Machine Learning(ML) and Artificial Intelligence(AI) are two technologies that have attracted a huge increase in funding and innovation in the startups over the last few years. They're currently driving the growth of businesses in various industries including manufacturing, hospitality & healthcare, fashion & lifestyle, real estate, agriculture, and voice-based applications.
Startups driven solely by AI and ML first appeared in India a decade ago and since then the rise of AI startups over the following years has been phenomenal.
According to a recent study, roughly $87.85 million was funded in the AI area in Bengaluru only, the city which is considered India's startup center with 1000 plus AI-based startups.
Out of the pool of such startups, down below is the list of 7 AI startups that have seen phenomenal growth in the past few years and have made their position in the top startups in Bangalore
#1 Razorpay
Razorpay, founded by IIT Roorkee alumnus, intends to transform online company money management by delivering clear, developer-friendly APIs and seamless integration. It provides schools, merchants, e-commerce, and other businesses with a simple, cost-effective, and secure method to disburse and accept payments online, open a functional current account, and obtain loans.
Razorpay for payment gateways and link-based payment solutions, RazorpayX for speeding and optimizing banking procedures, Razorpay Capital for working capital loans and corporate credit cards, and others are among the services it provides. UPI-based payments, payment buttons for collecting payments on websites, 3rd watch for Artificial Intelligence enabled fraud monitoring, and other capabilities are included.
Founded in: 2014
Market Valuation: $7.5 billion
#2 VerSe
The verSe uses AI and recommendation algorithms to make great content and tracks user preferences to make the content delivery process easy. VerSe is a pioneering venture in the consumer-facing internet industry. The organization was built from the ground up to be on the cutting edge of technological advancement. It aimed to bridge the country's digital gap between urban and rural areas. VerSe established new records in the entertainment and content area with a significant footprint in the value-added service ecosystem. The company's strong investment in Machine Learning(ML) and Artificial Intelligence(AI) aided this foray in a big part. The efforts yielded a proprietary technology that drives a platform with over 300 million users that consume content in their native tongue.
Founded in: 2007
Market Valuation: $5 billion
#3 Thoughtspot
ThoughtSpot is a company that provides businesses with an AI-based search-driven analytics platform. Using a web-based search interface, the application analyses corporate data and generates reports and dashboards. It integrates data from cloud apps, Hadoop, data warehouses, on-premise, and spreadsheets. It is a business intelligence platform that makes real-time data easy to browse, analyze, and share. Everyone can use ThoughtSpot to develop, consume, and successfully operationalize data-driven insights. ThoughtSpot One, a tool of the company makes it simple to build interactive data apps that interface with any existing cloud environment, and its AI and consumer-grade search technology provide genuine self-service analytics.
Founded in: 2012
Market Valuation: 4.8 billion
#4 BlackBuck
BlackBuck got its unicorn status last year with $67 million of series E fund raise. Whether pairing a shipper with a driver or altering the infrastructure surrounding transportation to support payments, insurance, and financial services, BlackBuck has been a pioneer in bringing the offline activities of trucking online. BlackBuck is about changing customer behavior as much as it is about powerful AI, machine learning and analytics.
All of the shipments are managed by BlackBuck on one smart and simple platform. Find available trucks across India without making several phone calls, and keep track of your consignment at every mile. Its AI and machine learning algorithms match its consumers with the best fleet operator at any given time, based on the source, destination, material to transport, and other factors.
Founded in: 2015
Market Valuation: $1.02 billion
#5 Locus
Locus is a worldwide technology platform that uses proprietary algorithms, Artificial Intelligence, and Machine Learning to tackle logistical difficulties. The Locus Dispatch Management Platform, which is powered by dynamic AI and ML algorithms, enables businesses to improve real-world efficiency and expand across all fulfillment channels.
Founded in: 2015
Market Valuation: $300 million
#6 Avataar
Provider of a 3D-based AR/VR platform for personalizing and visualizing digital products. By transforming 2D photos into 3D models in real-time, its AI technology enables product discovery and helps companies and shops to revolutionize the way customers discover and connect with their items online. Dynamic lighting utilizing augmented reality, real-time analytics to monitor ROI and retarget consumers, and a 3D cloud platform to manage assets are among the features. It has applications in e-commerce, consumer electronics, car OEMs, and fast-moving consumer goods.
Founded in: 2016
Market Valuation: $229 million
#7 Instoried
A startup whose goal is to increase content engagement and clicks as higher engagement leads to a higher return on investment and a better return on marketing expenditures. Instoried's platform makes smart suggestions for content that connects and strikes chords with clients, resulting in increased interaction and content output. Customers have seen up to a 3X boost in incoming leads per post and a 2X improvement in ROI in less than 6 months using its unique technology. Regardless of the amount of the material, Instoried employed NLP to make magic with data that helps assess the emotion and tone of marketing content. Its AI engine calculates the emotional engagement quotient of content in real time and makes smart recommendations to increase viewer involvement.
Founded in: 2018
Market Valuation: $100 million
Conclusion-
From the above list, we can certainly say that startups like Instoried have gained significant traction even after their late entry into the market. And Razorpay broke all the records and boundaries to achieve a market evaluation of more than 7 billion. From this, it's easy to conclude that technologies like AI and ML are pushing startups with more speed now regardless of the industry and the market size.
And in the coming future, the startups listed here will certainly grow but we may see new startups exceeding the performance of all of them till now, the credit will undoubtedly go to AI and ML.
