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Is Artificial Intelligence Still Relevant for Startups? - ReadWrite

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If artificial intelligence confuses you, think about what happens when it's not leveraged properly. For context, consider the London-based VC firm MMC who found that about 40% of European AI startups don't use AI in any tangible way. MMC (and TheVerge) are saying that companies just want to take advantage of the AI hype. Meaning that the company or startup "talks" about AI, but they are unwilling or unable to put in the resources to deploy the process, store the data, or make any meaningful use of the information. So begs the question, is artificial intelligence still relevant for startups?


Artificial intelligence startup Kyndi raises $20 million to advance industry's first Explainable AI platform Startups News Tech News

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Kyndi, an artificial intelligence startup building the first explainable AI platform, has secured$20 million in Series B funding to expand the company's engineering and sales teams to meet growing customer demand in government, financial services and life sciences. The round was led by Intel Capital, with participation from UL Ventures, PivotNorth Capital, and existing investors. Kyndi was founded in 2014 by Arun Majumdar, Paul Tarau, Ryan Welsh, and Shafe Ramsey. The Sillicon Valley-based startup is building the first Explainable AI platform for critical government and commercial institutions. Kyndi transforms business processes by offering auditable AI solutions.


The 10 Coolest Machine-Learning And AI Startups Of 2019 (So Far)

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Sight Machine provides an artificial intelligence-powered digital manufacturing platform that is unique in its ability to create a digital twin of the entire manufacturing process. The San Francisco-based startup recently raised a $29.4 million Series C funding round led by South Korean conglomerate LS Group, bringing its total funding to roughly $85 million. The company's platform allows manufacturers to quickly create customized analytics and applications from a diverse variety of data sources on the factory floor.


Ocrolus raises $24 million to scan financial documents with computer vision

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Ocrolus, a New York startup that taps AI and machine learning to parse financial documents, today announced it has raised $24 million in a series B round led by venture growth equity firm Oak HC/FT. Ocrolus cofounder and CEO Sam Bobley said the fresh capital, which follows a $4 million series A in April 2018 and brings the company's total raised to about $30 million, will fuel expansion into verticals like consumer and auto lending and advance development of the company's underwriting solutions for banks. "Sometimes humans are better than robots," said Bobley, who added that Ocrolus has quintupled in size since April 2018 and now counts hundreds of financial services companies among its customer base. "We combine machine processes with live human intelligence to provide customers with a complete solution. The capital will be used to develop workflows for new document types and sharpen our fraud detection and analytical capabilities."


Ocrolus raises $24 million to scan financial documents with computer vision

#artificialintelligence

Ocrolus, a New York startup that taps AI and machine learning to parse financial documents, today announced it has raised $24 million in a series B round led by venture growth equity firm Oak HC/FT. Ocrolus cofounder and CEO Sam Bobley said the fresh capital, which follows a $4 million series A in April 2018 and brings the company's total raised to about $30 million, will fuel expansion into verticals like consumer and auto lending and advance development of the company's underwriting solutions for banks. "Sometimes humans are better than robots," said Bobley, who added that Ocrolus has quintupled in size since April 2018 and now counts hundreds of financial services companies among its customer base. "We combine machine processes with live human intelligence to provide customers with a complete solution. The capital will be used to develop workflows for new document types and sharpen our fraud detection and analytical capabilities."


Meet your new chief of staff: An AI chatbot – TechCrunch

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Years ago, a mobile app for email launched to immediate fanfare. Simply called Mailbox, its life was woefully cut short -- we'll get to that. Today, its founders are back with their second act: An AI-enabled assistant called Navigator meant to help teams work and communicate more efficiently. With the support of $12 million in Series A funding from CRV, #Angels, Designer Fund, SV Angel, Dropbox's Drew Houston and other angel investors, Aspen, the San Francisco and Seattle-based startup behind Navigator, has quietly been beta testing its tool within 50 organizations across the U.S. "We've had teams and research institutes and churches and academic institutions, places that aren't businesses at all in addition to smaller startups and large four-figure-person organizations using it," Mailbox and Navigator co-founder and chief executive officer Gentry Underwood tells TechCrunch. "Pretty much anywhere you have meetings, there is value for Navigator."


Text IQ, a machine learning platform for parsing sensitive corporate data, raises $12.6M – TechCrunch

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Text IQ, a machine learning system that parses and understands sensitive corporate data, has raised $12.6 million in Series A funding led by FirstMark Capital, with participation from Sierra Ventures. Text IQ started as co-founder Apoorv Agarwal's Columbia thesis project titled "Social Network Extraction From Text." The algorithm he built was able to read a novel, like Jane Austen's "Emma," for example, and understand the social hierarchy and interactions between characters. This people-centric approach to parsing unstructured data eventually became the kernel of Text IQ, which helps corporations find what they're looking for in a sea of unstructured, and highly sensitive, data. The platform started as a tool used by corporate legal teams.


Fintech Startup Active.Ai Raises $3 Mn In Series A Extension From VC Unit Of Spain's Banking Group IndianWeb2.com

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Fintech startup Active.ai, that delivers conversational banking through artificial intelligence (AI), has raised $3 million from Innocell, the venture capital arm of Spanish banking group Banco Sabadell, in an extension of its Series A funding round. With this, its total funding from the current round has touched over $11 million. Headquartered in Singapore, Active.ai raised $8.25 million in Series A back in November 2017, which was led by Vertex Ventures, with contributions from CreditEase, Dream Incubator, Kalaari Capital and IDG Ventures. The existing investors have contributed in this round too in order to retain their stakes. With this round of funding and partnership, Active.ai


Balderton joins $30M Series D for big data biotech platform play, Sophia Genetics

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Switzerland based SaaS startup Sophia Genetics is hoping to give IBM Watson a run for its money in the healthcare diagnostics space. It's built a big data analytics platform that harnesses clinicians' medical expertise to enhance genomic diagnostic via AI algorithms -- leading, it says, to better and faster diagnoses for patients with diseases such as cancer. Hospitals that use the platform are intended to jointly benefit from expert-fed, algorithmic DNA sequencing diagnostic insights exactly because they are shared across the platform. So as the user-base scales -- it says it's adding 10 new hospitals each month -- Sophia Genetics' AIs get smarter and more accurate, and patients anywhere can benefit from the pooled knowledge. The company is announcing a $30 million Series D funding round today, adding UK-based VC firm Balderton Capital to its investor roster, along with 360 Capital Partners.


This Data Startup Is Using Machine Learning And Aerial Images To Reduce Risks From Wildfires

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Last year's Camp Fire in California was devastating. California's hillsides are still green, thanks to a surplus of rain in the past few months, but the state is already exhorting homeowners to build 100 feet of "defensible space" around their homes, an ominous warning of the coming wildfire season. Cape Analytics, a data startup, wants to do one better, using images from the air and data analytics to identify homes most at risk from a fast-moving wildfire. The Mountain View, California-based company said Wednesday that it is releasing a new product that makes use of its machine learning tools for aerial imagery to assess wildfire risks to people's homes. The primary customer for the product is insurance companies, who can use the tools to assess risk and notify homeowners if that risk can be mitigated.