The United States of Artificial Intelligence Startups

Startups across 39 US states are applying artificial intelligence tech across industries like marketing, healthcare, retail, and more.

Funding to artificial intelligence startups is soaring. Last year, VCs invested a record $9.3B into US AI startups — more than 8x funding levels just 5 years ago ($1.1B in 2013).

In 2018, the top 3 states for AI deals were California (48% of deals), New York (12%), and Massachusetts (9%), though investors have bet on AI startups across the country.

Using the CB Insights database, we mapped out the top-funded AI startup in every US state.

Collectively, these startups have raised over $5B, with leading companies such as Butterfly Network (Connecticut, $350M in total disclosed equity funding), Welltok (Colorado, $339M), and InsideSales.com (Utah, $264M).

Our analysis looked at equity funding to private, VC-backed AI startups that have had an equity deal in the last 5 years. We exclude funding from debt, loans, and lines of credit.

KEY TAKEAWAYS

  • The most well-funded US artificial intelligence startup is Nuro, with over $1B in disclosed equity funding (as of 03/13/2019), including a $940M Series B from SoftBank. The California-based startup is developing autonomous vehicles, with a focus on last-mile delivery.
  • Nuro is followed by Illinois’ Avant ($655M) and Massachusetts’ Indigo Agriculture ($617M).
  • There are 7 unicorn startups on our map: agtech startup Indigo Agriculture ($3.5B valuation), Nuro ($2.7B), alternative lending startup Avant ($1.9B), AI-powered predictive sales acceleration platform InsideSales.com ($1.7B), salestech startup Afiniti ($1.6B), healthcare startup Butterfly Network ($1.3B), and data analytics company Dataminr ($1.2B).
  • 12 startups on the map have raised over $100M in disclosed equity funding. They include cybersecurity company StackPath ($180M) and fintech companies Opera Solutions ($122M) & Petuum ($108M).
  • 29 startups on this list have raised <$10M in equity funding. The startup with the least funding on the list is Rhode Island’s The Innovation Scout, a SaaS platform that has raised $50K.
State Company Total Equity Funding ($M)
Arizona Cyr3con 1.5
Arkansas Info Assembly 0.2
California Nuro 1,032.0
Colorado Welltok 339.4
Connecticut Butterfly Network 350.0
DC Afiniti 101.5
Delaware ICM Hub 3.1
Florida Kairos 14.5
Georgia Bastille Networks 40.0
Illinois Avant 655.0
Indiana SmarterHQ 37.8
Iowa IDx Technologies 43.0
Kansas RiskGenius 8.0
Kentucky Lucina Health 24.5
Louisiana Zlien 17.2
Maryland Protenus 19.2
Massachusetts Indigo Agriculture 616.5
Michigan May Mobility 37.1
Minnesota Inspectorio 13.8
Missouri Benson Hill Biosystems 94.2
Nevada Clone Algo 40.0
New Hampshire ArtBnk 2.6
New Jersey Opera Solutions 122.2
New Mexico Descartes Labs 38.3
New York Dataminr 569.2
North Carolina Somnoware 12.5
Ohio Wiretap 11.1
Oklahoma iRecommend Software 1.9
Oregon Lytics 58.3
Pennsylvania Petuum 108.0
Rhode Island The Innovation Scout 0.05
South Carolina ENGAGE Talent 5.4
Tennessee Digital Reasoning Systems 105.6
Texas StackPath 180.0
Utah InsideSales.com 264.3
Vermont Faraday 5.5
Virginia Binary Fountain 89.7
Washington Icertis 96.5
Wisconsin EnsoData 2.1

This study was conducted by CBInsights and originially appeared here.

 

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