As France’s youngest president at 40 years old, Emmanuel Macron is known for his strong handshake, boyish good looks, and his controversial method of selecting a mate. Recently, he set his sights on artificial intelligence, announcing a government program to invest $1.8 billion into AI over the next four years. The cornerstone of all this spending will be in the healthcare sector, where the aim is to make predictive and personalized care a reality using AI and big data. This prompted us to take a look at the ten most funded French AI startups according to Crunchbase.
Founded in 2014, Shift Technology has raised $40 million to develop an AI-based insurance fraud detection service. Their algorithm sorts through huge data sets to flag fraudulent claims that cost $80 billion a year globally. Since we first came across this startup in our article on “10 Artificial Intelligence Startups in Insurance”, they’ve secured another $28 million in funding which is being used to expand coverage to new types of insurance, open offices in New York and Tokyo, and develop an automated claims handling service debuting later this year that looks something like this:
Pilot testing of the new service on a sample of one million claims documents resulted in a 97% accuracy ratio, which is better than human claims handlers. Shift Technology estimates it will save $50 million annually in compensation costs and $20 million in fraud leakage for every million claims they process.
Founded in 2014, Prophesee has raised $37 million so far to develop a “neuromorphic vision system” that mimics the human eye and brain. Covered in our recent article “Watch for These 8 AI Startups Doing Computer Vision”, Prophesee’s technology provides an output equivalent to more than 10,000 frames per second, even in extreme lighting conditions, and manages to do this with high power efficiency and less data processing. That’s 10-100X better than the human eye, depending on who you ask. This efficiency gain is due to how their AI processes the images it sees. It looks only at changes, as opposed to taking thousands of pictures and comparing each one. Use cases include the following:
Using this technology, product designers can add multiple sensors without losing battery life and computational power, making Prophesee an ideal platform for connected, autonomous, and mobile applications in fields like automotive, robotics or industrial automation. Prophesee is currently evaluating the idea of implementing the same event-driven approach to radar and LiDAR outputs as well.......MUCH MORE