Global technology-based companies are dedicating their focus to find innovative solutions in the field of artificial intelligence. AI or Artificial Intelligence is not something alienated or a rare concept in this fast-paced world. It has penetrated so deep that there are examples where AI plays an important role in our day-to-day lives. For example, Google Assistant, Alexa, and Siri are now part of many smart homes and devices. Self-driving cars or other vehicles are yet another popular concept currently being experimented with as they are definitely within our reach with the help of artificial intelligence. While multinational companies are trying to incorporate AI into their business models, several new startups are trying to create products and develop their own technology. In this article, we will discuss in detail the successful AI startup models, along with some of the best AI startup companies flourishing globally, especially in the field of AI chatbots.
Current AI Start-Up Scenario
During the tough times of the Covid-19 pandemic, where many businesses hit rock bottom due to a sudden crash in demand and economy, the AI industry boomed and broke records as the AI startups raised up to $33 billion in 2020, even at a time of uncertainty. This is because of several investors coming forward to invest and develop inter-technological-based solutions to create futuristic solutions while maintaining the current customer base.
AI or Artificial Intelligence is one of the most disruptive technologies with abundant potential and is a great tool for startups to reach out to drastic growth and goals. Some of the current applications that use AI are natural language processing technology, data analytics, customer data acquisition, computer vision, and more, as it enhances the functioning of any business.
As of 2021, several startups are moving towards AI technology on a global scale, which is very predominant in China and the US. Few other countries besides China and the US accompany most of the best-funded AI startups or AI startup development. However, the focus of each country is totally different.
The US is focusing on supporting AI startups to develop data analytics and incorporate automation in marketing, biotechnology, research, and other business. On the other hand, the Chinese AI startup is focusing the progress in computer vision and improving IoT or the Internet of Things, the hardware industry, facial recognition, app development, etc. It is also supporting development in improving security systems, financial transactions, and payments security.
China is emerging as a global AI leader as engineering talents, and skilled data handlers are abundant. Their market size is supporting vibrant new AI products and services such as Didi, the counterpart of Uber, which is the world's largest ride-sharing company today. According to its CEO Liu Qing, Didi processes upto 70 TB of data related to the travel routes and bookings.
This is a clear example of China's focus on big data analysis for narrowing the gap between AI and innovation. Given the open nature of Artificial Intelligence, China's unique market base and policies help their firms compete against the global frontiers.
Apart from these, three prominent UK-based startup companies indicate the interest of the UK in this field, along with Canada and Singapore. All these companies are not those using few algorithms but are involved in the core AI operation. Their main focus is big data processing, machine learning concepts, and improving their value proposition.
Apart from these, they also improve fields traditionally related to AI like image recognition, recognition of other media files such as video, visual data, improving the algorithms, processing text data, extracting results, insights, and analysing genetic data or creating futuristic robots.
Successful AI Startup companies
Let us now check out some of the best AI startup companies that are pacing towards success compared to others.
1. Veritone
Veritone is an AI startup involved in the field of big data analytics to make world businesses much more transparent and effective such that it helps in better decision making based on facts. Located in Costa Mesa, CA, this company brings deeper insights into business data analysis.
It has developed the Veritone aWare, a proprietary Operating System designed for artificial intelligence that sifts through large quantities of data into separate divisions such as scalable and actionable data.
2. LogicMonitor
LogicMonitor is a software-based company involved in the operation of the fully automated business model along with the tools such as cloud-based infrastructure development and storage, IT monitoring platform, and other services related to management with full-stack visibility for clouds, servers, networks, etc under a single dashboard for effective access. This AI startup is located in New York and is the source for several successful AI startup ideas. It provides solutions for business security, and making the business scalable.
3. Grammarly
This is one of the best AI startup ideas that are now globally popular among everyone who writes, irrespective of whether writing a novel or sending a professional email. Grammarly is an AI-based writing assistant that improves writing style and productivity by suggesting the changes according to the mode.
The browser plugins and application makes it compatible with any kind of device and ensures flawless writing. Located in San Francisco, Grammarly is a versatile solution compatible across platforms such as Gmail, Jira, and Slack.
4. Chatbot – An effective AI solution
Now that we have seen some of the successful AI startup ideas let us discuss yet another popular feature that almost every business or website uses: the chatbot. There are several AI chatbot startups, and we will discuss in detail this useful feature.
A chatbot is a computer program that solves the issues or confusions created in the field of customer services as it stimulates human conversation with the help of voice commands or chats to understand the exact customer need whenever required. The Chatterbot or Chatbot is the AI feature known as 'talkbot' as it interacts with the customer on behalf of humans and gets the data while providing the correct solution as per the predefined instructions provided.
Innovations in AI result in futuristic advancements in almost every field. Robotics and data analysis provide a predictable business model and reduce the risks related to uncertainty in the market. We are in the early stages of development using artificial intelligence and are definitely shaping the future. So, keep catching up with the trend and adopting them irrespective of business size and field.
In this article, we have discussed some of the AI startup ideas and companies that are ruling the current businesses and have huge potential in the future. We hope these details were useful in understanding and getting insights into the artificial intelligence-based business models.
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