Substrate Artificial Intelligence (AQSE:SAI.B, OTCQB:SUIAF) has received €2 million in new investment from IMPULSE Tech Transfer, a venture capital fund.
Also part of the deal, IMPULSE gets to name a director to Substrate's supervisory board.
Substrate is carving out a unique space in the crowded field of artificial intelligence (AI) by using the nascent tech in the real world to solve problems that exist now rather than being theoretical.
Limiting the downside, Substrate has acquired businesses in the areas of fintech, energy, agri-tech, human resources and health that are already revenue-generating – to the tune of an annual €12 million currently.
Layered on after that is a focus on deploying AI for practical applications, from which co-founder and chief technical officer, Bren Worth, expects to simplify processes and/or supercharge end results.