Top-funded artificial intelligence (AI) startups in the U.S., according to CB Insights
Back in March, we wrote about the top 100 most innovative artificial intelligence (AI) startups, based on data from CB Insights, a research firm that predicts technology trends. Now, CB Insights has just released its 2020 report of the top-funded artificial intelligence (AI) startups in the United States. The report also includes the latest US of AI map, where they show the most well-funded private AI company in each state and AI startups working across a range of industries.
The report also includes startups in 43 US states that are applying artificial intelligence tech across industries like marketing, healthcare, retail, and more. According CB Insights, funding to AI startups has been on the rise in the past few years. In 2019, AI startups received a record $28.5 billion in funding across over 2,300 deals — a 20% increase in funding to the sector.
In 2019, the states that saw the most equity deals to AI startups were California, New York, and Massachusetts, though investors have bet on AI startups across the country.
Despite the ongoing coronavirus pandemic, 2020 has seen sustained momentum — AI deals declined in Q1’20, but funding jumped by 51% from the previous quarter to hit $8.4B. There have also been big exits in the space, including Amazon’s $1.2B acquisition of autonomous driving startup Zoox in June and AI-powered insurance provider Lemonade‘s eye-popping IPO in July.
Using CB Insights data, the firm mapped out the top-funded AI startup in every US state. Collectively, these startups have raised nearly $7.5B in funding, with leading companies including Indigo Ag (Massachusetts, $1.1B in disclosed equity funding), Nuro (California, $1B), and Avant (Illinois, $655M),
Below are the key takes from the CB Insights report:
- The most well-funded US artificial intelligence startup is New York’s UiPath, with over $1.2B in disclosed equity funding, including a $225 Series E in July 2020. The robotic process automation startup received a “deca-corn” valuation of $10.2B following its most recent round.
- Rounding out the top 3 are Massachusetts’ Indigo Ag ($1.1B in funding) and California’s Nuro ($1B).
- There are 9 unicorn startups on our map: robotic process automation vendor UiPath ($10.2B valuation), autonomous vehicles software provider Argo AI ($7B), agtech startup Indigo Ag ($3.5B), autonomous vehicles developer Nuro ($2.7B), alternative lending startup Avant ($1.9B), AI-powered predictive sales platform XANT ($1.7B), sales tech startup Afiniti ($1.6B), business sales communication platform Outreach ($1.3B), and healthcare startup Butterfly Network ($1.3B).
- Fifteen startups on the map have raised over $100M in disclosed equity funding, including cybersecurity company StackPath ($396M), health platform Welltok ($339M), and manufacturing marketplace Xometry ($111M).
- Thirty startups on this list have raised more than $10M in equity funding. The startup with the least funding on the list is Rhode Island’s The Innovation Scout, a SaaS platform that connects enterprises with startups, accelerators, and more. The company has raised $50K.
- Fourteen startups on the map have raised fresh infusions of capital this year, while 16 companies last raised funding rounds in 2019.
|State||Company||Total Equity Funding ($M)|
|Missouri||Benson Hill Biosystems||127|
|Tennessee||Digital Reasoning Systems||116|
|New Mexico||Descartes Labs||58|
|Idaho||Natural Intelligence Semiconductor||0.68|
|Rhode Island||The Innovation Scout||0.05|