Although machine learning (ML) has been in existence for several years now, there has been very limited usage in the world of business. The technology went mainstream when an artificial intelligence (AI) solution scoped the top position in an ImageNet challenge in 2012, and since then, ML dependency has increased exponentially.
The world of ML and AI has received a huge boost due to the new remote work culture. The new ML models are doing what was never envisioned prior to the pandemic hence the birth of several exciting startups in 2021.
The post will delve deeper into machine learning and review some of the promising ML startups.
What is Machine Learning?
Machine Learning is an artificial intelligence (AI) application that allows systems or software applications to automatically learn, accurately predict outcomes as well as improve from experience without being explicitly programmed.
ML is important in business because it helps a company owner see operational business patterns, view trends in customer behavior, and support the development of new products.
Actually, ML is a central part of Facebook, Uber, and Google’s operations and has become the main competitive differentiator for companies. For instance, in the case of Facebook, the recommendation engine is a good example of ML in action.
Machine learning helps the tech giant to personalize how your feed is delivered. It will always bring your favorite group activities earlier in the feed because it has studied your online behavior. Your news feed is adjusted accordingly based on what you do online, such as If you fail to read posts from your favorite group for some time, its messages are pushed down.
The customer relationship management software applies ML models when analyzing emails and prompting the assigned team members to respond to messages based on their importance and even recommend effective responses.
There are plenty of startups offering exciting ML solutions. These are companies allowing systems to learn from data to improve on certain tasks. On the other hand, venture capital firms have been expanding their investments in new markets across the world hence the growth of AI and ML startups.
Thus young companies based in the US, UK, Israel, Singapore, and Canada have been receiving increased funding in recent years. These startups are:
The well-respected company in the financial service sector pioneered the data catalog market. Alation uses AI to analyze and interpret data, in addition to data search and discovery, data stewardship, data governance, digital transformation, and analytics.
The company has combined ML with human insight to handle data and metadata management challenges.
Some brands using Alation are Pfizer, Munich Re, American Family Insurance, Finnair, Scandinavian Airlines, Cisco, AbbVie, and US Foods.
Costanoa, Icon, Salesforce Ventures, Sapphire, and Data Collective are venture capitalists backing this Silicon Valley-based ML startup.
The startup uses proprietary technologies such as ML and AI-based techniques to provide customized lead generation, enrichment, and data hygiene.
The goal is to ensure that B2B sales and marketing companies can connect well with their prospects through personalized data sets and achieve their revenue growth goals.
The startup focuses on cybersecurity and combines AI and ML in securing sensitive data. The AI-powered platform and system work with organizations determined to discover potential breach risk, protect data, and secure it in multi-cloud and other environments. It also automates private networks, systems, and infrastructure functions.
The AI-enabled sales assistant platform helps sales and marketing teams to expand their lead engagement and qualification by providing the context of leads.
It does this by following up on each lead and qualifying it using a dual, automated conversation with the prospect via chat or email. Thus the platform discharges sales reps from performing repetitive and error-prone tasks and instead allows them to focus on other activities such as calling potential customers and showing demos.
The startup is an open-source system that focuses on ML model versions, solving complex problems associated with managing them and providing a platform where the models can be launched into production. Intel Capital and General Catalyst are some of its lead investors.
The startup has created Zest Automated Machine Learning (ZAML) to help financial lending companies identify a dependable borrower thus grow their revenue. The financial lending industry is highly regulated, but with ZAML, the lender will also be compliant and have reliable credit information about a potential borrower.
Zest.ai is among the most respected AI-based startups in the fintech industry that offers the best and informative blog posts, white papers, and eBooks.
The Washington-based startup was founded in 2016 and has created a fitness platform that connects strength-training equipment and on-demand content. JAXJOX helps its subscribers achieve their wellness goals at home because it creates smart workout products with an AI-enabled performance tracker and different classes for educational motivation. The company has raised $17 million so far.
DataVisor is one of the fascinating cybersecurity companies dedicated to using AI to enhance fraud detection accuracy. Thus with DataVisor, an organization can detect fast-evolving fraud patterns and act on the insight to prevent potential attacks from happening in the future. It protects companies operating in financial services, e-commerce, marketplace, and social platforms against financial mishaps and reputational damages.
The startup has combined real-time monitoring data generated from production machinery with ML and AI algorithms in order to provide manufacturing companies with information about the health of their machines, predictive maintenance, and asset performance management. This is because Augury’s digital machine health technology listens to a machine, analyzes its data, and identifies any malfunction before it happens.
Based on the actual machine condition information, a company can schedule maintenance or adjust its manufacturing processes accordingly. The platform is mostly used in commercial facilities, industrial factories, and HVAC.
The Oslo-based company interprets huge volumes of data into insightful actions that café and bakery owners can use to improve their bottom line daily. With this information, a foodpreneur can strategize how they will strategize their operations in order to generate more profits and minimize wastage.
Thus with fine-tuned ML algorithms, Savvie provides its users with tailor-made recommendations as well as ML-driven insights about their catering business.
The list of machine learning startups is endless because many upcoming businesses are joining the industry with ground-breaking innovations, thus impacting companies operating in different industries in unique ways.
This has motivated non-AI startups to explore this technology or partner with the AI-powered platforms mentioned above to take advantage of the optimized statistics.
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