Artificial intelligence (AI) is changing the way people do business and their business models, too. In 2019, AI startups received $28.5 billion in funding across more than 2,300 deals, according to CBInsights. Businesses are using AI to improve customer services, analyze data, predict performance and more.
The growth in the AI sector also is evident here in Wisconsin. One such example is Synthetaic, an artificial intelligence data company based in Delafield that recently received funding from TitletownTech, a venture-fund in Green Bay. Synthetaic uses technologies and 3D modeling to create images to train machines, which helps anti-poaching efforts, the medical field and national security. For example, AI can determine the type of brain cancer mid-surgery, helping the surgeon determine how the cancer can be treated.
An example of mobile applications is Concurrency. Its platform, called AI for Good, assists workers with disabilities by creating a virtual guide to help individuals perform a job and a series of tasks that they may not otherwise be able to complete on their own. So far, AI for Good has worked with Gigi’s Playhouse Down Syndrome Development Center to test the technology among individuals with cognitive disabilities.
The University of Wisconsin is the birthplace of Simple Machines, which recently moved to San Jose. It developed a computer chip to revolutionize AI by running more programs at the same time, processing data faster than other chips while also using less energy. Simple Machines hopes to sell the chips to companies doing cloud computing that support many aspects of online life, such as image recognition or video recommendations.
Another tech company founded by a UW-Madison professor is DataChat, which closed a $4 million funding round in October. Its platform helps businesses obtain insights from their data through chatting with the platform without the need for coding experience. Founder Jignesh Patel, a serial entrepreneur, has seen success with several exits in the past few years.
Wisconsin also is poised to continue churning out innovative AI technology. Foxconn, a multinational electronics manufacturer with a plant in southeastern Wisconsin, launched the iAI Institute earlier this year. It focuses on training the workforce of tomorrow and sharing Industrial AI knowledge across industries. It recently concluded its first “Industrial AI Data Challenge” in which data scientists developed solutions to real-world industrial problems for prizes.
