“A lot of the conventional email security companies built technologies that stopped attacks they’ve seen before by memorizing ‘known bad’ behavior,” says CEO Evan Reiser. BEC occurs when a bad actor compromises legitimate corporate email accounts, masquerading as an employee and tricking anyone from the CEO and CFO to the human resources manager into transferring large sums of money or sensitive documents. That’s more than half the $3.5 billion total loses to cybercrime.
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Instead of viruses, spam or ransomware, Abnormal Security’s cybersecurity software targets business email compromise (BEC) attacks, which cost businesses nearly $1.9 billion in 2020, according to the FBI. Headquarters: San Francisco Founders: Evan Reiser (CEO), Sanjay Jeyakumar Funding: $74 million Valuation: $500 million Carol Reiley, AI entrepreneur and scientist former president, Drive.AI and Raquel Urtasun, professor of computer science, University of Toronto.
This year’s judges included: Tonya Custis, director of AI research, Autodesk Michael Jordan, professor of computer science, University of California, Berkeley Xuezhao Lan, founding and managing partner, Basis Set Ventures Andrew Ng, cofounder, Coursera computer science adjunct faculty, Stanford University Fay Cobb Payton, professor of information technology and analytics, North Carolina State University Gill Pratt, CEO, Toyota Research Institute chief scientist, Toyota Motor Corp. Silicon Valley remains the hub for AI startups, with 37 of 50 honorees coming from the San Francisco Bay Area. In terms of valuation, at least 13 of the AI 50 are valued at $100 million or less, while 13 are unicorns valued at $1 billion or more.
This 2021 list features 31 companies appearing for the first time, while seven have qualified for three years in a row. “I'm finding that for multiple companies, by starting to help enterprises efficiently get the data they need to feed into an open source model, that's the key to unlocking the value for that business.”
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“There are plenty of open source models that you can download that work just fine for a problem, but what really needs to be customized is the data,” he says. Looking ahead, judge Andrew Ng, founder of Google Brain, cofounder of Coursera and founder and CEO of Landing AI, sees more opportunities for AI to help manufacturers and healthcare providers with data tailored to their specific needs. Autonomous vehicles are again represented on the list, this year by Gatik, which sees “middle mile” driverless deliveries as a lucrative, early market to target. Companies reliant on natural language processing, such as Duolingo, Lilt and Whisper, which developed an AI-enabled hearing aid, are yet another core category.
Healthcare and biotech research, as conducted by Komodo Health, Genesis Therapeutics and Verge Genomics, remains a key area for advanced AI, as is computer vision, with companies such as Viz.ai and AMP Robotics using the technology to improve health care and waste recycling. Among trends this year are what Sequoia Capital’s Konstantine Buhler calls AI workbench companies-building of platforms tailored to different enterprises, including Dataiku, DataRobot Domino Data and Databricks.
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