AI and robotics in 2021

2020 was a tough phase for all of us in different ways. The Covid-19 pandemic shut down the world and the global economy received a harsh blow. However, this crisis accelerated the development and adoption of disruptive technologies across all sectors. Many industries embraced artificial intelligence, automation, robotics, machine learning, and other technologies to stay agile and enhance growth. According to Artificial Intelligence Index by Stanford University’s Institute for Human-Centered Artificial Intelligence, the drug discovery sector received the highest amount of private AI investments in 2020, with more than USD 13.8 billion. This year has not been any different since investors are pouring funds into automation and robotics to various startups and companies. Let us look at the top 10 transactions in Q1 of 2021 by classifying them into different sectors by AI and robotics in 2021.

Healthcare

Everybody is aware of how the healthcare system almost collapsed with the onset of the Covid-19 pandemic. The incorporation of disruptive technologies like artificial intelligence and robotics enabled the sector to normalize telemedicine, customized patient monitoring, and other services. As stated earlier, technology played a pivotal role in drug discovery during the crisis. Here are some major transactions that happened in this sector in the first quarter of this year.

  • Insitro raised an amount of USD400 million in Series C funding led by Canada Pension Plan Investment Board and others. Insitro powers drug discovery solutions through predictive models and machine learning. The company states that it will use the proceeds to further expand its solutions and enable the development of many pipeline projects. 
  • Edda Technology raised USD150 million in a recent investment round led by Softbank Vision Fund 2. Edda Technology is a surgical robot developer and a leader in medical imaging-assisted precision surgery. The company aims to improve precision surgery by integrating intelligent robots and medical imaging analytics. Reports suggest that the new funding will be used to enhance the AI-powered surgical robots market and develop medical image-based cancer detection. 
  • MFine acquired USD16 million in a funding round led by Heritage Capital and other investors. The funding was raised in January 2021 and plans to use it for developing its telehealth and digital diagnostics services by investing in techs like AI. MfIne is an on-demand digital healthcare platform that offers telehealth services including health check-ups, diagnostics, and preventive medicine by leveraging the capabilities of artificial intelligence.

Commercial Business and RPA

Enterprises have been striving to maintain their market value amidst the pandemic scenario. Technology played a significant role in enabling this vision by enhancing automation by bringing in technologies like RPA, AI, machine learning, etc. Here are some RPA and commercial business intelligence providers that attracted investments in Q1 2021.

  • UiPath announced that it closed USD750 million in Series F funding in February. Alkeon Capital and Coatue were the key investors. This massive amount was raised at a post-money valuation of USD 35 billion. On a mission to enable fully automated enterprises, UiPath is a leader in providing business automation. UiPath efficiently uses robotics and automation to enhance the workspaces and incorporate business intelligence. 
  • OxeFit acquired funding of USD12.5 million at the close of a Series A funding led by Lydia Partners in February. OxeFit is a fitness training platform that leverages artificial intelligence and robotics. It offers an integrated fitness experience and its services extend to lifestyle coaching, nutrition, mindfulness, etc.

Manufacturing and Supply Chain

Like other industries, automation seeped into the manufacturing sector. The use of disruptive technologies like IoT, AI, robotics, etc., is widely appreciated in streamlining the supply chain and inventory management. Let us look at some of the transactions here. 

  • Ambi Robotics raised USD 6.1 million in seed funding led by Bow Capital, The House Fund, and Vertex Ventures in March. Ambi Robotics develops and offers robotic solutions for streamlining the end-to-end supply chain. The company simas to solve complex problems in supply chain management by leveraging AI, simulation, robotics, etc. The plan is to use the funds to expand its reach and operations.
  • SpaceX raised a whopping USD850 million in venture funding recently. According to reports, this fund acquisition will bring the total valuation of SpaceX to USD 74 billion. SpaceX by Elon Musk manufactures, designs, and launches advanced rockets and spacecraft. The company has done a total of 118 launches and 80 landings since its inception in 2002.

Fintech 

Digital financial services is another emerging sector that has changed the mode of financial activities. Everything is virtual nowadays, so is the financial sector. From digital payments to automated loan procurements. Fintech allows the integration of technology into financial services for any and all businesses. Many fintech firms received fundings in early 2021. 

  • Truelayer acquired USD 70 million in Series D funding in April 2021. Truelayer is a leading fintech platform that allows industries to create best-in-class financial experiences. The company declared that the funding will be used to build an open banking network. 
  • Flutterwave secured USD 170 million in funding, which brings its total valuation over USD 1 billion. Flutterwave is a fintech firm that aims to connect Africa to the global economy by developing a payment infrastructure. The funding was acquired in a Series C round led by Avenir Growth Capital, US Hedge fund, and Tiger Global.

Edtech

The pandemic-induced norms led to the proliferation of Edtechs and virtual learning methods. Since the lockdown, many new digital learning platforms took birth within a very short time. Let us look at an Edtech funding that took place in 2021 beginning. 

  • Splash Learn secured USD18 million funding in February led by Owl Ventures. Splash learn offers education in Maths from Pre-K to class 5 and reading lessons from Pre-K to class 12. It has over 40 million users spanning over 150 countries.