Source – https://www.analyticsinsight.net/
These Artificial Intelligence Companies, Now have the Funding to Innovate
The rate at which artificial intelligence is advancing is shaping the world around us. From automation to drug development and diagnosis, there is no industry that AI has not taken over. Like the silver lining to a dark cloud, the chaos created by COVID-19 pandemic has made organizations realize the power of artificial intelligence and are gearing up to invest heavily. Many renowned investors and Fortune 500 companies are also backing up budding AI companies that show promising growth potential. For the month of June in 2021, these are the AI companies that received heavy funding. For information on AI investments in April and May, check out this link.
Top AI funding in June
Transaction type: Pre-seed
Key investor(s): Paradigm Shift Capital and AngelList India
Singapore based AI professional networking platform, CoffeeMug.ai has raised US$625,000 in pre-seed funding round. Govind Mundhra, Founding General Partner of Paradigm Shift Capital, one of the key investors, will be joining the board of directors of CoffeeMug.ai. As per official reports, CoffeeMug will use these funds to accelerate its efforts to improve its AI-based matchmaking algorithm, double its user base and connect them with leadership level business opportunities.
Transaction type: Seed money
Key investor: Endiya Partners
Mumbai-based investment management startup, Upside AI, raised US$1.2 million in seed funding. Led by venture capital fund Endiya Partners, Upside AI plans to use the funds to fill up leadership positions and other senior roles. According to its cofounder Atanuu Agarrwal, the company intends to add 1,000 high net worth individuals, family offices, and institutional clients.
Transaction type: Series E
Key investors: SoftBank Vision
Eightfold AI is a talent-based intelligence platform provider based out of California. In the Series E funding round led by SoftBank Vision, with participation from General Catalyst, Capital One Ventures, Foundation Capital, IVP, and Lightspeed Venture Partners, Eightfold AI raised US$220 million. The company intends to use the total funding to promote further growth and development, and expand its partner ecosystem.
Transaction type: Series C
Key investor(s): Accel, Eight Roads Ventures, Intel Capital, Magma, PICO
Gloat is an AI-enabled talent marketplace platform. Headquartered in New York, Gloat has expanded its offices globally, with an R&D center in Tel Aviv. The company assists companies in connecting their employees with development opportunities like projects and mentorship programs. In a Series C funding round co-led by Accel, Eight Roads Ventures, Intel Capital, Magma Venture Partners, and PICO partners, Gloat raised US$57 million which will be used to accelerate product innovation.
Transaction type: Series B
Key investor: Vensana Capital
Cleerly is a New York City-based company, that uses AI and machine learning algorithms to diagnose coronary artery disease. The company has developed a software platform that facilitates whole-heart quantification and characterization of atherosclerosis. Unlike traditional techniques that take hours, Cleerly’s software can perform the diagnosis in a matter of minutes, noninvasively. Led by Vensana Capital, Cleerly raised US$43 million in Series B funding, which will be used to scale its commercial reach, expand capabilities, strategic partnerships, and focus on R&D.