Why build an AI startup is a great idea: Top 10 AI startups
With a crisis looming over the world and ongoing stability, any business venture becomes a challenge. A business venture in the fast-growing and revolutionary field of AI is even more so.
The startup which started this journey will surely face additional difficulties. However, investing in this industry is the same as investing in your own future.
What does it mean to launch an AI startup in 2020
At first we need to figure out what an AI is. All these talks about the miraculous software that solves all the problems of mankind, greatly mystifies the concept itself. No, AI is not necessarily a robot that came to take over the world. Rather, it is a program that can be in a robot, microchip, or even in the application on your smartphone. And it did not come to conquer people, on the contrary – it came to make people a little freer.
AI is a technology that can be represented by anything, for instance, an application or a website. It takes the data entered by the user as a base, analyzes them, and provides user with the new information.
For example, personalized ads that match your search queries.
Its main difference from any other technology is that the developer does not have to make a detailed algorithm for it to obtain and processing this data.
In today’s world there are two main categories of AI: existing and custom. Existing AI-based software already performs common tasks that are needed almost in every field. For example: analyzing images, smart select or turning handwriting into typed text.
Perhaps you’re already an active user of some AI technology, you just didn’t realize it till now?
Second category – custom AI – is created specifically for the needs of a certain user or field. For example, the measurement of heart rate for medical institutions.
The main thing that AI is already helping with today is automation of processes. This happens everywhere and every day: personalized advertising, AI-based entertainment applications, or even autopilot in a car which just recently seemed to us as a science fiction.
And if something you need can be easily done with the help of an AI technology you’re familiar with – existing software is definitely your option.
But if the problems your startup’s facing are a little more specific, or what you need from the AI is too far from Microsoft and Google solutions, the custom software is what you need.
The developer needs data for neural network to be trained on. After that (and many hours of work) – kaboom – you have an application, a website or anything based on AI.
Top 10 AI Startups
Our world is now at the peak of artificial intelligence technologies development. Process automation, machine learning, deep learning – that is what will make our lives easier and allow humanity to focus on the most important issues.
We have a list of top 10 AI startups with the most interesting cases from medicine to education to help you find your own niche in an ever-changing market.
DataRobot – UNICORN
Founded in Boston by Jeremy Achin and Tom de Godoy, this project provides data scientists with a platform for building machine learning models. According to Forbes, they received Series E funding for their $ 206 million project. They helped United Airlines, PNC Bank and Deloitte build their own forecasting models.
Hive’s AI makes linear TV look more digital. Receiving video and analyzing the data enables its algorithms to understand video’s essence. Thus allowing marketers to broadcast ads that are more relevant to the content.
Cerego – UNICORN
A learning platform that uses AI and machine learning to make the educational process comprehensible and convenient for everyone. The data collection mechanisms that constantly train the program, allowing it to adapt non-stop so that the learning experience fits individual needs of each user.
Anduril Industries – UNICORN
A unique security system that already collaborates with Marines Corp. It uses data from drones, vehicles and sensors to create a real time 3D model of the environment. This system is called the virtual border wall, and, according to Forbes, their budget is about $ 180 million.
This technology helps doctors identify brain disorders with machine learning. The company uses deep learning to transfer patients information directly to a specialist in order to prevent a stroke and reduce the death toll.
Ablacon – UNICORN
The best system for diagnosing and treating atrial fibrillation. Their technology is able to visualize in real time what is happening with the heart, which allows specialists to treat the disease faster and more reliably. Last year, in a single round of Series A, this startup managed to get $ 21 million in funding.
This startup is working on the development of “The Neurala Brain”, which is supposed to make street cameras, drones and phones smarter and easier to use. More than a million devices already use this technology, for example, Huawei. Organizations such as NASA and DARPA also use their IT solution.
It sells insurance to renters and homeowners. This is a fully licensed insurer, only an AI-based. It uses the bot chat to collect user data and work with insurance claims, of which 30% are can be resolved without human intervention.
Daisy Intelligence – UNICORN
A SaaS retail company specializing in AI, which converts transaction log data into recommendations for weekly promotion, pricing and inventory forecasting. It uses AI to help retailers choose the right products for their advertisement campaigns and promotions.
AIBRAIN – UNICORN
AIBRAIN is working to create a fully automated artificial intelligence. The one from Sci-fi films, that can learn and analyze data completely without human intervention. The company creates systems that can adapt to new conditions through the combination of memory technology and machine learning.
How to build an AI startup
Like any business, an AI-based startup does not consist of just a few steps. You will have to invest a lot of effort and money, but in the future it will pay off.
We’re giving you four basic steps you can take, without which you won’t be able to get started.
1. Does your startup AI solve the problem?
As in any other startup, if you do not solve the problem of your target audience, you will have no audience. Therefore, no one will buy your product. So what you need to do first is test the waters.
The combination of an existing AI product, an existing non-AI product and human intervention can create a prototype that can mimic the work of a future product. This way you can test how your AI startup will fit into the market.
In addition, it’s a great opportunity to check whether AI startup is really the best solution to a given problem. Artificial Intelligence should solve the real life problems, for example, if your system can detect cars in photos or videos, teach it how to predict traffic algorithms.
2. Gather data and start building AI.
After you are convinced that your AI startup is the best solution for a given problem, you know who your target audience is and how to work with it – start collecting data. You need to check it to make sure it is useful, and then develop your first model. AI is constantly learning, so you will have to gather data for teaching your AI startup.
Most often, in practice, collecting and checking all the data is the most difficult part.
A computer can teach the model later, but collecting reliable data is still the responsibility of human intelligence.
3. Develop your project.
AI cannot yet exist without an embodiment. It won’t work for your customers if it’ll be just code.
Not necessary a robot, an AI can be rather a pleasant voice of a home assistant, the interface of a website or an application.
However, creating an embodiment for your project is still a big part of your AI startup.
You need to pack the AI in a beautiful and – most importantly – convenient wrap for the user.
4. Create tools for AI improving.
Your AI startup is your brainchild which needs ongoing training. After all, the more data it receives, the more accurate are the results of its analysis. This process continues non-stop as you collect new data to create material for AI training, and then you need to train the updated model from time to time.
So why is creating an AI startup a good idea?
The answer is simple – this is the future.
Your own investment in the development of mankind, in your legacy, and perhaps a big step, not only for your company, but for all of us.
AI is developing every day, offering more and more interesting and advanced solutions to existing problems. So maybe one day it will be your AI startup people will be talking about, maybe it’ll be you who’ll make everything we know even better.
Do not stop and constantly evolve along with the industry, then you’ll have a chance to succeed.