10 Machine Learning Startups in London to Watch in 2021
CEO Ram Tumuluri “According to Fortune business insights, the global machine learning market is expected to grow at a staggering compound annual growth rate (CAGR) of almost 39.2% and reach $117.19 billion by 2027, driven by venture capital funds. Venture capitalists have shown an insatiable appetite for machine learning startups around the world. In this article, we bring you 10 exciting machine learning startups in London to watch in 2021.
Ram Tumuluri “Since 2011, machine learning and AI has been the top-performing sector in the UK, and almost two-thirds of these businesses have their headquarters in London”
Zego is an insurance technology (insure-tech) firm that is the first of its kind to obtain Unicorn status. The startup uses AI and machine learning to help businesses and people get flexible and affordable insurance. Zego employs behavioral data from drivers to price policies more accurately. The company has raised over £145 million from backers, including Balderton, DST Global, Target Global, General Catalyst, and Local Globe.
Chip is a unique app that puts money aside on behalf of the users so they can save for their goals without thinking about it. It’s a free app that uses AI to determine what to save, notifying users when money is ready to be set away (with an option to cancel). The firm has already exceeded its goals for the year, making 2020 a year of record growth.
Quantexa is a machine learning firm that specializes in cybersecurity. The startup develops AI and machine learning technology that flags potential illegal activity and secures customer data. The company collaborates with organizations and trade associations that deal with massive amounts of data to develop analytical models that highlight data risks, reveal opportunities, and improve decision-making.
Cognino AI is a machine learning firm that focuses on explainable AI. Explainable AI is a set of tools and frameworks that make it easier to explain the decisions made by machine learning algorithms. This is in contrast to most machine learning frameworks, which use the “black box” concept, in where consumers can’t actually see how the AI makes decisions. Cognino AI enables businesses to connect with all their data points and provides human-like learning, understanding, and decision making.
Envisics is a London-based startup developing augmented reality (AR) holographic head-up display (HUD) technology for cars. They aspire to deliver safer driving experiences to their users. Envisics is all set to scale its business operations globally as demand for its AR-HUD technology from key automobile manufacturers continues to grow at an exponential rate.
Neurons Lab is a machine learning startup that provides consultancy services to organizations looking to incorporate AI into their products and services. They were one of the first firms to examine CCTV video feeds and utilize deep learning algorithms to identify people with COVID-19 symptoms in early 2020. With up to 60% accuracy, their machine learning models could spot potentially dangerous people based on their visual symptoms.
Graphcore has developed a new type of machine intelligence processor to accelerate machine learning and AI applications. Their unique architecture has enabled substantial advancements in AI and machine learning. Graphcore became a Unicorn firm in just two years, with a $2.77 billion valuation at the start of 2021.
OneTrust is a machine learning company based in London that helps customers in managing and securing their privacy, cybersecurity, and third-party risk. OneTrust is used by over 8,000 major and small businesses to help them comply with privacy and security laws. The company was valued at $5 billion at its most recent investment round, making it one of the UK’s top Unicorn companies.
Kheiron Medical’s main goal is to use AI and machine learning to assist clinicians in detecting breast cancer. The firm’s technology helps locate tumors more quickly and precisely. Mia, the company’s proprietary software, got European regulatory approval in 2018. Kheiron Medical also received a £1.59 million grant from Innovate UK.
Harbr is a machine learning firm that has created a one-of-a-kind web-based platform that allows businesses to tap into each other’s data for business intelligence. It’s basically a data collaboration platform that allows ecosystem players to develop, exchange, and sell information. The firm also supports businesses in commercializing their data and maximizing their income potential.