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Organizations are adopting artificial intelligence to address existing and emerging problems within the enterprise, meet changing market demands and deliver business outcomes at scale.
According to Shubhangi Vashisth, senior principal research analyst atGartner, artificial intelligence is happening at a rapid pace. Vashisth said that edge artificial intelligence, computer vision, decision intelligence and machine learning will have a transformational impact on the market in coming years.
Artificial intelligence-powered technologies are helping to build more effective enterprise systems, but they bring with them new challenges. The loss of productivity and revenue can be caused by biases if left unaddressed. If there are errors in the data, the models will produce biased results. Only a small percentage of artificial intelligence projects make it from prototype to production.
It's not all doom and gloom. A survey by McKinsey shows that high performers following the best practices derive the most benefits from artificial intelligence. Some startups are poised to lead the pack in the future as they ride the next wave of artificial intelligence.
A report published last month by Statista showed that there were 3,465 artificial intelligence-focused startup in the world in 2018, with 1,393 in the U.S. According to a report from CBS Insights, the amount of funding for artificial intelligence in the third quarter of last year was a record high. Many players are vying for the same amount of investment dollars. Which startup might need a closer look at enterprises?
Over the past few months, the CEOs of 10 artificial intelligence companies have articulated to VentureBeat a broader context to their key differentiators, strategies and traction.
Below are important details on the 10 artificial intelligence startups that are worth watching in various industries. Each company is ranked by its total funding to date, with quotes and metrics supplied during interviews with VentureBeat.
The company was founded in 2010
The founder is Jonathan Ellis.
California is the headquarters of the U.S.
The total funding to date is $228.6 million.
DataStax says it helps enterprises unleash the value of real-time data to quickly build high-growth applications. DataStax is used to build some of the leading digital services used daily. DataStax solutions include a cloud database, a unified event streaming technology, and many others.
DataStax provides an open stack for all the real-time data built in the world, in an open, cloud-native way. The open stack from the company helps developers build applications that run their businesses.
The developers use advanced event streaming technology based on Apache Pulsar to act instantly on data, drive dynamic customer experiences and take advantage of machine learning and artificial intelligence on a single data stack that works. He said DataStax uses modern APIs that allow developers to skip the complexity of multiple OSS projects.
DataStax claims that it has a modern data platform that can scale-up and scale-down based on demand.
The company was founded in 2010
John Schwarz, Ryan Wong are the founder.
The headquarters is in Canada.
The total funding to date is $216.5 million.
Visier is a Canadian company that offers cloud-based solutions for workforce planning. To achieve better team and business management outcomes, leaders need to ask the right questions. Ryan Wong told VentureBeat that Visier provides solutions that relay fast, accurate people data so businesses can enhance productivity and performance, increase employee satisfaction and retention, ensure profitable career planning and ethically upgrade future decision making.
Wong said that Visier develops its solution with proprietary technologies. He said that Visier uses artificial intelligence to enrich the data of an organization with standardized information, enabling them to better compare and understand trends over time. He said that Visier provides proven predictions that have been verified across hundreds of enterprises.
Predicting models learn patterns from employee data and use them to create easy-to- understand and actionable information. Visier uses artificial intelligence to support analysts in the organization by analyzing the data of an organization as it is created, highlighting and alerting users to new patterns, outliers and potential issues.
Wong said the company is designed to help organizations accelerate their people analytics strategy in three key areas where other systems and processes fail or fall short. Data management, deployment and user experience are included. Workday and Oracle are two of the competitors on the list of Visier's competitors.
Business owners need to grasp how to shape a better business model, and the company continues to answer important questions. Visier raised $125 million in a series E funding round last year and is on the path to expand its global influence.
Customers include Adobe and Electronic Arts. There is a lot of room for growth for Visier in 75 countries.
The company was founded in 2016
Alexander Hagerup, Kristoffer Roil, and Rune Løyning are the founding fathers.
New York, U.S. is the headquarters.
The total funding to date is over $60 million.
The creators of Vic.ai set out to change the way accounting is done. The most manual and inefficient task in accounting is being replaced by a new era of intelligent accounting, according to the COO of Vic.ai, Kristoffer Roil.
According to Alexander Hagerup, the founder and CEO of Vic.ai, the company uses proprietary artificial intelligence technology that has been trained on more than half a billion pieces of data. Customers see up to 80% process improvement when using the artificial intelligence. Business intelligence is provided by Vic.ai. By making better decisions faster, leaders can gain a financial edge.
Roil said that the platform doesn't require rules, templates or configuration and that it learns from data every day. He said that it is easy to read an invoice, but that it requires intelligence to correctly classify it.
Pretraining Vic.ai with historical data will give you incredibly high accuracy rates. A large percentage of invoices can be autonomously processed if the system learns and improves over time. It isn't only able to read the invoice, but it can also classify a number on an invoice and the correct type of cost.
The company will continue to pioneer the use of autonomy and intelligence to improve productivity, decision-making and ROI within accounting and finance processes.
The company was founded in 2013
The founder is Ram Swaminathan.
New York, U.S. is the headquarters.
Undisclosed total funding to date.
The healthcare industry is seeing a huge increase in the use of artificial intelligence, with a report by the research firm saying strategic understanding of artificial intelligence has matured rapidly. New York-based deep learning platform company, BUDDI.ai, is on the quest to bring digital transformation to the healthcare industry with artificial intelligence. Clinical and revenue cycle automation solutions are provided by BUDDI.ai. The company claims that its solutions help healthcare organizations turn their data into actionable insights for patients along the continuum of care.
BUDDI.ai's platform extracts clinical context and automate functions that improve patient care, enhance clinical documentation, streamline medical coding accuracy and improve reimbursements, according to the company's founder and CEO.
Since the last 6+ years, BUDDI.ai has innovated an ensemble of proprietary algorithms to perform natural language processing, clinical contextual graphs, natural language generation, negation detectors, optical character recognition, tabular column extraction and several more. One of the best efficacies for production use in the industry is offered by the company, according to Swaminathan.
Traditional manual medical coding and medical billing shops consider practically all other semi-automatic companies like Optum, 3M, EPIC, and Eclinicalworks as partners. BUDDI.ai is different from all of them because it autonomously performs medical coding and medical billing. He said BUDDI.ai uses deep learning and sophisticated systems built by experts to offer contractual guarantees of over 95% accuracy on codes and claims for more than 70% of the monthly volumes.
The company was founded in the year 2018?
Craig Unger was the founder.
Washington D.C. is the headquarters.
The total funding to date is $22.3 million.
Hyperproof aims to make it easier for companies to follow security and compliance protocols. Hyperproof was founded by CEO and founder, Craig Unger, to ensure businesses could complete their compliance work without the redundant, time-consuming and faulty manual processes that often exist.
Hyperpoof plans to use machine learning in a number of ways, including eliminating repetitive compliance tasks and providing meaningful risk insights to users so that they can make better, more strategic decisions.
Hyperproof will use machine learning to help their users see areas where they are already meeting requirements and reuse their compliance artifacts to satisfy new requirements.
Later this year, Hyperproof will unveil solutions that will automatically identify opportunities for users to set up integrations that will pull in compliance and help users to gauge how prepared they are for an upcoming audit.
Coalfire's 2020 survey found that half of the cybersecurity professionals are spending at least 40% of their budgets on compliance. In the fourth quarter of 2021, Hyperproof raised $16.5 million in series A funding. Hyperproof is the only platform that is laser focused on compliance operations to support the people in the trenches who are overwhelmed with compliance/assurance demands from their organization.
Business is concerned with data privacy today. He said the ability to efficiently track, implement and enforce ongoing compliance measures enables organizations to meet higher goals while securely protecting their employees, customers and shareholders. Risk management, audit readiness and seamless operations are all contributed to by this.
Hyperproof has built dozens of integrations with cloud services that house compliance data, enabling automated evidence gathering and seamless collaboration between organizational stakeholders.
The company was founded in 2019.
Stephen Cox and Keith Graham were the founding partners.
Virginia is the U.S. headquarters.
The total funding to date is $11.3 million.
The customer identity and access management (CIAM) space is being reinvented by putting it back in the CIAM. Vendors in this space built their solutions for B2E use, leaving customer experience as a priority.
Strivacity provides a low-code solution that adds secure customer identity and access management (CIAM) capabilities to a brand's online properties fast so they can scale to customer demand, grow revenue, stay compliant with fast-changing privacy regulations and personalize their service. Strivacity helps companies make critical decisions like whether to allow a particular lifecycle event to proceed, or shut down an event entirely when it seems too risky and more by using data derived from ML-based behavioral models.
Customer experience, security and compliance are equally important to the success of the business as Strivacity's approach to CIAM is. Strivacity provides a comprehensive approach to CIAM, and they're intentional about making sure they meet all the right stakeholders, from customers to security teams, according to a technology company that works with Strivacity.
We hear from our customers that using Strivacity reduces development and operational costs by 50%, and that you can drop it into your apps.
The company was founded in the year 2018?
The founder is Gudmundur Kristjansson.
The headquarters is located in Iceland.
The total funding to date is $8.1 million.
The founder and CEO of Lucinity, Gudmundur Kristjansson, told VentureBeat that the company is on a quest to change the world with its anti-money laundering technology.
Despite growing regulations and strains on compliance professionals, hardly 1% of money laundered instances are detected or recovered. It has shown to be a successful scale strategy due to the fact that the company deploys cutting-edge tech throughout its stack.
The best of human intelligence and advanced artificial intelligence have been harnessed to develop a new approach to tackling money laundering. Their platform helps banks identify suspicious behaviors. Compliance teams can not only observe customers activity, but to understand them in-depth, thanks to the behavioral detection provided by Lucinity.
Kristjansson said that other companies try to solve money laundering with artificial intelligence, but that they focus on the intersection of humans and machines.
Every compliance professional can take on financial crime with the help of technology, thanks to the use of Human Artificial Intelligence. Every day our programs get better as we evolve our models. He said that they work with clients to future-proof their business.
With a focus on simple-to-use systems that work with analysts, not against them, Lucinity helps banks and fintechs to get that time and money back with a beautiful, efficient and effective interface designed around the specific needs of modern compliance.
The company was founded in the year 2018?
The founder was Hari Sundram.
San Francisco, California is the headquarters of the U.S.
$6 million has been given to date.
Verikai is a risk assessment software for the insurance industry. The company says it is the only tool in the market that can help insurers assess risk.
Verikai is a risk and data tool for insurance companies. He said that alternative data and ML are the core base of the company's products, and they will always have an impact on the tools the company provides.
Big data can be used to calculate clinical outcomes and behavioral attributes. Real-time census risk reports from Verikai help professionals reduce losses. The company is giving its business customers access to suitable insurance products to help them get the insurance they need.
The ability to provide our customers with the best product models is always our number one priority.
The company was founded in 2015.
Franki Chamaki is the founder.
The headquarters is in Australia.
$4.7 million has been given to date.
HIVERY wants to change the way consumer packaged goods companies and retailers collaborate with regard to assortment and space decisions. Australia's national science agency, the CSIRO, has developed and acquired proprietary mathematics and machine learning technologies. HIVERY Curate is a process that takes six months to complete, but with the power of artificial intelligence and mathematics, it can be accomplished in just six minutes.
Franki Chamaki said that HIVERY's customers are able to make rapid assortment scenario strategies simulations with HIVERY Curate.
recommender systems are used in HIVERY's proprietary models. The models can learn from the clients' data to make recommendations. HIVERY combines ML with applied mathematics methods to recommend products.
Retailers and consumer packaged goods companies need multiple solution providers to determine assortment, category strategy, space, and generate store-level planograms. No company currently does this, but HIVERY can run assortment strategy simulation and take into account any category goals and merchandising constraints into its recommendations.
The company was named to the Forbes Asia's 100 to Watch list last year and was also named to the CB Insights' annual ranking of the 100 most promising B2B retail tech companies in the world.
The company was founded in 2019.
George Kailas, Adam Plante and Niles Plante are the founding members.
New York, U.S. is the headquarters.
Undisclosed total funding to date.
Prospero.Ai says it is committed to leveling the playing field in investing with artificial intelligence and machine learning. George Kailas, Adam Plante, and Niles Plante formed Prospero to make finance more fair and prosperous for all. George Kailas is passionate about providing institutional-quality investment research for free without conflict of interest.
Prospero is doing things differently than other fintech companies, which don't offer their users the most valuable commodity. Prospero and NYU have a joint intellectual property that simplifies stock analysis into 10 key signals and teaches how to invest better.
Prospero is the first platform that is completely free while protecting users. He said that it aims to reverse the decline of the middle class by providing financial tools and literacy for all.
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