The problem with these systems is that their accuracy can fluctuate, and developers can be left scrambling to repair their issues. Arthur.ai wants to change all that and has passed a major milestone on its mission to make sure these machine learning algorithms function as intended.
The New York-based startup recently managed to raise $15 million in Series A funding for its project from venture capital investors like Index Ventures, Acrew, and Plexo Capital, who say the company is headed for big things.
Mike Volpi of Index Ventures expressed his confidence in the project and said it was filling a crucial need in the market: that of confidence in the artificial intelligence (AI) “stack,” or the collection of component parts that make the build and implementation of AI possible.
“One of the most critical aspects of the AI stack is in the area of performance monitoring and risk mitigation,” he said. “Simply put, is the AI system behaving like it’s supposed to?”
Volpi believes Arthur’s systems help make sure they do.
The startup’s numbers reflect this belief. In the midst of the coronavirus pandemic, Arthur managed to grow revenues by 300%. Chief executive and co-founder Adam Wenchel told TechCrunch that he credits this growth to increased communication with both traditional tech companies as well as newcomers.
“Over the course of 2020, we have begun to open up more and talk to [more] customers,” Wenchel said. “And so we are starting to get some really nice initial customer traction, both in traditional enterprises as well as digital tech companies.”
The Global AI Market
Despite being a relatively young company, Arthur has already seen a remarkable amount of success and is well on its way to becoming a significant player in the AI startup space. It’s not merely the company’s current performance that backs this up, but market trends as well.
The global AI market, according to market research firm Grand View Research, was valued at $39.9 billion in 2019 and is anticipated to grow at a compound annual growth rate of over 40% during a five-year period. This amount of sustained growth is remarkable over this period of time and is a signal to further continued success for the companies in this industry.
Grand View Research attributes this success to the wide variety of industries in which AI technology can be deployed. Sectors from technology to healthcare and agriculture all utilize AI and have enabled huge gains in each market to take place.
AI in Agriculture
Agriculture is one area in which AI is being utilized even at some of the most influential parts of American government. The United States Department of Agriculture is currently using AI to improve crop yields across the country, resist disease, and create a more sustainable future.
The project, dubbed the AI Institute for Next Generation Food Systems, aims not only to increase the sustainability of America’s food systems and also educate future generations about the importance of these issues.
“Also, one of our goals is to help young people understand the value of where their food comes from, and to see themselves in future agriculture and food careers,” said Dr. Danielle Lemay, a USDA research molecular biologist at the USDA Agricultural Research Service’s Western Human Nutrition Research Center.
“The opportunity is to create more workers at all levels who have both AI and food system expertise,” she said. “This includes engagement at every level – from K through 12 and at community colleges, summer internships, and field days with farmers.”
Such important work would likely not be nearly as effective without the important work of AI and companies that maintain its functionality. Arthur is only one company performing this sort of work, but the company’s quick growth is proof that the market values it and will, in all likelihood, continue to do so.
About the Author
Elijah Labby is a graduate of the National Journalism Center. He has previously written for Broadband Breakfast, a technology and internet policy website.