From Healthcare to Agriculture, AI Looks To Transform the World

Artificial Intelligence, or AI, has been a big story so far this year, driving both ethical discussions and investor activity.

Open AI made significant news early this year with the rollout of its generative AI platform, ChatGPT, which was soon followed by a massive investment in the effort by Microsoft. Generative AI can automate, augment and accelerate work by leveraging unstructured data sets to create new content in the form of text, photos, video, code and even protein synthesis.

More recently, Microsoft signaled its intention to broadly offer AI solutions, collaborating with Meta’s Llama AI solution and monetizing it as part of its Microsoft 365 toolset with a monthly subscription price of $30 per user.

Big tech is rapidly establishing a foothold in one of the next great waves of innovation as companies leverage activities in AI applications that have driven up stock prices. Public markets are rewarding companies for taking the lead in adopting AI. Nvidia’s stock recently soared on announced growth in demand for its advanced chip sets, systems and software directed at AI. Chipmakers and other infrastructure-tool providers could be the primary beneficiaries of a growing AI arms race. Apple, Google, Salesforce and others have announced efforts to develop their own AI systems.

But how will AI shape the future and which companies will emerge as the leaders? While the large language models (LLM), such as ChatGPT, are garnering much of the attention, how businesses use and apply AI may be a more significant economic driver and the bigger opportunity for investors. Venture-backed companies are tackling large challenges across wide-ranging industries, including software development, cybersecurity, healthcare and diagnostics, logistics, industrial systems and agriculture.

Here are five AI-driven companies in which venture capital funds managed by AMG are invested:

• Teleskope Addressing cybersecurity, this company’s data-protection platform uses state-of-the-art LLM to provide swift, actionable insights with significantly greater accuracy. The platform enables organizations to target and fix vulnerabilities and allows developers to implement security protocols.
• Path AI This company uses AI to enhance diagnostics and care via pathology. Its tools can help accelerate drug development, improve confidence in the accuracy of diagnosis, and get life-saving therapies to patients more quickly.
• Augery Using advanced sensors deployed on industrial systems, this firm offers predictive analytics on monitoring and maintenance requirements. Augury uses purpose-built AI technology to help manufacturing and industrial companies eliminate production downtime, improve process efficiency, maximize yield, and reduce waste and emissions.
• Phytoform Labs This startup utilizes a proprietary machine-learning technology to target small changes in DNA sequences that will create maximum impact on agricultural crops.
• PlusOne Robotics This venture’s AI-directed robotics sort and classify parcels, instructing machines to pick and place packages for leading logistics and ecommerce organizations.

Businesses of all sizes are racing to understand how AI might help them establish new offerings, enhance efficiencies and better position themselves competitively. How these tools are used and the applications that emerge will create a fascinating future for us all.

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