April & May 2021: Top Investments in Artificial Intelligence

Analytics Insight has listed top investments in artificial intelligence of April and May this year.

The tech sphere is showering money recently. For the past two decades, artificial intelligence was encountering significant growth across many domains. But thanks to the Covid-19 pandemic, the adoption was further accelerated. The sudden surge in disruptive technologies' usage has eventually opened the door for investments in artificial intelligence. Investors are also looking to back AI companies that will one day flourish like Apple, Google, Netflix, Amazon, etc. Artificial intelligence is an umbrella term that covers many topics including machine learning, data analytics, data science, natural language processing, etc. Therefore, companies supporting these disruptive technologies are also enjoying AI funding. Analytics Insight has listed top investments in artificial intelligence of April and May this year.

Top artificial intelligence investments and funding in April/May 2021

Vernacular.ai

Amount raised: US$25 million

Transaction type: Series A

Key investor(s): WestBridge Capital

Vernacular.ai, an artificial intelligence-based voice start-up headquartered in Bengaluru, India, has secured US$25 million from WestBridge Capital. The company is currently valued at US$100 million. The fund will be devoted to driving the company's growth as an AI-first SaaS enterprise that is motivated with the aim to become the leading voice automation or artificial intelligence platform in the world.

Ada Health

Amount raised: US$90 million

Transaction type: Not disclosed

Key investor(s): Bayer, Samsung

Ada Health, a German-headquartered artificial intelligence-based digital health company has raised US$90 million in a funding round led by Bayer and Samsung. Bayer invested from Bayer AG's, while Samsung Electronics pitched in the fund through Samsung Catalyst Find. Founded in 2011, Ada Health is a doctor-in-your-pocket-style app that uses artificial intelligence to diagnose symptoms of various diseases. Ever since its inception, the application has seen 11 million downloads. The secured fund will be used to further enhance its functionalities.

Faculty

Amount raised: US$42.5 million

Transaction type: Not disclosed

Key investor(s): Apax Digital Fund

British artificial intelligence company, Faculty has secured US$42.5 million in growth funding from the Apax Digital Fund. The start-up has so far raised US$56.6 million in funding to date. Earlier, in April, Faculty announced that the company has won a contract to work with the United Kingdom's NHS to better predict future needs. Faculty has previously secured seven other UK government contracts including in the National Crime Agency, Red Bull, Virgin Media, and Moonpig. Following the fundraising, the company has put out a statement that it will now create over 400 new jobs across its engineering, product, and delivery teams.

PathAI

Amount raised: US$165 million

Transaction type: Series C

Key investor(s): D1 Capital Partners, Kaiser Permanente

PathAI, a Boston start-up that develops artificial intelligence-based technologies to augment the work of pathologists has raised US$165 million in a Series C funding round co-led by D1 Capital Partners and Kaiser Permanente. Many more investors including Bristol Myers Squibb, Labcorp, and Merck's Global Health Innovation Fund have also joined the funding round. The company announced that the influx of funds will be put towards growing its commercial reach and the platform's clinical research capabilities. The financing will help the company adopt its technologies for use in new disease indications beyond its current work in the diagnosis and treatment of cancer and non-alcoholic steatohepatitis, or NASH. The funding will also aid PathAI's platform into all facets of biopharmaceutical research and drug development.

Hwy Haul

Amount raised: US$10 million

Transaction type: Series A

Key investor(s): Eileses Capital, BluePointe Venutres

Hwy Haul, a California-based supply chain logistic company has raised US$10 million in a Series A fund led by Eileses Capital, BluePointe Ventures. Other investors including AgFunder, True Blue Partners, and other angel investors also participated in the funding round. Hwy Haul is using artificial intelligence, machine learning, and optimization algorithms to connect fresh produce with carriers across North America.

Hyro

Amount raised: US$10.5 million

Transaction type: Series A

Key investor(s): Spero Ventures

Hyro, an AI-powered adaptive communications platform has closed a US$10.5 million funding in a Series A round led by Spero Ventures. Leading cloud communications platforms including Twilio Inc and Mindset Ventures also participated in the funding round. Hyro announced that the company will use this amount to replace chatbots and IVR systems with adaptive communications. Besides, Hyro is also planning to fire top talent across all departments to support its enhancement of customer's web, mobile, and call center solutions, while also expanding its presence across key industries.

Impress.ai

Amount raised: US$4 million

Transaction type: Series A

Key investor(s): Summit 29K

Impress.ai, a start-up specializing in enterprise recruitment solutions, has bagged US$4 million in pre-Series A funding led by Summit 29K and joined by Seeds Capital, the investment arm of Enterprise Singapore. Impress.ai will use the find to expand its geographical presence into Australia, Hong Kong, and Taiwan. The company will also accelerate product development and increase marketing and attract more talents.