Companies that are based around automation through machine learning and artificial intelligence have been called the future for the last decade. Well, the future is here. Let’s take a look at five of the top high growth AI/ML companies and what makes them so special.
1. UiPath
UiPath is a company based in New York. They have raised $750 Million in Series F funding. Their goal sounds incredibly simple: process automation. How they do it, however, is pretty incredible. UiPath combines RPA (Robotic Process Automation) with AI to allow the computer to follow the many manual processes typically done by humans. Moreover, UiPath uses behind the scenes process mining to analyze the already existing data in a company’s infrastructure to analyze and determine what the process should be for new incoming data. It is fast, it is elegant, and it is non intrusive. The applications of such a generalized but effective product are nearly endless.
2. FreightWaves
FreightWaves is a company based in Tennessee. Thay have raised $16 Million in private equity. FreightWaves is the Bloomberg News of the freight market. Immediately when you visit the website, flashing numbers that look like stock prices are shooting across the screen. There are hundreds of news articles to select from. There is an always on news show to the right. The only difference between Bloomberg and FreightWaves is that FreightWaves is specifically analyzing the transportation industry. They provide insight on trucks, trains, air transportation, maritime transportation, and the supply chains themselves. Now, this information is obviously not AI/ML. What really sets FreightWaves on their own level is their SONAR product. SONAR is their cost prediction model. Using countless amounts of historical and real time data, SONAR can predict transportation costs anywhere extremely accurately. They have developed a product that weights features incredibly well and gives its customers a real time analysis of freight costs. Moreover, they are bringing AI/ML to an industry that has been on the backburner of technological overhaul for far too long. This is a data driven company in an industry that will be so much more reliant on data in the next 20 years.
3. Shelf
Shelf is a company based in Connecticut. They have raised $6 Million in Series A funding. Every day, each of us as individuals google countless things and get immediate information. We are pointed to the right websites or files and then we are on our way to applying that information. How does an individual at a company look up internal information that efficiently? Shelf gives an answer to that question by creating and centralizing all company information across many different storages into the Shelf product. While this itself is much more efficient than the status quo, Shelf does not stop there. When centralizing the information, Shelf learns from it. It creates counties branches of a decision tree to help automate response prediction based on a few key words. Shelf is hoping to become your company’s internal Google. However, there are some drawbacks to solutions like Shelf’s. Typically, you just do not know what you do not know. If some information is left out of a centralized database, internal searches may not be fulfilled. Fortunately, Shelf has the foresight to preemptively solve this problem. They give you reports on the quality of the content in the database and point out some areas that might need some manual fixing. This product is smart, it is clean, and it should be implemented in every company for their own efficiency.
4. Signifyd
Signifyd is a company based in California. They have raised $205 Million in Series E funding. Signifyd is everyone’s answer to the problem of ecommerce fraud. Unfortunately for ecommerce companies, fraud is becoming faster, easier, cheaper, and more large scale. Signifyd is solving this problem by receiving transaction information from ecommerce companies and immediately returning an answer of whether the transaction is fraudulent or not. Signifyd provides a 100% guarantee on their fraudulent classifications and states that 98% of online transactions are from consumers they’ve seen before. This statistics means that the more popular Signifyd gets, the better their classification gets, which is impressive considering how accurate they currently are. Some may ask why not trust the banks to handle fraudulent transactions. The reason is the data. Signifyd has tons of historical and current transactions from a range of individual companies that help them identify company specific fraud as well as patterns across companies. Moreover, the banks are just not data forward enough. Their models cannot compete with the efficiency and accuracy of Signifyd. As ecommerce continues to rise, Signifyd is here to help with security.
5. Viz.ai
Viz.ai is a company based in California. They have raised $71 Million in Series C funding. Viz.ai has a lot of current and potential applications. Currently, their website touts their ability to synchronize stroke care; however, their company is much more than that. Viz.ai is used to consolidate healthcare information about patients across care networks without losing any confidentiality. Moreover, they have the ability to use AI and ML to analyze scans and records to detect suspected strokes. Viz.ai is working with the FDA and constantly updating and maintaining their products. This is a company that has a long and large future ahead. The generalized application of using AI for detecting suspected health issues is something that can genuinely change healthcare for the better. Keep an eye out for this company into the coming years.
Lots of companies are using buzzwords like AI and ML to appeal to investors that do not understand the true meaning behind these terms. However, these companies shown above have demonstrated how AI and ML can really appeal to the technology space.. They are genuine companies that are using data and models to solve real world problems efficiently, saving money and time for other organizations that use their products. Each of these five companies is already successful and have huge future potential.
