3 AV Portfolio Companies Make Forbes' AI 50 List
Alumni Ventures portfolio companies Canvas, FarmWise, and Verge Genomics made Forbes' list of the top 50 AI companies in North America.
Artificial Intelligence (AI) is a booming industry, with the world rapidly moving to adopt AI after the onset of the COVID-19 pandemic — 52% of companies accelerated their AI adoption plans due to the crisis. As we start to move toward a post-COVID world, AI will continue to become more ingrained in our smartphones, fraud detection systems, healthcare technologies, and more.
Forbes has showcased the increasing importance of the AI industry — set to grow to $500 billion by 2024 — with its AI 50 List. Now in its fourth year, this list “recognizes standouts in privately-held North American companies making the most interesting and effective use of AI.” The list, produced in partnership with Sequoia Capital, reflects the growth of the sector and the booming VC interest associated with it.
Three Alumni Ventures (AV) portfolio companies made Forbes’ AI 50 List this year. They span sectors including construction, agriculture, and pharmaceuticals. Here’s more about our portfolio companies that made the list.
Canvas is a construction robotics company using AI/machine learning (ML) to automate drywall installation. Its robots help streamline the process of installing drywall and can reduce finishing times from seven days to two.
Alumni Ventures has been involved with the company since its $24 million Series B round in April 2021.
For more on Canvas, check out our feature here.
FarmWise is on the cutting edge of organic farming and cultivation with its autonomous, AI-enabled solutions. Its robots can perform a variety of farming functions leveraging ML models, computer vision, and high-precision mechanical tools.
In 2019, AV participated in FarmWise’s $14.5 million Series A round led by Calibrate Ventures.
For more on FarmWise, check out our feature here.
In the pursuit of improving the drug discovery process, Verge Genomics is leveraging AI/ML to accelerate the identification of breakthrough drugs. Focused primarily on neurodegenerative diseases, Verge’s AI solution leverages computational genomics and neuroscience combined with its AI/ML models.
AV initially participated in Verge’s $15 million Series A-1 round in 2020 and invested again in the company’s $60 million Series B in 2021.
Alumni Ventures prides itself on offering its customers the ability to invest in innovative companies aiming to change the world through transformative business models, leading-edge technologies, and groundbreaking ideas. To learn more about adding venture to your investment portfolio, contact our team.
Want to learn more?
View all our available funds and secure data rooms, or schedule an intro call.
New to AV?
Sign up and access exclusive venture content.