IA FACT has already introduced you to some AI products offered to the market by the best British startups, according to Bloomberg.
Among other things, we’ve seen an app that optimises financial accounting, software that provides smart electricity distribution, AI and software for the military, software that speeds up programming of CNC machines, fights climate change by accelerating the discovery of sustainable materials, stimulates the transition to renewable energy sources, etc. Today, we invite you to join other entrepreneurial projects from the TOP 25 recognised by Bloomberg this year.
Autonomous driving in new situations
Wayve is developing ‘embodied artificial intelligence’ for autonomous cars that allows them to adapt to unpredictable situations, such as chaotic or unexpected actions by drivers, pedestrians or cyclists. The technology has already been tested on delivery routes for the Asda and Ocado grocery chains. The London-based company raised more than $1 billion in a funding round led by SoftBank, with investors including Microsoft and chipmaker Nvidia.
A platform that helps engineers create better cars
Secondmind’s software enables automakers to create more efficient vehicles. The company’s cloud-based products allow engineers to design, optimise and test their designs in a virtual environment. This can reduce the time to develop new cars to a few weeks or months.
The Cambridge-based company has a long-standing relationship with Japanese automaker Mazda, which uses their technology to improve engine tuning. Last year, the company raised $16 million from investors including Amadeus Capital Partners, Atlantic Bridge Ventures, and Cambridge Innovation Capital.
Online fashion marketplace to combat fast fashion
Frustrated by the impact of fast fashion on the industry, Victoria Prue co-founded Hurr, a peer-to-peer rental platform for luxury brands. Users can ‘rent’ or ‘borrow’ items for 30 days. Borrowers set the prices and ensure delivery. The company has more than 130 exclusive partners and offers retailers the opportunity to launch their own rental services.
Lightweight materials for spacecraft, cars and the defence sector
Startup IComat claims that its innovative use of carbon fibre can significantly reduce the weight of parts for industries ranging from combat aircraft to Formula 1 cars. This makes parts lighter and therefore more efficient. Lighter materials are also in high demand in the European space industry, as they can reduce the cost of launching rockets and spacecraft.
The start-up, a spin-off from the University of Bristol, has received support from the NATO Venture Fund and 8VC, which led a funding round raising $22.5 million to develop its protégé.
Hands-on cyber security training
Traditional cybersecurity training courses can be long, tedious and ineffective. Immersive Labs offers an alternative – hands-on cyber training through real-world simulations for the client’s entire workforce. The company’s clients include HSBC, Citi, and Pfizer.
Scenarios the company simulates include: data breaches, denial of service, insider threats, malware and ransomware attacks. It is also sensitive to the constant evolution of cyber risks – Immersive Labs often updates its content within 48 hours of a new threat.
Validating the carbon removal industry
Purchasing carbon credits has become a popular way for companies to reduce their environmental footprint and meet environmental goals. However, it can be difficult to verify the integrity of companies selling these credits.
Isometric aims to become the main registry for verifying startups that claim to remove carbon from the atmosphere. Their scientists are helping to develop protocols to ensure trust and uniform standards across the credit system. Last year, Isometric raised $25 million in seed funding and launched a public online platform where scientists and researchers can comment on data provided by carbon sequestration startups. This helps to ensure transparency and reliability in the carbon credit industry.
Machine learning-based antibody detection platform
LabGenius uses artificial intelligence to accelerate the process of creating new medical antibodies. The startup’s intelligent robotic platform can independently design, conduct and analyse its own experiments. The company uses this platform to develop therapeutic agents that can accurately identify and destroy cancer cells. During its latest funding round, LabGenius raised £35 million.
Making clinical trials more efficient
Typically, it takes 10-15 years to develop a new drug, goes through three phases of clinical trials, and costs more than $1 billion. Sano Genetics aims to reduce this time for precision medicine, where treatments are individually tailored based on DNA. Their platform combines genetic testing and patient engagement in clinical trials to help reduce the time and cost of developing new treatments.
A unicorn-style menstruation and fertility tracking app
Dmitri and Yury Gursky, brothers from Belarus, founded Flo, a menstruation and ovulation tracking app, after seeing the shortcomings of existing apps on the market. In addition to cycle and pregnancy tracking, Flo provides useful information on women’s health and offers a forum for discussion.
The London-based company has approximately 70 million monthly active users and about five million paid subscribers. It recently raised more than $200 million from General Atlantic, in part to focus on menopause, and has been valued at more than $1 billion.
Faster skin cancer screening
Due to a shortage of dermatologists, it can take weeks to get a referral for skin cancer treatment in the UK. To reduce the burden on the healthcare system, Skin Analytics has created an AI system. Their product, DERM, is able to analyse photos of moles and skin lesions taken on a smartphone in a few seconds and determine whether they are malignant, pre-malignant or benign. This allows dermatologists to focus on treating patients.
The company currently has 18 NHS partners using DERM and has screened more than 140,000 patients since 2020.
Debit card and app for families with dementia
People with dementia often find it difficult to manage their finances, leaving them vulnerable to fraud, overspending or losing money due to confusion. Jane Sibley founded Sibstar after seeing this first-hand with her mother. The Sibstar debit card she created allows family members to load and monitor funds through an app, helping the cardholder maintain financial independence and avoid fraud.
The Southampton-based company gained national attention when it won £125,000 on the TV show Dragon’s Den. It has partnered with Mastercard and the Alzheimer’s Society to improve the quality of life for people with dementia.
Quantum computing in the real world
The last Bloomberg-listed startup, ORCA, a spin-off of Oxford University, is developing photonic quantum computing systems. The company aims to make the power of quantum computing available for practical applications, including generative machine learning.
They are working with Nvidia and the Poznań Supercomputing and Networking Centre to create hybrid approaches that combine quantum and classical computing. The UK Ministry of Defence and Montana State University are among their customers; the latter has purchased two ORCA quantum computers with investment support from the US Air Force.
These examples demonstrate just the tip of the iceberg of a new and rapidly developing technological trend.
It is clear that AI startups are shaping our future, transforming various industries and making things possible that were previously unthinkable.
Tatiana Morarash
