Substrate Artificial Intelligence attracts first institutional investor during "great year"
London, UK
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December 21, 2023 07:50 AM Eastern Standard Time
Substrate Artificial Intelligence (AQSE:SAI.B, OTCQB:SUIAF) CEO José Iván García and Chairman Lorenzo Serratosa speak to Thomas Warner from Proactive after the Spanish AI company announced it 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. García explains that IMPULSE is Substrate's first institutional investor and says its a "great opportunity" for the company and hopefully the first of many. Reflecting on a 2023 that he describes as a "great year" for Substrate, Serratosa highlights the company's solid growth, with a 150% increase in revenues to €6.5mln.
This achievement is particularly notable given the company's status as a relatively small player in the AI industry, especially within the Spanish market. Substrate AI's aggressive expansion strategy included acquiring four companies, further diversifying its portfolio and solidifying its presence in the European AI sector.
Looking ahead to 2024, the company aims to continue its growth trajectory, targeting a 100% revenue increase to an estimated €13mln. This ambitious goal is supported by a focus on micro M&A and exploring new opportunities to enhance its competitive edge in AI.
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Proactive UK Ltd
Proactive UK Ltd
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