Artur Tenczyński
Artificial intelligence is beginning to be usefully deployed in almost every industry from customer call centers and finance to drug research. Yet the field is also plagued by relentless hype, opaque jargon and esoteric technology making it difficult for outsiders identify the most interesting companies.
To cut through the spin, Forbes partnered with venture firms Sequoia Capital and Meritech Capital to create our second annual AI 50, a list of private, U.S.-based companies that are using artificial intelligence in meaningful business-oriented ways. To be included, companies had to be privately-held and focused on techniques like machine learning (where systems learn from data to improve on tasks), natural language processing (which enables programs to “understand” written or spoken language), or computer vision (which relates to how machines “see”).
The list was compiled through a submission process open to any AI company in the U.S. The application asked companies to provide details on their technology, business model, customers and financials like funding, valuation and revenue history (companies had the option to submit information confidentially, to encourage greater transparency). In total, Forbes received about 400 entries. From there, our VC partners applied an algorithm to identify the 100 with the highest quantitative scores and then a panel of eight expert AI judges identified the 50 most compelling companies.
“It’s not about creating some magic algorithms,” says judge Anima Anandkumar, a Caltech professor and Nvidia’s director of machine-learning research. “Focus on the problem and impact side.”
Among the notable trends this year: Augmented intelligence, which seeks to help humans do their jobs better and not replace them, is on the rise as the excitement over full automation loses some steam. Self-driving tech startups remain hot; the seven autonomous vehicle companies on this year’s list have raised over $3 billion in total venture capital. Another area to watch: AI applications to discover drugs or diagnose diseases faster.
In terms of valuation, at least 10 of the AI 50 are valued at $100 million or less, while 13 are unicorns valued at $1 billion or more. Silicon Valley remains the hub for AI startups, with 34 of 50 honorees coming from the San Francisco Bay Area.
Honorees are listed alphabetically. An asterisk donates valuation data from PitchBook rather than company sources or Forbes estimates. Forbes is always on the look out for promising AI companies. So if you know of one not among our AI 50, please email us at [email protected].
(Note: Online insurance service Lemonade was selected for the list prior to news of its IPO.)
Abnormal Security
Cybersecurity
Scans inboxes for malicious emails.
AISERA
Workflow Software
Automates IT, sales and customer-service tasks.
AMP Robotics
Environmental Engineering
Makes robots that identify and sort recyclables.
Anduril Industries
Defense
Builds surveillance systems for national-security purposes.
Anyscale
Software Development
Helps software developers make machine-learning apps.
ASAPP
Customer Service
Assists customer-service agents in real time.
Atomwise
Health care
Discovers drugs with medical potential.
Aurora
Automotive
Makes software for self-driving cars.
Biofourmis
Health care
Monitors patients’ health using wearables.
Blue Hexagon
Cybersecurity
Detects network or cloud cyberattacks.
Cerebras Systems
Hardware
Builds computing chips for AI use.
Cresta
Customer Service
Assists customer-service agents in real time.
Dataiku
Software Development
Develops tools for enterprises to build AI apps.
DataRobot
Software Development
Makes software for companies to develop AI models.
DeepMap
Automotive
Produces 3D maps for self-driving vehicles.
Domino Data Lab
Software Development
Provides tools for data scientists.
Doxel
Productivity Software
Detects and tracks construction-project problems.
Drift
Productivity Software
Builds chatbots to automate customer interactions.
Drishti
Productivity Software
Creates data sets by digitizing human actions in factories.
Embark Trucks
Automotive
Creates software for self-driving trucks.
ExtraHop
Cybersecurity
Detects cloud cybersecurity threats.
Fiddler Labs
Software Development
Helps companies build and monitor AI apps.
Genesis Therapeutics
Health care
Discovers drugs with medical potential.
Ghost
Automotive
Puts self-driving tech into conventional cars.
Gong
Productivity Software
Analyzes sales conversations.
Hivemapper
Database Software
Turns video footage into 3D maps.
Icertis
Productivity Software
Analyzes businesses’ contract risks.
Karius
Health care
Looks for pathogens in blood tests.
Krisp Technologies
Communication Software
Removes background noise from calls.
Lemonade
Financial Services
Sells insurance using bots.
Lilt
Productivity Software
Assists human language translators.
Moveworks
Productivity Software
Resolves IT tickets autonomously.
Nuro
Automotive
Produces self-driving delivery robots.
Observe.AI
Customer Service
Analyzes customer-service calls.
Pony.ai
Automotive
Makes software for self-driving cars.
Recursion
Health care
Discovers potential drugs for rare diseases.
SafeGraph
Database Software
Creates data sets by tracking commercial spaces.
Scale AI
Software Development
Helps engineers speed up AI development.
Shield AI
Defense
Makes mapping drones for national security.
SigOpt
Software Development
Develops software for enterprises to build AI models.
Synack
Cybersecurity
Spots cybersecurity vulnerabilities.
Textio
Productivity Software
Gives suggestions on how to improve writing.
TuSimple
Automotive
Builds self-driving trucks.
twoXAR
Health care
Discovers drugs with medical potential.
UiPath
Workflow Software
Creates bots that carry out repetitive processes.
Unity Technologies
Software Development
Provides software for app or game development.
Upstart
Financial Services
Partners with banks to price loans.
Vise
Financial Services
Offers financial planning and management.
Viz.ai
Health care
Analyzes stroke risk from brain images.
Zebrium
Productivity Software
Detects and resolves software problems.
Source: https://www.forbes.com/sites/alanohnsman/2020/07/03/ai-50-americas-most-promising-artificial-intelligence-companies/
