Big Data may have fallen off the Gartner Emerging Technology Hype Cycle in 2016, but Big Data and Artificial Intelligence startups are however still in the spotlight. An increasing number of tech entrepreneurs are finding innovative ways to harness the power of analytics to bring value to a wide range of companies in many sectors.
Some of the "once-startups now-giants" of this world, such as Uber and Amazon, have made Big Data a core part of their strategy - but how many startups are creating the technology to enable this shift towards data-driven business models? On AngelList, 4372 Big Data startups are listed with an average valuation of $4.5m, whilst in the Artificial Intelligence category, there 1926 startups listed with an average valuation of $4.8m.
The market for Big Data hardware, software and services grew 23.5% to $22.6 billion in 2015, according to market researcher Wikibon, and is expected to increase at a compound annual growth rate of 14.4 percent to $92.2 billion by 2026 - which make for enticing figures for startups looking to scale up fast.
So, which startups are we excited about in 2017? Who will the VCs be keeping their eyes on? Here are five that are on our radar:
Madrid-based startup, Geoblink, provides a geo-spatial intelligence platform which gives users instant access to powerful analytics features which allow them to extract insights to "fuel expansion and geomarketing strategies". Its founder, Jaime Sánchez-Laulhé (a computer scientist and MBA from Chicago Booth with experience in management consultancy at McKinsey) has a clear vision - to empower SMEs in making data-driven decisions. The team have already closed their second round of funding ($1.1m) from Nauta Capital and have solid foundations having taken part in the Lanzadera accelerator programme in Valencia.
3. Big ML
British-Israeli startup, Pixoneye, uses image understanding technologies to create analytical capabilities of mobile users for predictive personalization needs, based on users’ personal mobile photo galleries. Data mining on mobile devices still relies on primitive capabilities such as geolocation and browsing patterns and many companies attempt to create recommendations and predictions based on this primitive data. Pixoneye has created a technological solution that allows marketers and brands to analyze and personalize their mobile audiences based on their personal photo and video albums. After raising just under $3m in funding in 2016, the future looks bright for this Wayra-accelerated startup.
It's an exciting time to be an entrepreneur in the world of Big Data and Artificial Intelligence, but which startups do you think we should be keeping an eye on? Let us know in the comments section below.