Artificial Intelligence Startups: A Look at the Facts and Promises
There are thousands of companies across various sectors in the US that are directly reliant on AI powered services, and that list includes corporations of every size. A large bulk of those services are actually provided by startups. Of course, Google and Amazon Web Services are still the most well-known names, but even the bigger giants in the industry often usher in new startups with fresh ideas themselves.
Size and Scope of the AI Industry
In the United States, the AI industry is at its greatest both in terms of revenue generation and innovation. Take a look at the following facts that highlight some of the most significant factors:
- $9.3 billion was generated by the AI companies in 2018
- This marked an astounding increase of 72% from 2017
- Between 2010 and 2018, an industry leading 29.3% CAGR was observed for AI related marketing patents
- AI services can potentially help Market & Sales to generate an additional $2.6 trillion by 2020
- Supply chain management can also add an extra $2 trillion by 2020 with the help of AI services
The Most Important 100
CB Insights has presented a list of 100 AI startups across 12 core segments of the industry globally, which are already reshaping their respective segments. Although not every one of them has the funds they need, each name on the list is leading a change in its own right. From the perspective of an investor, the data provides guidance in regard to where the most potential lies.
Some of the Most Interesting and Promising Names in AI Startups Today
Huge and promising as the entire industry is, some projects deserve special attention because of the nature of the work they have undertaken. There are still a large number of AI startups with quite interesting projects of their own, but the following are certainly among them.
Butterfly Network has managed to build a hand-held ultrasound machine which costs roughly $2,000 or less to manufacture. It’s a revolutionary innovation in healthcare diagnostics that’s also cost-efficient. Moreover, the portable ultrasound machine also comes with integrated AI image processing for instant reports.
Cerebras is working on the final stages of an advanced AI neural processor with enhanced deep learning capabilities. Their three patents in relation to the upcoming AI processor have already been filed.
A B2B AI platform with complex business functionalities, DataRobot also has an extensive library of open source AI algorithms for their users to utilize. To provide some insight on the impact of DataRobot, consider the fact that 1 billion+ models on AWS were built using DataRobot tools and opensource codes.
Dataiku’s Data Science Studio is a machine learning platform that helps users create date-driven apps from raw data. Some of their customers include names as big as Unilever, FOX News Group and GE already.
It seems as though we are heading towards a unified business future where AI will connect all aspects of global business directly or indirectly to each other.