Artificial intelligence and machine learning have the potential to transform our lives. Medicine, customer service, logistics, e-commerce, finance, and transportation – are just some of the industries that AI will inevitably reshape.
Essentially, AI is software that is programmed to mimic aspects of human intelligence and can be applied to an enormous range of different businesses
AI can bestow intelligence on a huge variety of tasks and can automate repetitive processes, making it a highly disruptive force in almost all traditional industries. AI is adaptable, and this flexibility, combined with its numerous applications, will allow it to completely transform how our industries function.
With constant research and innovation fueled by tech giants, it’s no surprise the AI industry is growing rapidly. Globally, the artificial intelligence industry was valued at USD 93.5 billion in 2021 and is expected to grow by 38% from 2022 to 2030.
Unsurprisingly, startups focusing on AI are popping up everywhere, with offerings that range from better-fitting footwear to robots capable of delivering medication. Across finance, medicine, writing, customer services, and e-commerce, there seems to be an inexhaustible buffet of AI applications.
So buckle up and read on to discover five startups making waves in the world of AI.
In 2020 the fashion industry lost about $27 billion in revenue due to counterfeits. This is where MarqVision comes in. The company has developed an AI-powered intellectual property (IP) protection tool that observes e-commerce marketplaces and digital content, locating counterfeits and removing them.
Imagine this applied to sites like AliExpress, Etsy, or eBay, as well as social media sites that are increasingly being used for commerce, and you get a sense of its power. In 2022 MarqVision raised $20 million to continue expanding its platform. We think this is one to watch.
Neatsy is another startup company disrupting the ecomm fashion industry – but slightly differently.. Neatsy is focused on the more granular level – specifically on footwear and is working towards improving how people’s shoes are sized and fit.
Using a three-dimensional foot scanner that functions via an iPhone camera, their technology guarantees a perfect shoe fit by taking precise measurements. Best of all, their technology can detect feet that are supinated or pronated and allows people with orthopedic conditions to order footwear more easily online.
Capacity, formerly Jane.ai, was founded in 2017 and offers an AI-based help desk that automates support for customers and employees. The platform connects apps, mines documents, spreadsheets, and web pages, gathering the entirety of an organization's knowledge and then making it all available via AI chat.
Capacity has been described as a "new kind of help desk," one that answers questions, automates those repetitive support tasks, and offers solutions to any business challenge. This year they raised serious money through series C financing, ending the round with more than $38 million.
We know that Grammarly has improved our writing skills with its AI-powered spell check and grammar corrections. Linguix is looking to take this work even further and claims to work on a more nuanced level. The company’s AI tool provides real-time recommendations for enhancing a writer’s clarity, precision, engagement, and style.
The platform is free to users as a browser extension, mobile app, or web editor, allowing writers to choose the easiest way to incorporate it into their writing process. Aimed at those who write for online publications, Linguix also offers tips that make your content SEO-friendly.
5. Diligent Robotics
Diligent Robotics builds service robots and AI that aim to ease the workload of nurses and clinicians so that they can spend more time with patients. Based in Austin, Texas, this startup has developed a very helpful robot called Moxi, which can deliver patient supplies, medication and lab samples, fetch items from a central supply, and distribute PPE.
But Moxi isn’t just a clunky delivery system – the robot also contains an AI framework that allows it to learn the processes of a specific hospital, engage socially with humans, and navigate elevators and doors. And, to top it all off, Moxi has been trained to deal with its novelty – the robot also knows how to pose for selfies.