Deal of the Week: The Dawn of Artificial Intelligence

In 2019 there are more trends in tech than ever before—ranging from wearable tech to blockchain solutions. Many of these trends have been dubbed as ‘the next big thing,’ as people scramble to identify what is going to be the new internet, radio, or television of today. There is one trend that fits the bill, a trend capable of transforming the very social fabric of society: artificial intelligence.

Given that AI is “the simulation of human intelligence processes by machines” (a definition I had to Google myself, given that this term has turned into a buzzword that has been slapped onto almost every recent technological innovation), many concerns have arisen regarding the new technology and its role in precipitating a potential technological singularity.

As more and more companies begin to harness the power of AI, there seems to be no aspect of life that the technology cannot affect. Whether it is operations, logistics, recruitment, healthcare, dating, surveillance, or investing—AI can drastically alter the landscape of the field of its application.There are already several arguments in favor of the regulation of this technology even in its formative stage. Last week, the Financial Times, among other newspapers, discussed the lack of internationally standardized principles in AI. Meanwhile, in congress, the fight against AI has already begun with a hearing on banning the use of facial recognition in state surveillance set to take place.

On this edition of Deal of the Week, Impakter examines startups leveraging this powerful, and controversial, technology to make the world a better place.

Tempus

In the photo: Inside of one of Tempus’ labs in Chicago. Photo Credit: Tempus

Based in Chicago, this startup utilizes Artificial Intelligence to allow doctors to interpret and harness their patient’s data to augment the precision of cancer treatment. Tempus provides genomic sequencing services and allows patient analysis at a molecular level.

In general terms, the tools provided by the company allow doctors to see if there have been similar patients and what treatment had been applied in those cases. This enables doctors to understand how to treat non-standard cases of cancer. By collecting clinical data, Tempus reduces the guesswork involved in modern-day medicine practices, greatly enhancing medical treatment. Started by the co-founder of Groupon in order to help his wife in fighting cancer in 2015, the company has skyrocketed to over $500 million in funding.

AMPAworks

In the photo: A doctor utilizing AMPAworks’ inventory anlaytics suite. Photo Credit: AMPAworks

In contrast to the previous startup, AMPAworks has only raised $500k through its pre-seed and seed rounds. Also based in healthcare, this startup aims to cut down on billions of dollars of costs that are the consequence of supply chain inefficiencies in clinics and hospitals. A key issue facing doctors is the time-consuming task of tracking inventory. Further problems arise when inventory goes missing and patients must return to the clinic at a later date in order to receive the treatment that they require.

AMPAworks harnesses the power of AI in image-recognition technology that can keep track of the inventory in real-time. The product, a small cube-shaped device, comes with a mobile suite that provides doctors with the data needed to keep track of their inventory. The effects of this technology include greatly reduced inventory costs and, more importantly, a decrease in the man-hours that go towards keeping track of inventory.

Imago AI

In the photo: A visualization of how Imago AI processes the aesthetic qualities of a plant. Photo Credit: TechCrunch

On a previous edition of Deal of the Week, we discussed how startups are battling the food-waste crisis. One aspect of the issue was imperfect vegetables and fruits being discarded due to their appearances. Not only is the staggering amount of food waste a major produce market inefficiency, but there are also inefficiencies within the inefficiency itself.

The task of sorting produce based on aesthetic is extremely time-consuming, and Imago AI modernizes this process by using an image-based AI system in order to speed up the process. However, the impact of Imago AI does not end there. The technology can be applied to monitoring the growth of crops and the quality of the seeds that are used for those crops.

The AI can pick-up characteristics that a human would not be able to manually distinguish, allowing the breeding of high-quality crops. Furthermore, the technology can tell farmers which locations of their land grow to produce with the fewest imperfections.

Conclusion

Having scoured the internet for promising Artificial Intelligence startups that primarily provide products and services to customers—instead of corporations, it is clear that the technology is still very much in its nascent stage.

Image-recognition is the most popular and advanced use of artificial intelligence, while more complex applications are mainly the products of large corporations or startups backed by large corporations. Most commonly, AI is used to enhance business operations. As a consequence, the individual consumer is yet to see the impact of AI first hand, and it will be quite some time until AI brings the sweeping societal change that is promised.

In the cover photo: Artificial intelligence symbolPhoto Credit: pxhere.


EDITOR’S NOTE: The opinions expressed here by Impakter.com columnists are their own, not those of Impakter.com. 

About the Author /

I am a student at Stevens Institute of Technology majoring in Quantitative Finance. As a start-up reporter for Impakter, I look to reach out to CEOs of start-ups whose focus is on sustainable developments. My passions are business, technology, and soccer.

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