Massively valuable companies will be built off the platform shift to Artificial & Machine Intelligence (AI), which has reached an inflection point of technological feasibility and commercial viability. Spending on cognitive and AI systems is projected to grow from $12B in 2017 to almost $60B in 2021 according to research firm IDC.
Omega Venture Partners is the first fund thematically focused on Intelligence Augmentation (IA), which the Firm views as the biggest driver of AI-driven value creation for the foreseeable future. We view IA as ‘AI with ROI.’ Intelligence Augmentation (IA) companies are poised to generate tangible revenue growth and become the biggest beneficiaries of the AI revolution.
Intelligence Augmentation (IA) solutions augment human capabilities with machine intelligence to create extraordinary economic value, enabling knowledge work to be completed at unprecedented speed and scale. The broader market for the value Intelligence Augmentation (IA) can generate is estimated to be $3 Trillion in the US and $14 Trillion globally, according to studies conducted by McKinsey, PwC, and Accenture.
We believe that the information technology companies of consequence will overwhelmingly be AI-enabled companies solving real business problems. Omega invests in enterprise-monetized Applied AI companies, solving significant customer pain points and leveraging AI to deliver differentiated solutions and / or establish a competitive moat. IA startups lend themselves to rapid revenue growth and are ripe for market adoption because they offer a differentiated and intuitive customer value proposition along with rapid and compelling ROI to businesses seeking to extract immediate value from their mobile and cloud data and digital assets.