The year in a wrap: AI-driven Startups that shined bright in 2020
2020 will go down in the history as a baseline for innumerable market developments. Thankfully, one of them includes a sharp uptick in digital adoption as well as tech-driven processes on a global level. This year, when the entire world stood still, they were the tech startups and their innovative use cases that kept the wheel of the market spinning. It barely comes as a surprise then that the growth trajectory of these startups and the markets that they cater to has been truly incredible.
So, let us have a look at some of these approaches and top-6 emerging AI startups of the year:
Data Sutram
As they say, data has now become the new oil and gold. What they don’t say is that both oil and gold have to be extracted and refined to realize their true value.
In a way, it is precisely what IAN backed Data Sutram does. The AI-based Location Intelligence platform offers deep insights to BFSI, Retail, and Healthcare/Pharmaceutical players. The platform delves into more than 200 attributes to help companies identify factors that positively and negatively affect their business. Its Spatial AI models the end-to-end data to re-evaluate their existing locations and identify new areas of growth. The Kolkata-based startup was founded in 2018 and has secured a funding of INR 2 crores from IAN this year. It now aims to add AgriTech and Media & Entertainment to its list of serviced segments.
These were some of the startups that saw the challenge of 2020 and turned it into their advantage with their innovative approach. It will be fascinating to see how things pan out for them and the startup segment at large in 2021. Interesting times are ahead of us!
NIRAMAI Health Analytix
The only Indian startup to be listed in CBInsights’ ‘100 Most Promising AI Startups’, Niramai Health Analytix is a FemTech startup that has addressed a critical pain point leveraging AI technology. The startup helps in a non-intrusive screening of breast cancer using a thermal sensor and an infrared camera. NIRAMAI’s solution backed by AI technology has eliminated the need for X-rays in mammography. It also aptly detects every single active and inactive tissue in even women aged above 45 years. All tissues tend to appear white in the X-rays of women aged more than 45 years (due to the presence of more fibroglandular tissues). A key takeaway of this approach is that breast cancer can be detected even before lumps can be felt using NIRAMAI’s proprietary technology.
During the pandemic, NIRAMAI was quick to use its proprietary AI solution ‘Thermalytix’ to automatically detect fever and other symptoms across workplaces. It can instantly inform the relevant stakeholders if any person is symptomatic and prevent the spread.
Intello Labs
Founded in 2016, Intello Labs automatically analyzes the quality of fresh produce and grades it using AI/ML technology. Its solution is tapped by supermarket chains, ecommerce platforms, aggregators, and agricultural players alike. The AI-driven approach directly reduces the value risk and augments revenues by increasing customer satisfaction. Intello Labs experienced a significant surge in demand this year as more businesses switched to lean and tech-driven models. In May, the Gurugram-based startup raised $5.9 million as a part of its Series A funding and has accelerated its global expansion plans, especially across the U.S. and the Asia Pacific.
Flutura Decision Sciences and Analytics
Co-founded by Krishnan Raman, Derick Jose, and Srikanth Muralidhara in 2012, Flutura is an AI startup that enhances Asset Uptime and Operational Efficiency. Its clients are spread across Oil & Gas, Production, and Heavy Machinery Manufacturing Industries. With its IIOT-based approach, the startup is actively driving the global transformation towards Industry 4.0, wherein connected infrastructure is becoming a part of across-the-board processes. The business is booming for Flutura as it has tripled its clients in the last 3 years with deployments across more than 120 manufacturing lines in 15 countries. Now, as more industries move towards operational efficiency, 2021 can prove to be a tipping point for Flutura Decision.
Staqu
Catering to Fortune 500 businesses, startups, police departments, and small retailers alike, Staqu has today established global benchmarks in the video and audio analytics domain. Given its sheer use cases, research-driven approach, and the value they add across Business Intelligence and security operations, the business has experienced solid traction during the yesteryears. The pandemic only catalyzed it. The AI-driven startup was quick to integrate several features including thermal-sensing fever identification, face mask identification, equipment sanitization, coughing identification, suspect face recognition, contact tracing, automatic tracing, and more. The startup also actively partnered with F&B players and helped them resume their operations.
Overall, there was a 1,000% growth in terms of deployment in a matter of months for business, driven primarily because of COVID-19-related features. Given its dynamic range of use cases for Business Intelligence and analytics, the growth prospects for Staqu are significant going forward.
BYJU’s
The EdTech segment was one of the key highlights of the year. It not only empowered thousands of stranded students, but also ensured that schools, educational institutes, and teachers do not lose the digital race. Perhaps, 2020 couldn’t have been any better for BYJU’s as it added another $200 million to its kitty in November after $500 million just a few months before. The fundraiser has increased BYJU’s valuation to $12 billion, thereby joining the list of Indian decacons. Last year, the EdTech startup had acquired Palo-Alto-based Osmo, which has increased the platform’s potential vis-à-vis Artificial
