Canada is one of the central hubs for startups focused on artificial intelligence. However, there are new AI startups being created every day, which is why we decided to create a list for you, regarding the top AI startups with over a million dollars in funding collected. These are some of the most promising AI startups, with some being funded by Microsoft and Intel.
Founded in 2016, Montreal startup Element AI has received over $102 million from popular organizations and companies like Microsoft Ventures, Intel Capital and Nvidia to create a platform that brings together academic AI research with real-world business implementation. Rather than creating an out of the box solutions, the company engages to develop client-specific AI algorithms that can be used to execute projects on a case-by-case basis aiming to maximize return on investment (ROI). After receiving their huge investment last year, the team has been busy opening offices in London and Toronto and hiring new people. They are not the largest privately-owned artificial intelligence R&D lab in Canada.
Founded in 2013, Rubikloud has raised $45.5 million to develop a suite of software-as-a-service products for the retail industry, with Intel Capital as a lead investor. The solutions include a promotion manager and a customer lifecycle manager, a big data platform that hosts machine learning applications, and a machine learning library. Retail enterprises can take all the data they already have, plug it into the big data framework, and the AI algorithms figure out the best course of action.
Founded in 2011, Maropost has raised $37 million in funding to develop their own take on AI-based marketing and sales platforms, while trying to take on CRM software giants like Oracle or Salesforce, Maropost’s applications make grand promises, like 70X return on investment for your marketing, spend. Maropost has really established itself as a major player in the marketplace with some high-profile names like Rolling Stone Magazine, the New York Post and Mercedes Benz Canada. It has been reported that 3x the click rates and 4x the open rates have been the results they have brought some of their top ticket clients. Originally growing from word of mouth, the company is now scaling rapidly, having doubled its workforce to 150 employees in 2017 and has been named Canada’s 3rd fastest growing company by Deloitte.
Analytics 4 Life
Founded in 2012, Toronto startup Analytics 4 Life has raised $29 million in funding to develop new medical imaging technology for cardiac diagnostics using AI algorithms. The imaging device is being developed specifically for the monitoring of coronary artery disease, and unlike other methods, there is no need for radiation, heart rate acceleration, or injections of contrast agents.
Founded in 2015, Waterloo startup ApplyBoard has raised $13.5 million to develop an AI-assisted online marketplace for international applicants. The company’s platform analyzes applicant profiles based upon academic background, rewards/certificates, desired studies and financial situation in order to recommend the best matches for each student. ApplyBoard states that they have an impressive 95% acceptance rate among the 10,000+ students who have used the service so far by answering six questions. ApplyBoard currently offers positions in more than 750 schools in the US and Canada and was created by international students facing the same challenge that they are trying to alleviate now.
Founded in 2011, Edmonton startup Granify is another company helping e-commerce retailers maximize sales using big data. They have raised $13.5 million in funding so far in order to develop a solution that monitors the minute details of customer behavior when they visit a website such as the time spent on viewing products, scroll speed, mouse movements, etc. All this information is gathered to develop an optimal customer journey throughout your website and to automatically deal with the potential objections of customers. The platform analyzes more than 400 data points per second in real-time and claims to deliver a 3-5 % increase in revenue within 90 days of implementation.
Founded in 2012, Staflo has raised $14.4 million to develop a sales acceleration tool that combines big data analyses and human sales coaching. Staflo’s data engine imports sales and customer relationship data removes duplicates and categorizes customer action items. The output of this process is a customized list of clients that are “low hanging fruit”. The combination of AI analytics and live sales coaching results in double-digit sales increases in 60 days and a minimum of four times the return on investment (ROI), Statflo claims. The company specifically targets wireless and technology retailers at the moment. The application interface looks like a step-by-step sales coach for dummies, something that may come in handy at offshore call centers.
Founded in 2014, Deep Genomics has raised $16.7 million in funding from Khosla Ventures to create an AI platform for gene-based drug development, using deep learning to analyze genomic data and identify genes responsible for certain diseases, then building drugs to address the behavior of these faulty genes. This company was first discovered due to there plan of applying deep learning to gene editing. To now, where their team has built a “library” of tens of billions of chemical compounds that can be searched efficiently using their algorithms, and which, based on their qualities, might become drug candidates. Deep Genomics has also teamed up with Wave Life Sciences (WVE) to explore drug candidates for the treatment of neuromuscular disorders that impair the proper functioning of muscles.
Founded in 2012, Montreal startup has raised $17 million to develop an Internet of Things (IoT) analytics solutions for consumer products and industrial assets. Clients can use mnubo’s software-as-a-service platform to receive close to real-time information on the usage and state of connected products ranging from coffee makers to mining machinery. Sensors in your washing machine tell its manufacturer which programs you use, when, and how frequently, for example. This information allows users to know the condition of their items and allows for predictive maintenance. Mnubo also offers IoT consulting for companies looking to develop their IoT strategy from scratch and provides the machine learning framework to make sense out of all your delicious big data.
Founded in 2015, Ottawa startup Interset has raised $24 million to develop cybersecurity solutions based on machine learning. Interset’s tools are built on an open big platform that is scalable to the size of each client. Unsupervised machine learning algorithms use all that delicious big data to look at the context of a threat to arrive at a conclusion, reducing false positives and flagging high-risk threats without the need for humans.
In conclusion, there are many different types of artificial intelligence startups that are popping up all across Canada. The following list just goes through the top 10 startups that have recently received funding of more than a million dollars.