Startups in 34 US states are applying machine learning algorithms across industries including marketing, healthcare, and retail.

Deals to AI startups reached a record high last year, from 160 deals in 2012 to 658 in 2016. Although non-US deal share has been increasing over the time period, well over a majority of deals, around 70%, went to startups in the US in the last 5 years.

The top 3 states for deals were California (51%), New York (11%), and Massachusetts (9%).

Using the CB Insights database, we mapped the most well-funded AI startups in each of the 34 states where there have been equity deals to an AI company in the last five years. The map only includes companies that have not exited and only includes equity financing. Debt is excluded. Our list excludes robotics (hardware-focused) and AR/VR startups, which we’ve analyzed separately here and here.

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Illinois-based fintech startup Avant is the most well-funded company on our map and has raised $655M in equity funding, excluding debt. The personal loan company uses machine learning for scoring and rate determination. New York-based unicorn startup Flatiron, which uses machine learning to extract information from patients’ electronic health records, is the second most well-funded company on the list, and has raised $313M in equity funding.

21 out of the 33 companies below have VC backing. Click on the image to enlarge.


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Most Well-Funded Startups In Each State
Company State Funding ($M) Select Investors
Avant Illinois $655 August Capital, Balyasny Asset Management, Credit Suisse, DFJ Growth Fund, General Atlantic, J.P. Morgan Chase & Co., Peter Thiel, RRE Ventures
Flatiron Health New York $313 Casdin Capital, First Round Capital, Google Ventures, Great Oaks Venture Capital, IA Ventures, Roche Venture Fund, Social Capital, SV Angel
Zoox California $290 AID Partners, Blackbird Ventures, Composite Capital Partners, Draper Fisher Jurvetson, Lux Capital Utah $249.3 Kleiner Perkins Caufield & Byers, Microsoft, Polaris Partners, Salesforce Ventures, US Venture Partners, Zetta Venture Partners
WellTok Colorado $225.6 Bessemer Venture Partners, Emergence Capital Partners, Flare Capital Partners, IBM Watson Group, InterWest Partners, New Enterprise Associates, Qualcomm Ventures
StackPath Texas $180 ABRY Partners
Indigo Agriculture Massachusetts $163.5 Alaska Permanent Fund, Flagship Pioneering
Fractal Analytics New Jersey $125 Aimia Inc, Khazanah Nasional Berhad, TA Associates
Digital Signal Corporation Virginia $100.78 City Light Capital, Columbia Capital, Norwest Venture Partners, Novak Biddle Venture Partners
Butterfly Network Connecticut $100 Aeris Capital, Stanford University
Digital Reasoning Systems Tennessee $75.61 Credit Suisse NEXT Investors, FinTech Innovation Lab, Goldman Sachs, HCA, Health Evolution Partners, In-Q-Tel
Context Relevant Washington $44.30 Bank of America, Bloomberg Beta, Formation 8, Geoff Entress, Goldman Sachs, Madrona Venture Group
SmarterHQ Indiana $34 Battery Ventures, City National Bank, Simon Venture Group
Lucina Health Kentucky $19.40 Arboretum Ventures, Cape Andover Capital Partners, Chrysalis Ventures, JumpStart, North Coast Angel Fund, Qualifying Therapeutic Discovery Project
Sidecar Interactive Pennsylvania $17.33 ARC Angel Fund, Ascent Venture Partners, Ben Franklin Technology Partners, DreamIt Ventures, NextStage Capital, Osage Venture Partners
Bastille Networks Georgia $11.50 Bessemer Venture Partners
Notion AI Michigan $9.50 Accel Partners, Drive Capital, Hyde Park Angels, Silicon Valley Bank
Lytics Oregon $9.20 Comcast Ventures, Nick Brien, Rembrandt Venture Partners, Voyager Capital
Descartes Labs New Mexico $8.30 Correlation Ventures, Crosslink Capital, Cultivian Sandbox, Data Collective, TenOneTen Ventures
Zlien Louisiana $7.15 Abstraction Ventures, Altos Ventures, Brick & Mortar Ventures,  New Orleans Startup Fund, Operating Venture Capital
Nexosis Ohio $6.98 Matchstick Ventures, Rev1 Ventures, Techstars Ventures
Protenus Maryland $5.15 Arthur Ventures, Baltimore Angels,  DreamIt Ventures, LionBird, Maryland Technology Development Corporation, TCP Venture Capital
Sighthound Florida $4 Ironfire Ventures
Inspectorio Minnesota $3.82 Target Corporation
Pandoodle South Carolina $2.53 South Carolina Research Authority, Upstate Carolina Angel Network
Cyrcadia Nevada $2.45 Reno Angels North Carolina $1.63 The Startup Factory
EnsoData Wisconsin $0.55 HealthX Ventures, Y Combinator
YoloData DC $0.50 NA
Mycroft Kansas $0.46 Northland Angel Investor Network, Sprint Accelerator, Star Power Partners
Voxbright Technologies Idaho $0.25 Boise Angel Alliance
Info Assembly Arkansas $0.17 The ARK Delaware $0.10 AltaIR.VC
IntelliSpyre Arizona $0.03 NA

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