Global business data intelligence platform CB Insights recently came out with its 3rd annual list of 100 ‘most promising’ artificial intelligence (AI) startups globally. While 77 of them belongs to the US, 6 each are registered in China, Israel and the UK. The remaining are from other countries including Japan and India.
However, Niramai – a Bengaluru-based AI-powered breast cancer screening solution is the only start-up from India that has made it to the list this year.
“It was surprising to know that we were the only company from India to list. They did a pro-active analysis based on data like market and media sentiments about the company, patents, team quality etc.,” Niramai’s founder and CEO Dr Geetha Manjunath told FE Online.
CB Insights selected 100 start-ups from over 3,000 companies globally based on “patent activity, investor profile, news sentiment analysis, proprietary mosaic scores, market potential, partnerships, competitive landscape, team strength, and tech novelty,” it said.
CB Insights uses companies’ public data and predictive algorithms to rate their existing performances as mosaic scores.
“The list is of most promising private companies providing hardware and data infrastructure for AI applications, optimizing machine learning workflows, and applying AI across a variety of major industries,” CB Insights said.
100 companies were categorized across 18 categories including agriculture, auto, healthcare, government, finance/insurance, retail, data management, cyber security, semiconductor etc.
Niramai was picked under healthcare segment that listed 13 other start-ups. It was also the 3rd startup in the list that raised least amount of capital – with just $6 million raised since its launch in July 2016.
“Breast cancer is one of the biggest problems in women healthcare which has the potential to make a huge business and social impact.
“Niramai is the only company in the world currently that uses AI-based thermal image processing and machine learning algorithms for reliable and accurate breast cancer screening,” Manjunath said.
The start-up aims to replace existing method of mammography, which has high equipment cost and required experienced radiographers. Its solution called Thermalytix is radiation free, non-touch, non-painful imaging method, said Manjunath.
Niramai has so far partnered with 21 hospitals in 9 cities to deploy it solution. “Innovative solutions take time to get adopted,” she said on the rate of deployment. The start-up is also looking at rural penetration for its solution apart from metro and tier I and II cities.