- AI finds plethora of use-cases, which are expected to rise further going forward.
Artificial intelligence (AI) startups are grabbing the attention of investors worldwide as they are ushering in a new era of technology-driven by innovations.
Data and analytics company – GlobalData – has identified the top 50 AI startups that are set to create massive technological disruption and have the potential to become unicorns (valuation of more than $1 billion).
GlobalData’s Unicorn Prediction model is based on a proprietary quant-based Startup Scorecard tool combined with a machine learning (ML) model.
A predictive analytics feature is used based on the analysis of millions of data points related to venture capital (VC) investment activity for startups. It identifies at the earliest possible, whether a VC-funded company has the potential to become a unicorn.
“AI is more accessible than ever before and the possibilities for its use in any industry are endless. Several investors are keen to place the bets and understand how top AI startups are disrupting industries and in the process achieving unicorn status,” Apoorva Bajaj, Practice Head of Financial Markets at GlobalData, said.
Right from automating tasks to supporting financial institutions in fraud prevention to providing a new generation of medical and biotech solutions, startups across industries are riding the tailwinds of AI. Startups are ensuring that they get their investor’s monies worth by using AI to address specific problems.
Synthego, Rokid Corporation, Conversica and Lucidworks are few startups worth mentioning from GlobalData’s list of future unicorns.
Synthego, a US-based genome engineering company, is leveraging machine learning and gene editing to build a first-of-its-kind Eclipse platform enabling scalable CRISPR-based cell engineering.
Carving a niche
Eclipse platform is driving the company’s growing impact in biopharma R&D, strengthening Synthego’s position as the genome engineering leader.
Rokid is a technology enterprise that focuses on robotics research and product development by employing AI with augmented reality (AR) and mixed reality (MR).
The startup is investing big in human-computer interaction technology and developing AI software and hardware. It has carved itself a niche in voice-controlled devices that allow it to compete with Chinese tech giants like Alibaba, Tencent and Xiaomi.
Conversica provides AI assistants, which automatically contact, engage, and follow up with customers to provide leads through multi-channel, natural, and two-way conversations.
Through extending post-purchase transactions, the AI Customer Success Assistant is anticipated to support the automation of the company’s existing AI sales and marketing virtual assistants.
Lucidworks enables e-commerce businesses to make data-driven business decisions using AI. One of its products, Predictive Merchandiser, gives retailers AI-powered insights and recommendations for optimising search results and product placement on their e-commerce websites.
“Investing early in high performing startups usually implies more equity, control, and multiple times return on investment. Without a doubt, AI finds a plethora of use-cases, which are expected to rise further going forward,” Bajaj said.