THE STATE OF ARTIFICIAL INTELLIGENCE
Recent advances, startup landscape, the road ahead
The technology market
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ABOUT THE PRESENTER
Tech industry analyst & writer, CB Insights
Deepashri Varadharajan received her undergraduate degree in
engineering at Vellore Institute of Technology in India. She later
studied journalism, and received a degree from the Columbia
University Graduate School of Journalism. Before CB Insights,
Deepashri worked for organizations including Al Jazeera America,
Deccan Herald, and interned at Siemens India.
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TABLE OF CONTENTS
Tech industry's AI revolution
Trends in artificial intelligence, rising interest in private companies
Why now?
Macro trends driving AI boom
The state of AI today
Definitions, startup funding, applications, robotics
Emerging applications
AI in gaming, reg tech, travel tech, and more
Where we are headed
The 'artificial general intelligence' debate
1
2
3
4
5
THE TECH INDUSTRY'S AI REVOLUTION
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'AI IS THE NEW ELECTRICITY'
Andrew Ng
Former chief scientist at Baidu, Co-founder at Coursera
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source: https://www.gsb.stanford.edu/insights/andrew-ng-why-ai-new-electricity
"Just as electricity transformed
almost everything 100 years ago,
today I actually have a hard time
thinking of an industry that I don't
think AI will transform in the next
several years."
MEDIA TRENDS: AI VS BIG DATA
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The Battle For Top AI Talent Only
Gets Tougher From Here
Ford Goes Big On AI With $1B Investment
Microsoft Bets On General Artificial
Intelligence With Maluuba Acquisition
Samsung To Acquire Artificial Intelligence
Firm Viv, Created By Siri Makers
Google's Alphago AI Beats Human In First
Game Of Go Contest
Google, Facebook, Apple, Intel and other big corporations
acquiring AI startups
RACE FOR INTELLIGENCE
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https://www.cbinsights.com/blog/top-acquirers-ai-startups-ma-timeline/
Google is the most active acquirer of AI startups, having acquired 11
startups since 2012. Apple, which has been ramping up its M&A efforts,
ranked second with 7 acquisitions under its belt. Newer entrants in the
race include Ford, which acquired Argo AI for $1B in Q1'17, cybersecurity
company Sophos, and Amazon.
200+
Acquisitions
since 2012
30+
M&A deals in
Q1'17
11
Acquisitions by
Google
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AI PATENTS OF MICROSOFT,
GOOGLE, AMAZON, FB, APPLE
https://www.cbinsights.com/blog/google-apple-microsoft-ai-patents/
Note: The patent filing process involves a significant time-lag before the publishing of patent applications. This
delay can range from several months to over two years, meaning that records prior to 2013 are likely complete at
the time of analysis, but there may be applications from 2014 on that have yet to be published.
Google patent to "predict new views from existing
images" using deep learning
Facebook's patent for "predicting labels using deep
learning model"
as of 12/12/2016
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WTF is Artificial Intelligence?
FROM CLIPPY TO ALEXA
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https://www.cbinsights.com/blog/top-acquirers-ai-startups-ma-timeline/
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Why now?
MACRO TRENDS, RECENT ADVANCES
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Big Data + Processing Power =
New Age for
Artificial Intelligence
"Deep learning is almost like the brain... It's
unreasonably effective. You can teach it to do
almost anything. But it had a huge handicap: It
needs a massive amount of computation. And
there we were with the GPU, a computing model
almost ideal for deep learning."
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https://www.forbes.com/sites/aarontilley/2016/11/30/nvidia-deep-learning-ai-intel/
Jen-Hsun Huang
CEO, NVidia
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https://www.nvidia.com/en-us/deep-learning-ai/
HORSEPOWER FOR AI:
NVIDIA GPU'S
DOMINATE MARKET
NVidia GPUs, which initially targeted the gaming
industry, are now widely used for training deep
neural networks.
Other big corporations like Intel and Google have
focused their efforts on AI chips as well, with Intel
recently acquiring startup Nervana Systems, and
Google developing a custom chip called "Tensor
Processing Unit."
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https://www.cbinsights.com/blog/deep-learning-ai-startups-market-map-company-list/
To name a few, Captricity, which
extracts information from hand-
written data, raised $49M in equity
funding from investors including
Social Capital and New York Life
Insurance Company. Teradeep
received funding in Q1'16 from the
corporate venture arm of XILINX to
make programmable integrated
circuits. Healthcare startups here
include IBM-backed precision
medicine startup Pathway
Genomics and diagnostics
company Enlitic.
STARTUPS RIDING THE DEEP LEARNING WAVE
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OPEN SOURCE SOFTWARE
ACCELERATES RESEARCH
Google open sourced its TensorFlow machine
learning library in 2015, and reportedly "more
than 480 people have contributed directly to
TensorFlow" since then. Other libraries include
Deeplearning4J from startup Skymind and
Microsoft's Cognitive Toolkit.
Yann LeCun
Director of research, Facebook
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https://www.wsj.com/articles/whats-next-for-artificial-intelligence-1465827619
"Despite these astonishing
advances, we are a long way
from machines that are as
intelligent as humansor even
rats. So far, we've seen only 5%
of what AI can do."
Where are we at?
AI TODAY, STARTUP TRENDS, APPLICATIONS
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A few AI applications today
VISION
A LOT OF NUMBER
CRUNCHING
LANGUAGE
PROCESSING
BUSINESS INTELLIGENCE
IOT PREDICTIVE
MAINTENANCE
SEARCH RECOMMENDATIONS
FORECASTING MODELS
AUTO TECH AND DRONE
COLLISION AVOIDANCE
E-COMMERCE SEARCH
PICK AND PLACE ROBOTS
HEALTHCARE DIAGNOSTICS
CHATBOTS
NEWS & MEDIA
CONTENT CREATION
SMART HOME VOICE
INTERFACES
TEXT ANALYTICS
AI Equity Funding Since 2012:
$15.4 BILLION
across
2320 DEALS
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DEALS CONTINUE TO
BREAK PREVIOUS
RECORDS
Deals to AI startups
increased 4.7x in the last
5 years, from 150 in 2012
to 698 in 2016.
The top rounds in 2016
went to auto tech
company Zoox ($200M
Series A) and
cybersecurity startup
StackPath ($180M
private equity).
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ARTIFICIAL INTELLIGENCE: ANNUAL FUNDING HISTORY
2012-2016
RECENT $100M+ MEGA-ROUNDS
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$200M
Autonomous cars
$180M
Cybersecurity
$175M
$154M
Healthcare
2016
$130M
Healthcare
Life science
Q1'17 MOST ACTIVE
QUARTER FOR AI
STARTUPS
In Q1'17 AI startups
received 280 deals and
$2.1B in funding. Nearly
49% of the deals in Q1'17
were in the seed/angel
stage, indicating newer
companies are
continuing to enter the
space.
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ARTIFICIAL INTELLIGENCE: QUARTERLY FUNDING
Q1'12-Q1'17
INDUSTRY STILL
NASCENT, SEED DEALS
DOMINATE
Early-stage deals
dominated across the
years, accounting for
69% or more of the total
deal share. Mid and late-
state deals have
remained fairly constant
during this period. Some
of the late-stage
companies that raised
recently include Lattice
Engines, SoundHound
and NIO.
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ARTIFICIAL INTELLIGENCE: GLOBAL DEAL SHARE
2012-2016
UNICORNS USING AI ALGORITHMS ACROSS INDUSTRIES
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UNICORN
AI FOCUS
UNICORN
AI FOCUS
Machine learning-based credit risk
modeling
AI-based health date mining for
personalized healthcare
Deep learning-based drug discovery
Built on the Neuralytics
predictive analytics engine for
sales insights
Platform-as-a-service that facilitates
building and deploying machine
learning models for predictive
analysis of IoT data
Machine learning solutions and
predictive maintenance for
industrial IoT
Artificial intelligence to predict and
prevent cyber attacks
Autonomous vehicles
Machine learning to extract
information from patients' electronic
health records
Autonomous vehicles
MOST WELL-FUNDED
US STARTUPS IN EACH
STATE USING AI
ALGORITHMS
The map shows the
most well-funded
startups leveraging
artificial intelligence in
each of the 35 states
where there have been
equity deals to the
category in the last five
years (as of 4/3/2017).
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NUMBER OF ACTIVE INVESTORS BY TYPE
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VC INVESTORS
CORPORATE INVESTORS
PE INVESTORS
127
211
297
384
492
2012
2013
2014
2015
2016
18
47
72
118
173
2012
2013
2014
2015
2016
11
12
15
26
32
2012
2013
2014
2015
2016
8
5
11
21
2012
2013
2014
2015
2016
ASST./INVESTMENT MGT
(as of 3/23/16)
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TOP VC INVESTORS IN ARTIFICIAL INTELLIGENCE
RANK
INVESTOR
RANK
INVESTOR
1
6
2
6
3
8
4
5
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AI HEATMAP: DEALS DISTRIBUTION BY CATEGORY
Q1'12-Q1'17 (as of 3/23/17)
CATEGORY
Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
HORIZONTAL APPLICATIONS
HEALTHCARE
COMMERCE
AD & MARKETING
BUSINESS INTL & ANALYTICS
IOT/IIOT
FINTECH & INSURANCE
CYBERSECURITY
SALES & CRM
AUTO TECH
PERSONAL ASSISTANTS
EDUCATION
HR TECH
NEWS, MEDIA & ENTERTAINMENT
TRAVEL TECH
LEGAL
AGRICULTURE
SOCIAL
PHYSICAL SECURITY
REAL ESTATE
REG TECH
IT & CLOUD SERVICES
SPORTS
MISC APPLICATIONS
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TOP PATENT HOLDERS
We used patent application activity to gauge the internal R&D
efforts of startups on our AI list. We analyzed over 1,150
active AI startups (that have not exited) and found that only
21% of the startups applied for at least 1 patent since 2009
(patent data from 2014-present is continuously updated on
the USPTO site. The data is as of 4/17/17). Out of these, only
11% have been granted at least one patent in the United
States since 2009.
The reason could be that most companies are still in the early
stages of research (69% or more of AI deals since 2012 have
gone to startups still in the early stages), or that most startups
are currently leveraging open-source AI libraries like
TensorFlow.
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SPOTLIGHT: AI IN HEALTHCARE, COMMERCE
COMMERCE
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HEALTHCARE &
WELLNESS
Companies leveraging machine learning algorithms to reduce drug discovery
times, provide virtual assistance to patients, and improve the accuracy of
medical imaging and diagnostic procedures, among other things.
73% of the deals since 2012 went to US startups, followed by United Kingdom
(9.2%) and Israel (3.7%). However, the share of non-US deals reached a five-
year-high in 2016 at 35%, compared 24% or less in previous years. So far this
year, over 45% of the deals have gone to startups outside the United States, to
countries including the United Kingdom, India, Netherlands, Finland, and Israel.
AI IN HEALTHCARE & WELLNESS
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ANNUAL FUNDING HISTORY
GEOGRAPHIC DISTRIBUTION OF DEALS
Healthcare and wellness received the highest aggregate deals since 2012
compared to other AI categories. Deals and funding hit a 5-year-high in 2016.
The top rounds last year went to unicorn companies Flatiron Health ($175M
Series C) and iCarbonX ($154M Series A). So far this year, as of 3/22/17,
healthcare & wellness startups have raised over $130M across 22 deals,
including a $65M Series A round raised by cancer diagnosis startup Freenome.
ANNUAL FUNDING HISTORY
DEALS OUTSIDE THE UNITED STATES
NON-US DEAL SHARE = 27%
106 AI STARTUPS
TRANSFORMING
HEALTHCARE
Imaging & diagnostics is
the most crowded area in
healthcare AI, with 19 out
of the 24 startups in the
map raising their first
equity funding round
since January 2015.
The map also includes
horizontal AI startups like
Ayasdi and H2O.ai
(bottom left) which have
made healthcare one of
their focus areas.
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https://www.cbinsights.com/blog/artificial-intelligence-startups-healthcare/
TOP INVESTORS IN
HEALTHCARE AI
STARTUPS
2012-2017
(as of 3/23/17)
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RANK
INVESTOR
SELECT INVESTMENTS
1
Freenome, Atomwise, CloudMedX, Bay Labs,
Enlitic, Recursion Pharmaceuticals
2
Zebra Medical Vision, Atomwise, Bay Labs,
Lumiata, Ginger.io
3
HealthReveal, Predilytics, WellTok, Explorys
3
Teckro, Medal, Freenome, Elemental Machines
3
Freenome, Zephyr Health, Flatiron Health,
Predilytics
6
HealthReveal, Arterys, MedAware
IDENTIFYING HIGH-
MOMENTUM STARTUPS
USING MOSAIC
Mosaic is a quantitative
framework to
algorithmically measure
the overall health and
growth potential of
private companies.
Companies are scored
on a 0 to 1000 scale,
based on the 3 M's
described here.
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Momentum Uses signals ranging from hiring growth, exec turnover, news volume
and sentiment, customer & partner signings, product development velocity, web
traffic, mobile app data, and social media chatter.
Market Uses Market Mosaic to assess health of industry the company competes in.
Money Financial strength and viability of company based on burn rate, financing
history, and investor quality.
EARLY-STAGE COMPANIES TO WATCH
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COMPANY
MOSAIC
(OUT OF 1000)
LAST ROUND/
DATE
SELECT INVESTORS
AREA OF FOCUS
890
$65M/ Series A
Mar'17
Allen & Company, AME Cloud Ventures,
Andreessen Horowitz, CRV, Data Collective,
Founders Fund, Google Ventures
Cancer diagnostics
810
$8.5M/ Series A
Jan'17
Ignition Partners, Mindset Ventures,
Osage University Partners
Predictive risk analytics
760
$10.8M/ Series A
Feb'17
Flare Capital Partners, GE Ventures, Greycroft
Partners, Manatt Venture Fund
Early detection of chronic
diseases
760
$5.3M/ Series A
Dec'16
Data Collective, Eleven Two Capital, Khosla
Ventures, National Science Foundation,
Yann LeCun
Medical imaging
670
$2.5M/ Series A
Aug'16
Omidyar Network, Union Square Ventures
Cognitive therapy/
mental health
HEALTHCARE &
WELLNESS
COMMERCE
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Companies leveraging AI algorithms for visual search, natural language processing,
shopper behavioral analytics, and in-store analytics, among other things.
Devin Wenig
CEO, eBay
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forbes.com/sites/shoptalk/2017/03/28/6-key-takeaways-from-shoptalk-2017-an-insiders-perspective/#29aa560b24ab
"If you don't have an AI
strategy, you are going to die
in the world that's coming."
RETAIL AI IN THE NEWS
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GOOGLE HOME WORKS WITH EBAY'S
SHOPBOT TO PRICE YOUR STUFF
March 9, 2017
Around 42% of the deals have gone to commerce startups outside the United
States since 2012. Startups in France accounted for 6.5% of the deal share,
followed by Canada (5.5%) and India (5.5%). So far in Q1'17, more than half the
deals have gone to countries including South Korea, Singapore, France, United
Kingdom, Canada, Israel, Poland and The Netherlands.
AI IN COMMERCE
www.cbinsights.com
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ANNUAL FUNDING HISTORY
GEOGRAPHIC DISTRIBUTION OF DEALS
Nearly 200 deals went to startups in this category from 2012-16. Deals and
funding reached a 5-year-high in 2016, with the top rounds going to California-
based BloomReach ($56M Series D round) and Singapore-based Trax Image
Recognition ($40M Series C round). So far in 2017, startups have raised over
$100M across 21 deals. The top round in Q1'17 was a $20M Series D round to
previously-mentioned Trax Image Recognition.
ANNUAL FUNDING HISTORY
DEALS OUTSIDE THE UNITED STATES
NON US DEAL SHARE = 42%
40+ AI STARTUPS
TARGETING RETAIL IN
ONE INFOGRAPHIC
The area is emerging,
and most companies on
the map remain in the
early stages of funding.
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https://www.cbinsights.com/blog/ai-retail-smart-shop-startups/
TOP VC INVESTORS IN
AI COMMERCE
STARTUPS
2012-2017 YTD
(as of 3/23/17)
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RANK
INVESTOR
SELECT INVESTMENTS
1
Modsy, Personali, InsightsOne
1
Reflektion, SmarterHQ, BloomReach
1
Deepomatic, Tinyclues, AntVoice
1
COSY, Emotient, Reflektion
EARLY-STAGE COMPANIES TO WATCH
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COMPANY
MOSAIC
(OUT OF 1000)
LAST ROUND/
DATE
SELECT INVESTORS
AREA OF FOCUS
840
$16M/ Series A
Mar'17
Index Ventures, ISAI, Mosaic Ventures
Geo-location targeting for
retailers
720
$0.44M/ Seed
Dec'16
Unilazer Ventures
Chatbot SDK for commerce
710
Undisclosed/ Series A
Aug'16
Sequoia Capital India, Exfinity Venture Partners,
Growx Ventures Management
Apparel and fashion
710
$1.74M/ Series A
Sep'16
Robert Bosch Venture Capital,
Spintop Ventures
In-store analytics and shopper
behavior
610
$5.3M/ Series A-II
May'16
Alibaba Group, Naspers, State of Mind
Ventures, YJ Capital
E-commerce search engine
HORIZONTAL APPLICATIONS
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INDUSTRY AGNOSTIC
APPLICATIONS GAIN
MOMENTUM IN 2016
Deals to startups
developing AI solutions
for different verticals
dropped in 2015, but
made a come back in
2016.
The top round last year
was a $120M Series B
round raised by Beijing-
based computer vision
startup SenseTime.
www.cbinsights.com
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AI HORIZONTAL APPLICATIONS: FUNDING HISTORY
2012-2016
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Horizontal AI: 2015-16 Startup Landscape
VISION
TEXT ANALYTICS/
SEARCH ENGINE
OTHER
CONVERSATIONAL
AI/ BOT PLATFORMS
Emerging applications
GAMING, LEGAL, TRAVEL TECH, AND MORE
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CATEGORY
Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
HORIZONTAL APPLICATIONS
HEALTHCARE
COMMERCE
AD & MARKETING
BUSINESS INTL & ANALYTICS
IOT/IIOT
FINTECH & INSURANCE
CYBERSECURITY
SALES & CRM
AUTO TECH
PERSONAL ASSISTANTS
EDUCATION
HR TECH
NEWS, MEDIA & ENTERTAINMENT
TRAVEL TECH
LEGAL
AGRICULTURE
SOCIAL
PHYSICAL SECURITY
REAL ESTATE
REG TECH
IT & CLOUD SERVICES
SPORTS
MISC APPLICATIONS
www.cbinsights.com
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EMERGING AI APPLICATIONS: DEALS DISTRIBUTION BY CATEGORY
Q1'12-Q1'17 (as of 3/23/17)
PERFORMANCE ANALYTICS FOR GAMERS
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Total funding: $2.65M
Select investors: Almaz Capital
Partners, Beta Bridge Ventures,
Deep Space Ventures, Founders
Fund, General Catalyst, GGV Capital
Performance analytics for gamers
in areas like vision, aggression, and
teamplay consistency.
HEATMAP CATEGORY: NEWS, MEDIA & ENTERTAINMENT
AI ASSISTED PAPER GRADING
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Total funding: $2.6M
Select investors: Bloomberg Beta,
Freestyle Capital, K9 Ventures,
Reach Capital, The House Fund
Integrating machine learning
algorithms that learn from
previously graded work to predict
how answers should be graded.
HEATMAP CATEGORY: EDUCATION
TRAVEL SMART: DEMAND FORECASTING
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Total funding: $14.3M
Select investors: Amadeus Ventures,
AXA Strategic Ventures, Chasm Capital
Management, JetBlue Technology
Ventures, Plug and Play Ventures,
Streamlined Ventures, Thiel Capital,
Western Technology Investment
Risk analytics, demand forecasting, and
price forecasting, among other
solutions for the travel industry.
HEATMAP CATEGORY: TRAVEL TECH
REDUCING TIME ON LEGAL WORK
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Total funding: $24.3M
Select investors: Union Square
Ventures, 8VC, Canvas Ventures,
Red Sea Ventures, Formation 8
Uses AI and machine learning for
advanced legal search and to
find case laws related to a
particular brief.
HEATMAP CATEGORY: LEGAL
Total funding: $9.39M
Select investors: Spark Capital
A digital picture frame using
facial recognition and gesture
control technologies.
EVEN THE PHOTO FRAMES IN YOUR HOME
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HEATMAP CATEGORY: SOCIAL
Where are we headed?
THE 'ARTIFICIAL GENERAL INTELLIGENCE' DEBATE
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Artificial General Intelligence or General AI is
the concept of an AI system with human-level
intelligence and cognitive abilities that can
perform a broad range of tasks and apply that
knowledge to solve unfamiliar problems
without being trained to do so.
ARE WE GETTING THERE? MAYBE.
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source: https://www.singularityweblog.com/general-ai-challenge/
Marek Rosa
CEO, GoodAI
"People sometimes ask how
quickly I think we will get there,
and my honest answer is I don't
know. We could get there in 3
years or in 30 years. But I do
believe that it will happen in this
century."
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source: https://www.technologyreview.com/s/425733/paul-allen-the-singularity-isnt-near/
PAUL ALLEN
Co-founder, Microsoft
"Creating this kind of advanced
software requires a prior scientific
understanding of the foundations
of human cognition, and we are
just scraping the surface of this.
This prior need to understand the
basic science of cognition is where
the 'singularity is near' arguments
fail to persuade us."
ARE WE GETTING THERE? MAYBE NOT.
"For artificial general intelligence (AGI)
it would be efficient if multiple users
trained the same giant neural network,
permitting parameter reuse, without
catastrophic forgetting. PathNet is a
first step in this direction."
PATHNET: GOOGLE'S DEEPMIND PUBLISHES
PAPER ON GENERAL AI'S FIRST STEPS
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source: https://arxiv.org/pdf/1701.08734.pdf
11.2 Capital, AME Cloud Ventures,
Bloomberg Beta, Bold Capital Partners,
Data Collective, Eclipse Ventures, First
Round Capital, Google Ventures,
Innovation Endeavors
STARTUPS WORKING ON GENERAL AI: KINDRED
www.cbinsights.com
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FUNDING HISTORY
SELECT INVESTORS
KINDRED'S PATENT ON
ROBOTIC APPARATUS
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Kindred Systems' patent filing activity started
recently, with 2 patents filed in 2016 titled
"facilitating device control" and "methods of self-
preservation of robotic apparatus."
STARTUPS WORKING ON GENERAL AI: VICARIOUS
www.cbinsights.com
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FUNDING HISTORY
Samsung Ventures, Wipro Ventures,
ABB Technology Ventures, Marc Benioff,
Data Collective, Elon Musk, Felicis Ventures,
Formation 8, Good Ventures, Jeff Bezos,
Khosla Ventures, Mark Zuckerberg,
Open Field Capital, Sam Altman
SELECT INVESTORS
VICARIOUS FOCUSES ON CORTICAL NETWORKS
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Vicarious Systems has applied for around 6 patents since 2013, on topics like object recognition
using recursive cortical networks .
Ed Colligan, SkyMoon Ventures
STARTUPS WORKING ON GENERAL AI: NUMENTA
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FUNDING HISTORY
SELECT INVESTORS
NUMENTA'S PATENT APPLICATION ACTIVITY
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Numenta, which is attempting to "reverse engineer the neocortex," has applied for over 40 patents
since 2005.
NUMENTA PATENT APPLICATION ACTIVITY
Note: The patent filing process involves a significant time-lag before the publishing of patent applications. This
delay can range from several months to over two years, meaning that records prior to 2013 are likely complete at
the time of analysis, but there may be applications from 2014 on that have yet to be published.
Stuart Russell
Computer science prof. at UC Berkeley
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http://www.vanityfair.com/news/2017/03/elon-musk-billion-dollar-crusade-to-stop-ai-space-x
In 50 years, this 18-month period
we're in now will be seen as being
crucial for the future of the A.I.
community.... It's when the A.I.
community finally woke up and
took itself seriously and thought
about what to do to make the
future better."
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dvaradharajan@cbinsights.com