Data from Dealroom was used for the State of European Tech report. Dealroom defines deep tech as 16 fields: Artificial Intelligence, Machine Learning, Big Data, Augmented Reality, Virtual Reality, Drones, Autonomous Driving, Blockchain, Nanotech, Robotics, Internet of Things, 3D Technology, Computer Vision, Connected Devices, Sensors Technology, and Recognition Technology (NLP, image, video, text, speech recognition).

In 2019, there was $10.2 billion capital invested in European deep tech. In 2020, that dropped to $8.9 billion:

I think it’s fair to say that 2020 has been a tough year for most people and businesses. Economic uncertainty – not just from COVID-19 but also trade wars, Brexit, and a rather tumultuous US presidential election – has naturally led to fewer investments and people tightening their wallets.

For just one example, innovative satellite firm OneWeb was forced to declare bankruptcy earlier this year after crucial funding it was close to securing was pulled during the peak of the pandemic. Fortunately, OneWeb was saved following an acquisition by the UK government and Bharti Global—but not all companies have been so fortunate.

Many European businesses will now be watching the close-to-collapse Brexit talks with hope that a deal can yet be salvaged to limit the shock to supply lines, prevent disruption to Europe’s leading financial hub, and help to build a friendly relationship going forward with a continued exchange of ideas and talent rather than years of bitterness and resentment.

The report shows the UK has retained its significant lead in European tech investment and startups this year:

Despite the uncertainties, the UK looks unlikely to lose its position as the hub of European technology anytime soon.

Investments in European tech as a whole should bounce back – along with the rest of the world – in 2021, with promising COVID-19 vaccines rolling out and hopefully some calm in geopolitics.

94 percent of survey respondents for the report stated they have either increased or maintained their appetite to invest in the European venture asset class. Furthermore, a record number of US institutions have participated in more than one investment round in Europe this year—up 36% since 2016.

You can find a full copy of the State of European Tech report here.

The post State of European Tech: Investment in ‘deep tech’ like AI drops 13% appeared first on AI News.

Clearview AI’s facial recognition system is used by over 2,200 law enforcement agencies around the world and even commercial businesses like Best Buy and Macy’s, according to a recent leak.

The EDPB has now ruled that any use of the service by law enforcement in Europe would “likely not be consistent with the EU data protection regime.”

Furthermore, the watchdog “has doubts as to whether any Union or Member State law provides a legal basis for using a service such as the one offered by Clearview AI.”

Clearview AI scrapes billions of photos from across the internet for its powerful system, a practice which has come under fire by privacy campaigners. “Common law has never recognised a right to privacy for your face,” Clearview AI lawyer Tor Ekeland argued recently.

The American Civil Liberties Union (ACLU) launched a lawsuit against Clearview AI last month after calling it a “nightmare scenario” for privacy.

“Companies like Clearview will end privacy as we know it, and must be stopped,” said Nathan Freed Wessler, senior staff attorney with the ACLU’s Speech, Privacy, and Technology Project.

Aside from the company’s practices, concerns have been raised about Clearview AI’s extensive ties with the far-right. Ekeland himself has gained notoriety as “The Troll’s Lawyer” for defending clients such as neo-Nazi troll Andrew Auernheimer.

Backlash over Clearview AI forced the company to announce it will no longer offer its services to private companies. The EU’s ruling will limit Clearview AI’s potential customers even further.

Concerns have grown in recent weeks about facial recognition services amid protests over racial discrimination. Facial recognition services have been repeatedly found to falsely flag minorities; stoking fears they’ll lead to automated racial profiling.

IBM and Amazon have both announced this week they’ll no longer provide facial recognition services to law enforcement and have called on Congress to increase regulation to help ensure future deployments meet ethical standards.

(Photo by Christian Lue on Unsplash)

The post The EU’s privacy watchdog takes aim at Clearview AI’s facial recognition appeared first on AI News.

A group of industry experts were appointed in 2016 to establish guidelines which ensure that AI is developed sensibly.

There are seven key pillars to the EU’s ethical AI strategy:

1. Human agency and oversight
2. Robustness and safety
3. Privacy and data governance
4. Transparency
5. Diversity, non-discrimination, and fairness
6. Societal and environmental well-being
7. Accountability

The EU wants to promote its guidelines on the global stage. It plans on strengthening cooperation with ‘like-minded’ partners such as Japan, Canada, and Singapore, while engaging in dialogue with the G7 and G20.

Mariya Gabriel, EU Commissioner for Digital Economy and Society, added:

“Today, we are taking an important step towards ethical and secure AI in the EU. We now have a solid foundation based on EU values and following an extensive and constructive engagement from many stakeholders including businesses, academia and civil society.

We will now put these requirements to practice and at the same time foster an international discussion on AI.”

Some experts have criticised the EU for its strict policies around the collection and processing of data, especially since GDPR came into effect.

Commenting on GDPR’s effect on AI startups for our sister publication IoT News, Digital Law UK Managing Director Peter Wright said:

“You’ve got your Silicon Valley startup that can access large amounts of money from investors, access specialist knowledge in the field, and will not be fighting with one arm tied behind its back like a competitor in Europe.

Very often we hear ‘Where are the British and European Googles and Facebooks?’ Well, it’s because of barriers like this which stop organisations like that being possible to grow and develop.”

While few debate the need for personal data to be protected, large amounts of it are needed for training AI models even if the data is anonymised.

Critics believe the EU’s strict policies will see the continent fall behind competitors such as the US and China; where data protection ranges from more lenient, to practically non-existent.

Afke Schaart, VP and Head of Europe at GSMA, welcomes the EU’s guidelines:

“The powerful combination of AI with 5G and The Internet of Things will transform entire industries and enable new disruptive services. Only with the right conditions will European companies be able to capture the full potential of AI and develop consumer trust in a new era of Intelligent Connectivity.

These guidelines are an important first step towards achieving the objective of unlocking innovation in AI while ensuring that acting ethically does not undermine Europe’s future competitiveness.

Members of the EU’s AI expert group will present their work tomorrow (April 8th) during the third ‘Digital Day’ in Brussels.

deepgeniusai.com/">AI & Big Data Expo events with upcoming shows in Silicon Valley, London, and Amsterdam to learn more. Co-located with the IoT Tech Expo, , & .

The post EU Commission advances work on AI ethical guidelines appeared first on AI News.