From there, our data partners applied an algorithm to identify 100 companies with the highest quantitative scores-and that also made diversity a priority. Forbes received several hundred entries, of which nearly 400 qualified for consideration. The application asked companies to provide details on their technology, business model, customers and financials like funding, valuation and revenue history (companies had the option to submit information confidentially, to encourage greater transparency). Our list was compiled through a submission process open to any AI company in the U.S. AI companies incubated at, largely funded through or acquired by large tech, manufacturing or industrial firms aren’t eligible for consideration. To be considered, businesses must be privately-held and utilizing machine learning (where systems learn from data to improve on tasks), natural language processing (which enables programs to “understand” written or spoken language) or computer vision (which relates to how machines “see”).
With this in mind, Forbes has partnered with venture firms Sequoia Capital and Meritech Capital to create our third annual AI 50, a list of private, promising North American companies that are using artificial intelligence in ways that are fundamental to their operations.
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