The Milano Luiss Hub became a hub of innovation today as it hosted the Demo Day for the latest edition of Magic Mind, the "Made in Italy" acceleration program focused on startups developing cutting-edge artificial intelligence solutions.
Launched by Zest—Italy’s leading innovation player formed by the merger of Digital Magics and LVenture Group—together with Fondazione Compagnia di San Paolo, Magic Mind presented seven AI-driven startups to a select audience of investors and corporate representatives. These startups are spearheading AI-driven transformations across industries like healthcare, fintech, and fashion, as well as in domains such as customer relations and efficient management of internal processes and knowledge systems.
According to McKinsey, startups account for over 40% of the innovation driving AI advancements across traditional industries. Magic Mind taps into this transformative potential, fostering collaboration between startups and leading enterprises through a robust network of partners, including Amazon Web Services, Credem, Dentons, Exprivia, IBM, InfoCamere, Reale Mutua Assicurazioni, Tecnomat, Gruppo SCAI, Fondazione Bruno Kessler, the Italian Association for Artificial Intelligence, and Intelligenza Artificiale Spiegata Semplice.
Global investments in AI startups surpassed $75 billion in 2023 (CB Insights), fueled by advancements in generative AI. In the EMEA region, corporate AI expenditures are expected to grow by 61% in 2024, with Italy and the Netherlands leading the charge at 68%. While Italy lags in the adoption of large language models (LLMs), unique opportunities are emerging in AI applications within sectors like finance, healthcare, and automotive. Seizing these opportunities will require strategic investments in diverse, skilled teams and partnerships with universities and research institutions.
Magic Mind stands as Italy’s first accelerator program dedicated to developing industrial AI applications, fostering synergies between startups and corporations, and paving the way for a new wave of industrial innovation.
"Magic Mind aims to catalyze the transformation of the entrepreneurial ecosystem by harnessing the potential of AI solutions developed by our accelerated startups and the support of our corporate partners," said Maria Imbesi, Program Director of Magic Mind and Portfolio Manager at Zest. "We’re proud of the progress made by the startups and excited to support their ambitious growth goals, which hold the potential to significantly impact the innovation landscape."
The Startups of Magic Mind’s Latest Cohort
Selected from over 350 applications, 38% of which were international, the seven startups showcased during the Demo Day are:
AI Chat: Develops intelligent chatbot tools to enhance internal and external communication for businesses.
Withless: A Software-as-a-Service (SaaS) platform that streamlines company software expenses with a centralized dashboard, integrating LLM-powered corporate cards for expense control.
Hippocraticum AI: Combines advanced natural language processing (NLP) and data analytics to transcribe consultations and generate clinical notes in real-time, improving efficiency and accuracy in healthcare.
One.check: Provides an easy and secure platform for booking medical appointments and diagnostic tests across Italy.
Shootify: Utilizes generative AI to create professional fashion photoshoots from simple images of garments, revolutionizing the fashion industry.
Syeew: An innovative software solution that simplifies business data management by transforming complex data into user-friendly icons and indicators.
Tiledesk: A no-code platform for building chatbots that enhance customer interactions and optimize internal processes.
Magic Mind's Demo Day reaffirmed the pivotal role of startups in advancing AI solutions, with Italy poised to strengthen its position in the global AI ecosystem.