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21 Leading Artificial Intelligence-Driven Startups With Over $50 Mn Funding

Almost everyone with a personal computer carries a piece of artificial intelligence (AI) interface in the form of Siri or Cortana. If not, you might have interacted with one on your smartphone today. These are the most common touchpoints between consumers and AI. Needless to say, that is just the tip of the iceberg. AI penetration has been impactful in B2B setups or at the back-end of many services that we use every day. According to Gartner, the business value created by AI will reach $3.9 trillion in 2022.

The number of AI patents have grown exponentially in the best part of this decade. Interestingly, Asian companies are slightly ahead of any other region in filing new AI patents. A high percentage of these patents are filed in transportation, telecom, and information security businesses. Any FinTech insider can tell you that all of these industries are finding an overlap with the financial services business. For example, a telecom company getting a neobanking license or ride-hailing company integrating payments and lending in its business.

The financial services industry is not too behind in using the AI. However, much of it is used by disruptive FinTech startups. AI for finance has produced some wonderful solutions that simplify and automate various functions such as credit scoring for lending, regulatory and compliance solutions that become RegTech, personal finance management solutions, quantitative & asset management, market intelligence, and many other areas of finance.

To understand the geographic distribution of these AI-driven companies, we looked into our MEDICI Database of startups. It was very easy to spot that the AI-driven FinTech are concentrated in the US. Also, most of the top-funded FinTechs are based out of the US. Clearly, the US may or may not be filing tons of AI patents, but the startups in this country are some of the well-funded in the global setup. Here is a list of 21 global AI-driven startups with over $50 million funding to understand what sort of businesses are doing great:

  1. Bright Health is a United States-based company founded in 2015. It has raised $440 million in total funding. Bright Health is a health insurance service provider for individuals across the country. It provides digital health tools as well as health systems and economic rewards for practicing efficient, high-quality healthcare.
  2. Payoneer is a United States-based company founded in 2005. It has raised $270 million in total funding. Payoneer empowers global commerce by connecting businesses, professionals, countries, and currencies with its cross-border payment platform.
  3. Feidee is a China-based company founded in 2010. It has raised $210 million in total funding. Feidee is a solutions provider for enterprise finance management. It provides budget management solutions for their customers.
  4. Brex is a United States-based company founded in 2017. It has raised $282 million in total funding. Brex offers corporate credit cards and expense management solutions for businesses which are issued in collaboration with Visa. It allows them to sign up for the cards online, and they will receive a virtual card instantly, and the physical card will be delivered within 3–5 business days. The company also offers cards without personal guarantees, credit scores, social security numbers, or security deposits. Recently, Brex was selected for the 2019 Forbes FinTech 50 startups list.
  5. Darktrace is a United Kingdom-based company founded in 2013. It has raised $230 million in total funding. Darktrace has developed an Enterprise Immune System that leverages AI algorithms to imitate the human immune system to help enterprise networks fight cybercrimes. The self-learning approach is a non-consumer application of machine learning that works at scale across all network types from physical, virtualized, and cloud to IoT and industrial control systems. Till date, Darktrace has identified threats in over 5,000 networks, which include zero-days, insider threats, and stealthy attacks.
  6. Cadre is a United States-based company founded in 2014. It has raised $133 million in total funding. Cadre is a technology-based real estate investment platform and provides access & insight into the global alternative investments. The platform seeks a minimum of $100,000 investment from investors per deal and typically has a holding period of 4–7 years. They also provide a managed fund for investors seeking to invest in a distributed portfolio. Recently, Cadre was selected for 2019 Forbes FinTech 50 startups list.
  7. Jimubox is a China-based company founded in 2013. It has raised $131.2 million in total funding. Jimubox is a Beijing-based marketplace lending platform that provides SME loans and individual consumption loans to underbanked Chinese borrowers. Jimubox delivers safe and attractive investment opportunities to RMB investors through an innovative online marketplace which leverages transparency and technology to ensure investor safety.
  8. Sentient.ai is a United States-based company founded in 2007. It has raised $143 million in total funding. Sentient's mission is to transform how businesses tackle their most complex, mission-critical problems by empowering them to make the right decisions faster. Sentient's technology has patented evolutionary and perceptual capabilities that will provide customers with highly sophisticated solutions, powered by the largest compute infrastructure dedicated to distributed artificial intelligence.
  9. Cross River is a United States-based company founded in 2008. It has raised $128 million in total funding. Cross River Bank, Inc. provides personal and corporate banking products and services to individuals & businesses in the United States. It focuses on banking activities such as taking deposits, mortgage facilities, direct & marketplace lending, lending through different peer-to-peer lending portals, etc. The platform also enables experienced lenders and financial technology companies to provide credit services to pay vendors, individuals, or schedule cash disbursements and processes payments. Recently, Cross River was selected for the 2019 Forbes FinTech 50 startups list.
  10. Trifacta is a United States-based company founded in 2012. It has raised $124.3 million in total funding. Trifacta offers a data analytics platform that is designed to give non-technical people the ability to transform raw data into an actionable form, whether for immediate insights or use in analysis tools. It helps businesses to structure and analyze data that is generated in their networks through different actions like customer interactions, risk analysis, etc. It leverages big data analytics and artificial intelligence to organize large volumes of data and provide insights. It has won many awards for the platform, but recently, it won the Top End User Data Preparation Vendor award in 2017.
  11. Reltio is a United States-based company founded in 2011. It has raised $117 million in total funding. Reltio offers a cloud-based, self-learning data platform that organizes enterprise data for continuous self-learning. The platform organizes all of the organization’s data and then utilizes data & analytics to their business operations.
  12. Prima.it is an Italy-based company founded in 2013. It has raised $116 million in total funding. Prima is an online auto insurance agency through which users can buy the car, motorbike, and van insurance. The platform also allows users to convert insurance premiums into monthly premiums. They can also edit personal data and manage active policies through the platform.
  13. R3 is a United States-based company founded in 2014. It has raised $112 million in total funding. R3 provides an advanced distributed ledger technology to global financial markets. It offers solutions in the areas of payments and smart contracts for financial companies. Its product CRYPTO 2.0 is an application of cryptographic technology and distributed ledger-based protocols within global financial markets.
  14. Attivio is a United States-based company founded in 2007. It has raised $102.1 million in total funding. Attivio is a cognitive search and insights platform for enterprises that helps them to make better decisions from the data information. The company offers its Active Intelligence Engine that connects all types of data and delivers it in a single view – revealing the hidden relationships, insights, and intelligence that allows customers to take business decisions.
  15. IEX is a United States-based company founded in 2012. It has raised $100.9 million in total funding. IEX offers a stock exchange platform which matches orders for buying and selling securities. The company supports displayed and non-displayed trading, and the routing of orders to other trading centers. It also focuses on investor protection and performance by creating a market which helps to increase shares traded at the available price, reduces information leakage, removes informational disadvantages & determined inefficiencies, and advertises an opportunity for natural interest to interact without unnecessary intermediation. Recently, IEX was selected for the 2019 Forbes FinTech 50 startups list.
  16. Cloudvirga is a United States-based company founded in 2016. It has raised $77.5 million in total funding. Cloudvirga provides a cloud-based mortgage platform that helps to automate the lending process. The platform helps to digitize the mortgage industry by leveraging data and deploying an automated workflow to reduce overall cost, increase transparency, and shorten the time it takes to close a loan for both borrowers and lenders.
  17. Striim is a United States-based company founded in 2012. It has raised $40 million in total funding. Striim provides software that helps enterprises to make it easy to ingest, process, and deliver real-time data across diverse environments in the cloud or on-premise.
  18. Conversica is a United States-based company founded in 2007. It has raised $87 million in total funding. Conversica provides an AI-driven lead engagement software for marketing and sales organizations for companies to find and secure customers by automatically contacting, engaging, qualifying, and following up with leads via natural, two-way email conversations.
  19. Primer is a United States-based company founded in 2015. It has raised $54.7 million in total funding. Primer is an AI-powered text summarization and contextualization software tool. It enables government agencies, financial institutions, and multinational companies to understand stores of text data using AI technology.
  20. AppZen is a United States-based company founded in 2012. It has raised more than $52 million in total funding. AppZen Inc. develops artificial intelligence solutions for back-office automation, including an automated solution for expense report compliance and audit.
  21. Figure is a United States-based company founded in 2018. It has raised more than $120 million in total funding. Figure is a financial technology company that offers consumer credit products by leveraging blockchain, AI, and advanced analytics. It helps users to learn how to use home equity to consolidate debt, pay for home improvement, or fund their retirement.

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