Substrate AI Boosts Revenue By 100% In 2022 To €4 Million
Date
2/28/2023 2:03:41 PM
(MENAFN- News Direct) Molina, Madrid | February 28, 2023 08:00 AM Eastern Standard Time
Madrid, February 2023.- Substrate AI, the artificial intelligence company listed on the BME Growth, has closed 2022 with a growth in revenues of 100% reaching 4 million euros of total revenues and fulfilling its business plan. All this, improving the projected negative EBITDA, thus reducing operating losses.
Growth has been sustained mainly in the areas of health, agritechand HRH, where its subsidiary companies are growing with a focus on the application of AI in their businesses. In turn, the company has developed several AI projects for external companies that have allowed it to boost its consulting area.
'We are happy with the end of 2022 that has led us to reach 4 million total turnover, but the most important thing is that we have been able to meet the times and objectives in terms of the development of AI solutions, boosting the products and capabilities of each of our subsidiaries and business areas to be able to continue growing in the future at the pace we have proposed. As we already published when we went public, we have a very ambitious plan that should lead us to obtain very high growth over the next few years supported by the adoption of AI in companies, which grows at rates above 30%. In this sense, the work of 2022 is simply the first stone of this project.' says José Iván García, CEO of the company.
The company published in its business plan a growth forecast of another 100% for 2023 that will lead it to invoice more than 8 million euros and that will be supported by growth in all business areas.
Substrate AI bases its business model on the application of its patented AI technology inspired by biology in sectors such as health, agritech, HR,energy or finance, through subsidiaries focused on each of these areas and consulting work for large companies that require customized solutions.
In addition, Substrate AI continues to develop new technological capabilities together with Rensselaer Institute of New York, now related to building sustainable AI that saves time and energy in building models. The large consumption of energy in the construction of artificial intelligence models and in the retraining of existing ones is a problem that grows every day and threatens to become something similar to bitcoin mining. In this field, Substrate AI works to make available to all developers solutions capable of reducing time and consumption every time we work to apply AIin a new problem.
CONTACT
Carmen Damiá Serratosa
CMO Substrate AI
+34 961 23 70 15
Substrate AI is an artificial intelligence Spanish company listed in the Spanish market and OTC Markets. Substrate AI has developed it's own technology of Reinforced Learning biologically inspired which is applied in different sectors such as health, finance, agritech, HR and energy.
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