AI Rising in NYC: 20 High-Value Startups in 2020
Following the development of AI, entrepreneurs are using to establish startups in New York. With both cutting-edge technology and tight connections to the financial industry, AI startups are ready to change various industries in the US.
Recently, New York has been getting notably more attractive to tech companies. Favoring its diversified economy, wide-varied talents, and status as world financial center, more and more tech startups are going for New York. With rapid development in sub-fields such as artificial general intelligence, machine learning and Natural Language Processing (NLP), tech companies are applying AI to different industries such as fintech, healthcare, business analysis, et al.
The total amount of AI related funding in New York has been increasing rapidly since 2014. Concentrating on early stage investments, the number of funding arrived at its peak in 2017. With funding in hand, these startups are highly possible to bloom in the next few years. Supported by capital from Wall Street, innovative AI companies typically have fast-paced development.
In January 2020, EqualOcean listed the 20 AI startups based in New York with the most potential. They were selected based on rank in the field, innovativeness, management team structure, investor background and financing capacity.
Among the 20 companies on the list, most of them are in fin-tech, healthcare and E-commerce industries. At the same time, most founders have 10+ years of experience in the industries that their products target, while very few of them have a deep technical background in AI/Computer Science. Compared with technology, startups in New York are more driven by market trends. They hold tight connections with the industries in the US northeast. With the deepening of industrial convergence and human resources gathering in New York, a thriving of the AI industry is set to happen in 2020.
Socure is an AI-based company focusing on digital identity verification. Its AI technology ensures high accuracy and a good auto-approval rate. Socure provides solutions to financial institutes and E-commerce companies. It received USD 30 million series C funding in February 2019, enlarging its total funding to more than USD 60 million.
Ocrolus is a fintech company that focuses on AI financial document processing. By merging AI technology and human specialists, Ocrolus’s model is able to implement recognition, verification and analysis with high accuracy. As a startup founded in 2014, its total funding has already exceeded USD 33 million.
3. AlphaSense, Inc.
AlphaSense is an-AI powered business analysis company focusing on uncovering insights through AI and NLP technology for business decision-making. Some of AlphaSense’s customers include 3M, Cardinal Health, etc. AlphaSense finished a USD 50 million funding in July 2019, pushing its total funding to USD 87 million.
Vic.ai offers a platform with an AI-supported accounting analysis service. It automatically analyzes documents and deals with bills and payments. Founded in 2016, Vic.ai attracted a USD 11.2 million series A investment led by GGV Capital in September 2019.
5. Kasisto, Inc.
Kasisto developed a conversational AI for banking and finance. It provides humanizing responses and information for financial institutes to help communicate with their customers. With J.P. Morgan, TD, etc. as its customers, Kasisto has successfully raised more than USD 40 million funding from institutes such as MasterCard and DBS Bank since its establishment in 2013.
6. Covera Health
Founded in 2017, Covera health applies AI technology in radiology diagnosis to improve diagnostic accuracy and reduce costs. By collecting and analyzing medical data, Covera provides accurate and insightful information to support radiologists. Covera Health just finished a USD 23.5 million funding in Jan 9, 2020 from Insight Partners.
7. Kaia Health
Kaia is the market leader in digital therapeutics. It provides an AI-based mobile app to monitor, quantify, and analyze human movement. Kaia has been working with institutions like Harvard University and Columbia University. Founded in October 2015, Kaia has already received more and USD 22 million funding.
Founded in February 2018, Paige has already received USD 70 million in funding. Supported by Bayer Capital, Paige provides a digital pathology ecosystem, which focuses on applying AI and data science as the core solutions to improving the diagnosis and treatment of cancer.
9. Amenity Analytics
Amenity Analytics provides AI text analysis solutions for enterprise users in finance, media and other industries. Its main customers include Citi, Nasdaq and Moody’s. Amenity applies cutting-edge NLP (Natural Language Process) techniques on forms, news and research reports. Founded in July 2015, Amenity just received a USD 18 million series B funding in April 2019.
Augury is an IoT (Internet of Things) company that focuses on AI-based machine maintenance. It performs digital machine monitoring and diagnostics for customers. Augury has provided machine health solutions to companies including Grundfos and Danone. Founded in 2011, Augury has raised USD 60 million in funding.
11. Nautilus Labs
Nautilus Labs created an AI platform which helps ocean shipping enterprises optimize fleet performance. Nautilus Labs analyzes commercial data and track events to reduce costs. Founded in October 2016, Nautilus Labs has received USD 13 million, including a USD 11 million series A financing led by Microsoft.
Established in 2017, Verbit.ai grew quickly in the AI speech recognition industry. It has already received USD 65 million funding until January 2020. Powered by Natural Language Process (NLP), Verbit.ai provides solutions to enable accurate and fast transcription and captioning.
13. Hugging Face
Hugging Face provides computer software that targets solving Language Process (NLP) problems for all kinds of customers, especially in conversational artificial intelligence. It received USD 14 million series A funding in December 2019.
Reonomy is a commercial real estate platform that applies AI technology to mine information for property trading. Funded by SoftBank, Silicon Valley Bank and Bain Capital, Reonomy has received USD 128 million since 2013, including a USD 60 million financing in late 2019.
As a start-up founded in 2015, Troops focuses on salesforce automation. Its platform provides real-time information for the sales team. Troops finished its USD 12 million Series B funding in June 2019, pushing its total funding amount to USD 30 million.
UVeye develops AI-powered automated inspection systems for vehicles. It has customers in industries including vehicle manufacturers, rental companies. In 2019, UVeye received USD 35 million from Toyota and Volvo, which deepened its connection with the auto industry.
IntSights is a cybersecurity start-up that provides an external threat intelligence and protection platform. With Blackstone as its largest investor, IntSights has received more than $70M funding, including a USD 30 million series D financing finished in November 2019.
18. Okapi AI
Established in May 2017, Okapi is an AI business analysis company that serves customers in the real estate and manufacturing industry. Based on AI data analysis, Okapi provides personalized notification for users. During the past 2 years, Okapi has already received around 10M funding.
Unioncrate is a supply chain platform that implements AI technology to provide automated operation for customers. It has received more than USD 13 million funding since it was established in September 2016.
20. Markable AI
Markable offers AI tools in e-commerce to extract information by image identification. Its products have been widely applied by eBay, Forever 21, Alibaba, etc. It has received more than USD 10 million funding since 2016.