of Venture Capital firm Empress Capital, shares, “AI creates scalable solutions that are now in many areas getting better results than humans. AI models are getting better and more efficient which can be leveraged by companies relatively easily compared to the past.”
2023 AI investor predictions and Yash Varma’s observations
With the tech still in its relative infancy, the focus on AI specifically is not on the radar for most venture capital firms, especially in Australia and New Zealand.
Venture capitalists are still on edge about investing in AI as they don’t always understand how to assess the potential and viability of solutions.
Varma states that investors are missing out immensely, especially as the technology starts to permeate all aspects of our lives. He shares, “ It is beyond doubt that an increasing number of emerging enterprises will focus on artificial intelligence to increase automation and become cost-efficient. Companies will continue to scale their operations with artificial intelligence technology while being less human-operated in their day-to-day functions. It will push our generation and the ones to follow to develop themselves as subject matter experts focusing on tasks requiring human involvement at a much higher non-intuitive level.”
Varma also backs the prediction that AI will soon significantly impact people’s health, food production, safety, security, and productivity. In that regard, he reiterates that artificial intelligence funds are exciting right now as we are yet to see the limits of the technology.
Encouraging his fellow investors, Varma says, “If AI / Machine learning is not part of your investment portfolio, you will miss out on a watershed investment opportunity. AI companies are coming thick and fast and will be highly scalable and profitable.”
Empress Capital is at the forefront of investing in companies that are pioneering unique AI solutions to common problems.
Varma also encourages professionals, founders, and business leaders to utilise AI as early as now. According to him, AI infrastructure will undoubtedly streamline and speed up operations and reduce costs. It will also be relatively easier to create sophisticated solutions quickly and creatively at much lower costs than starting from scratch, with the help of AI foundation models like GTP3, DALL·E 2, and CO Pilot.
Empress Capital disrupts the venture capital industry through its focus on AI
Empress Capital is a pioneer in artificial intelligence funding. The venture capital firm focuses on the Pre-Seed and Seed stage investments to help AI companies succeed beyond these necessary starting points, targeting 10x returns and payback of initial capital within a 10 year horizon.
Empress Capital will also be using profits from their funds to create Empress Foundation, a vehicle geared towards investing in non-profit organisations, equally providing them with the same commercial due diligence, access to funding and support to help them succeed. Philanthropy is central to Varma’s vision, but not at the expense of investor success
Motivated founders and serious investors can learn more and apply at http://empresscapital.vc.