How Artificial Intelligence is revolutionizing the startup industry

There was the first industrial revolution which began in the 18th century which was centralized on the usage of steam/water as power. Then there was the second industrial revolution which began in the 19th century through the discovery of electricity. The third industrial revolution came in the 1970s with the era of partial automation and computers began.

What is significant about artificial intelligence?

Artificial Intelligence gives machines the power to think, learn, and act as a human could, which means they can understand the world around them, learn, and make decisions, and then take the appropriate action. To do all of this AI needs data and lots of it for that matter. And the reason AI is part of the Fourth industrial revolution is that we have data, due to digitalization we have data more than ever before.

AI was invented in the 1960s and it is evolving ever since, now AI can take real-world financial decisions, chat with people, play games against humans, and work hand in hand with them. You would find an AI-driven system behind all the real-world applications. AI works in a sense-think-act cycle with the environment. Artificial Intelligence senses/takes in the data provided to it, makes a decision based on the experience, and finally performs an action affecting the environment.

It takes the data in the form of images, videos, sound, text, etc., analyses this data using AI algorithms, and delivers AI-powered solutions. The figure shows the sense-think-and-act cycle for an AI.

Start-Ups and Artificial Intelligence

AI and other businesses

Such a traditional sector like agriculture is undergoing some huge changes, in which AI is being used to intelligently plan what crops to plant, when, and where, to maximize harvests, which exponentially increases the efficiency of the farm, aeroponics is an artificial driven system with which crops or plants grow without soil or aggregate medium also referred as hydroponics or landless farming. AI can help farmers keep track of soil and weather conditions, and the health of crops. Data is even being gathered from farming equipment, to improve the efficiency of machine maintenance. Innovations of such intelligent machines are developed that can help in identifying and delicately sort cucumbers, picking up ripe soft fruits, and pinpoint pests and diseases.

Funding AI

AI and India

Advancement in AI is the highest priority, many R&D departments are working on them. AI has far more potential than we have right now, especially in the medical field. Healthcare start-ups are an important factor to our medical services and can provide significant help in the post-covid-crisis also some medical start-ups have received funding in 2019, such as Babylon Health, Tempus, and Freenome, which provide remote health check and diagnosis, cancer treatment with a simple blood test, and delivery of therapeutics.

The market for artificial intelligence in India is growing continuously. This can also be determined from the fact that the number of people looking for jobs in this field is witnessing a stark rise. Job search in the AI market has risen to 106% from June 2019 to June 2020.

Customer communication made easy

Customer interaction is the most basic form of communication between a company and its customers. Every single interaction between both of them is a new opportunity for the company to understand and satisfy customers and retain them. In the conventional process, customers used to interact with the employees of the company, holding the position of retail shop executive, salespersons, cashiers, customer relationship managers, etc. for all their needs, products, and services. The integration of AI to fill up the communication gap between the customers and the companies. This evolved customer interaction from human-to-human to human-to-machine. Intelligent Chatbots and virtual assistants are some intelligent ways adopted by companies to make communication an easier experience. These new ways are very user friendly, are efficient in solving delays, human errors, and gives out almost immediate personalized responses to the customers. Following are some of the examples of companies with their AI-driven chat boxes

1. Google duplex: For making real-world calls

2. 1–800-Flowers: Order flowers

3. North face: Product selection

4. Spotify: Discover weekly playlist

5. KFC: Facial recognition for order prediction

Currently, the most advanced conversational agents can automate simple, repetitive, low-level tasks and queries. However, developers are on their progressive path to make them capable of performing complex tasks, understand language emotions and more importantly the problems, and thus deliver an efficient and satisfactory/contented experience to the customers. Several global market intelligence firms have conducted various surveys and performed research activities to analyze the present and future of AI-based customer interaction.

Following are some examples of Indian Artificial Intelligence –

· Niramai Health Analytix

NIRAMAI is developing a novel software to detect breast cancer at a much earlier stage than traditional methods or self-examination.

· CropIn

CropIn is an intuitive, intelligent, self-evolving system that delivers future-ready farming solutions to the entire agricultural sector.

· Niki.ai

Niki is bringing the household consumption of Bharat online by building the digital localized agent for 500 million new internet users.

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