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.
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 $313M in equity funding.
21 out of the 33 companies below have VC backing. Click on the image to enlarge.
|Company||State||Funding ($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|
|InsideSales.com||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|
|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|
|Pandoodle||South Carolina||$2.53||South Carolina Research Authority, Upstate Carolina Angel Network|
|Szl.it||North Carolina||$1.63||The Startup Factory|
|EnsoData||Wisconsin||$0.55||HealthX Ventures, Y Combinator|
|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|
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