A particular technology is on the rise. It has caused prominent people from the world such as Bill Gates, Elon Musk, and even Stephen Hawking, to issue warnings about its use and how it could potentially lead to an apocalypse.
What’s worrying these technologists? It’s Artificial Intelligence or AI, an idea whose time has come—it is incubating in science labs and being deployed by start-ups and industrial units alike. It is a technology that has caused excitement and worry in equal measure among people. It has the potential to revolutionize the world, both in a positive and a negative way. Hence, the worry shown by the technologists.
AIs are suddenly everywhere, however. The focus has been more on the benefits that can be derived from the use of AIs. More and more companies across the world are venturing into the field of machine learning and artificial intelligence. Some startups are beginning to revolutionize the field of artificial learning as we speak. Following are some of the most prominent startups across the world in the field of AIs:
- Netradyne (Bengaluru and San Diego): Netradyne’s main product is Driveri, which packs in four high-definition cameras generating 360-degree footage of the vehicle’s path (transmitted on a real-time LTE network), has a global positioning system, gyroscope sensors and accelerometer, and a Nvidia processor, the same one that is used in the iPhone 5. The unit captures visuals of the car’s surroundings, analyses driving patterns and stores the data on a cloud platform. It uses machine learning and deep-learning systems to analyze the entire scene in front of the car: traffic lights, stop signs, objects in its course, distance to every other vehicle, relative speeds and direction.
The data generated enables the platform to determine whether the driver is over speeding or driving rashly, adhering to traffic rules, is potentially drowsy or drunk, or taking multiple halts along the route. In the event of an accident, it also sends real-time alerts to the fleet operator. This promises to be a revolutionary technology that can change the way driver safety is viewed and the important thing to note is that it uses machine learning and AI to ensure this happens.
- Directly: One of the best AI-driven customer support tool out there. It helps its companies with optimizing automatic answers via chatbot to answer their user questions personally. Their Crowd-Powered AI platform combines messaging, machine learning and gig work to transform and scale customer service for world-class companies like Autodesk, LinkedIn, Microsoft, Pinterest, Samsung, and SAP.
- Hyper Science: HyperScience helps its customers save enormous time spent on manual data extraction from forms and the tedious data capturing process from pay stubs and invoices. What stands out is that the data is naturally aligned even when it is split in to different fields and distinct names between documents.
- Jetlore: Data Science and Artificial Intelligence are deeply ingrained in Jetlore's DNA. Since their launch in 2012, they have worked towards a single goal - to apply the first artificial intelligence-powered "learning to rank" technology within retail. Their solution dives deeper into customer behavior than any other technology in the industry. Jetlore builds unique user profile for every single user based on their behavior and their affinity for semantic attributes of content and the product. Then it leverages user profiles to display the most relevant and resonant content to every single user across any medium.
- AxiomZen: AxiomZen is a crazy working studio that adopts emerging technologies to solve real-world problems in many interesting ways. Most times the products or the tiny projects become an exclusive brand by the time they get launched. They usually attain high-growth rate for businesses and currently are dealing with AI, AR and Blockchain projects.
- ByteDance: Bytedance owns a series of content platforms that enable people to connect with, consume, and create content through machine learning technology. With nearly 200 million daily active users each spending an hour every day on their products, the company is dedicated to building connections between people and information. Bytedance was founded in 2012 and its flagship product, Toutiao, is the largest AI-powered content platform in China. Toutiao delivers personalized content recommendations to every user based on their interests. Bytedance also operates a series of popular products with mobile users around the world, including Topbuzz, Flipagram and a number of UGC short-form video apps.
Its valuation jumped to more than $20 billion, it picked a number of international services — including Musical.ly and News Republic for $86 million — and began to execute on an ambitious plan to expand beyond China, where Toutiao alone claims 120 million users.
- SenseTime: SenseTime develops face recognition technology that can be applied to payment and picture analysis, which could be used, for instance, on bank card verification and security systems. Ranked fifth in China Money Network's China AI Top 10 Ranking in 2017, SenseTime currently provides its face recognition technology to over 300 companies including China Mobile Communication Co, China UnionPay, Huawei Technologies Co. Ltd., Xiaomi Inc. and JD.com Inc. Founded in 2014, SenseTime says its face recognition technology has an error rate below one in 100,000. It also provides text, vehicle and image recognition to mobile Internet companies, financial services and security companies.
- Upstart: Upstart is a AI and ML powered money lending platform, which provides personal loans using non-traditional variables, such as education and employment, to predict creditworthiness. Upstart developed an income and default prediction model to determine creditworthiness of a potential borrower. This means that in addition to traditional underwriting criteria—FICO score, credit report, and income—the Upstart underwriting considers academic variables—colleges attended, area of study, GPA, and standardized test scores—and work history to develop a statistical model of the borrower’s financial capacity and personal propensity to repay.
The founding team consists of Ex-Googlers, Dave Girouard and Anna Counselman a well as Theil Fellowship Fellow Paul Gu. Upstart first launched in April 2012 with an Income Share Agreement (ISA) product, which enabled individuals to raise money by contracting to share a percent of their future income.
AI powered startups are becoming the norm all around the world, and they are certainly gaining popularity and funding from multiple places. They seem to be the businesses of the future. Whether the warning of Gates, Musk, and Hawking ever come true, remains to be seen but for now, AI startups certainly look like the business idea that we must all look to.