Top 3 Most Funded AI Startups in Retail – An Overview

  • “The retail industry could be losing nearly $1 trillion in sales annually due to business process errors that could be automated by AI
  • Signifyd is the most well-funded AI startup in the fraud detection industry for retail and eCommerce, having raised $180 million. They were founded in August 2011 and specialize in fraud detection for retail and eCommerce companies.
  • Sift boasts a total of $106.6 million in funding. Their chief product is called Account Defense, and it also purportedly uses anomaly detection technology.
  • Capillary Technologies has raised $102.1 million. The company was founded on August 1st, 2008. One of their main AI products is Engage+, a digital platform for digital marketing including ad campaigns, sales emails, and scheduled sales calls”

Artificial Intelligence in Retail Banking – Current Applications

  • “One AI company offering fraud detection to retail banks is Threatmetrix, a subsidiary of LexisNexis. Their Dynamic Decision Platform purportedly improves account authentication and identity verification.
  • SAS offers a predictive analytics software called Credit Scoring for SAS Enterprise Miner. The solution is an added capability of their larger Enterprise Miner solution. The software’s machine learning algorithm sifts through a client bank’s enterprise data for all relevant information regarding the customer’s financial history. The software then uses predictive analytics to determine a customer’s credit score based on that data.
  • Chatbots can also be developed to field questions in more than one language. Finn AI offers NLP software that they claim can help banks develop and train accurate chatbots. They claim their software also features sentiment analysis, which allows the chatbot to determine whether the sentiment behind a message is positive or negative.”

Where is AI Used the Most? In Cybersecurity

  • “Data suggests that artificial intelligence was put to work in a cybersecurity capacity more than in any other area of service last year. With the use of deep learning algorithms, AI is leading the charge on a secure internet.
  • Specifically in detecting and deterring security intrusions, with 44 percent of all AI applications being used for that purpose.
  • Azure Sentinel, Microsoft’s cloud-based SIEM (security information and event management) tool is one such example of an artificial intelligence that doesn’t just automate security operations tasks but uses algorithms to learn from its actions. Like any AI, the more data it receives, the more accurate its decisions are in identifying threats and responding to them.”