Crunchbase lists over 5,000 startups who are relying on machine learning for their main and ancillary applications, products and services today.
- 81% of machine learning startups Crunchbase tracks have had two funding rounds or less with seed, angel and early-stage rounds being the most common.
- According to KPMG’s Venture Pulse Report, venture capital (VC) investment in artificial intelligence almost doubled in 2017, attracting $12B compared to $6B in 2016.
- Q2’18 was a second-straight record quarter for total Artificial Intelligence (AI) funding with total investments exceeding $2.3B including eight mega-rounds over $100M according to the latest PwC/CB Insights MoneyTree Report from Q2 2018.
From redefining talent management by evaluating job candidates on innate and emerging strengths by removing conscious and unconscious biases from hiring decisions as eightfold.ai does today to providing a self-service AI platform that is always learning from analytics as Anodot does, machine learning startups are fascinating to track. International Data Corporation (IDC) forecasts that spending on AI and ML will grow from $12B in 2017 to $57.6B by 2021, attaining a 48% Compound Annual Growth Rate (CAGR). Please see the latest roundup of machine learning forecasts and market estimates, 2018 for more market data on machine learnings’ exponential growth.
The National Bureau of Economic Research distributed a study last month from the Stanford Institute For Economic Policy Research titled Some Facts On High Tech Patenting. The study finds that patenting in machine learning has seen exponential growth since 2010 and Microsoft had the greatest number of patents in the 2000 to 2015 timeframe. Using patent analytics from PatentSight and ip-search, IAM published an analysis last month showing Microsoft as the global leader in machine learning patents with 2,075. The study relied on PatentSight’s Patent Asset Index to rank machine learning patent creators and owners, revealing Microsoft and Alphabet are dominating today.
- Anodot – Capitalizes on the innate strengths of machine learning by continually looking for patterns using constraint-based modeling across the diverse data sets businesses are relying on to operate daily. Similar to many machine learning startups that capitalize on the technology’s ability to learn continually, Anodot’s AI platform looks to eliminate blind spots in data and quantify root-causes in diverse data sets. Anodot has approximately 100 customers including Microsoft, Lyft, Waze, Pandora, AppNexus, Wix, and Anodot raised a total of $27.5M in funding over four rounds. The latest funding came from a Series B round on Dec 19, 2017, from Redline Capital. The following screen from their app is an example of how Anodot provides real-time anomaly detection.
- Cinnamon – Relying on machine learning and AI techniques to automate data extraction from unstructured documents, Cinnamon’s co-founders have extensive experience in recommendation engine design and optimization. They’ve developed several interesting products including Lapis Engine, which combines vectorization of user and product information to deliver accurate recommendations and matching. The company is based in Tokyo and Vietnam and is now expanding to the United States. Cinnamon has raised a total of $10M in funding over five rounds. The latest funding came from a Series B round on Jun 1, 2018, from SBI Investment.
- Citrine Informatics – The Citrine Informatics platform ingests and analyzes large-scale technical data sets on materials, chemicals, and devices to streamline R&D, manufacturing, and supply chain operations for any organization that produces a physical product. Typical system users are scientists and engineers at large manufacturing and materials companies, as well as researchers at universities and government labs. Citrine was recently given the Best AI-based solution for Manufacturing award from AI Breakthrough, an independent organization that recognizes the top companies, technologies, and products in the global Artificial Intelligence (AI) market today. Citrine Informatics raised a total of $15.6M in funding over three rounds. The latest funding came from a Convertible Note round on Apr 19, 2018, from Tencent and B&C Holdings. Read more here>
Source: Forbes, 25 Machine Learning Startups to Watch in 2018