Most 43North semifinalists integrating AI in products
This year’s 43North competition is riding the artificial intelligence wave.
At least 10 of the 15 startups competing this year in the semifinals that took place on Wednesday have an AI element or component to their product and business.
That includes HeronAI, which was one of eight of the startups to be chosen to make it to the finals slated for Thursday night at Shea’s Buffalo with five $1 million awards on the line.
Over the next 10 years, founder Daphne Pariser sees a major disruption occurring in the accounting industry.
Approximately 75% of accountants in the field are expected to retire and there likely will not be enough people to replace them and the work they perform, she said.
Her startup HeronAI uses artificial intelligence to help midsized accounting firms fill that need through an automated platform that she says saves them about seven hours per account per week.
Lauren Bell, CEO of Cosi Care, delivers her pitch during the 43North semifinals on Wednesday. This year’s startups competing for five prizes of $1 million feature a host of uses for artificial intelligence.
That time can now be used to spend with current clients in different ways and acquire new ones. The AI the startup integrated into its systems even answers questions in 56 different languages.
“We’re not trying to replace accountants; we’re trying to fill this gap and lead a new industry standard,” said Pariser, who built her first business in Western New York, before moving to Cambridge, Mass., where she founded HeronAI and works with Massachusetts Institute of Technology on proprietary algorithms.
The startup founded last year has grown significantly over the past six months and now has a waitlist of around 1,600 potential clients looking to use the tool, which allows accounting firms to streamline month-end advisory reporting, leading to the reduction in reporting time.
It goes without saying that innovation is being driven these days by artificial intelligence. That couldn’t be more on display than at this year’s 43North competition.
The 10th anniversary cohort semifinalists also include companies across a range of other industries, showcasing innovation in ed tech, fintech, food tech and health tech.
Sharon Cryan, founder of FoodNerd, gives her pitch during the 43North semifinals at the Seneca One tower on Tuesday. This year’s cohort of startup businesses competing for 5 prizes of $1 million each features a host of uses of artificial intelligence.
The other finalists selected out of the field of startups making their initial pitch Wednesday at Seneca One Tower were FoodNerd, one of three semifinalists from Buffalo; 8B Education Investments of Ithaca; Cactivate of Boston; CoverRight of Brooklyn; Fluix of Tampa, Fla.; Rarebird of San Francisco; and Spiky.ai of Brookline, Mass.
“This is something that needs to happen,” said Fluix founder and CEO Abhishek Sastri, whose company uses multiple layers of autonomous AI software to save buildings, such as data centers, up to 40% in energy costs by connecting facility and HVAC systems.
The subscription-based startup, founded in 2021, is using large algorithms to conduct deep learning and working with utility companies as a way to expand its reach.
Among the other AI-driven companies to make the finals is Cactivate, which uses large language models and retrieval-augmented generation to provide marketing strategies for service-based small- and medium-sized businesses that don’t have sizeable budgets for this effort.
Additionally, Spiky.ai provides real-time AI-driven customer insights for revenue teams to help enhance selling effectiveness.
The other finalists include health food maker FoodNerd, African student education supporter 8B Education Investments, digital health and finance guide CoverRight and caffeine replacement coffee maker RareBird.
The two additional companies from Buffalo that competed in the semifinals are also AI-driven platforms.
BosonQ Psi, a Buffalo transplant company originally from India, saves money for aerospace, design defense partners and heavy-industry manufacturers using what it says is a faster and more accurate simulation platform powered by quantum algorithms.
It is now working with seven customers including Elma-based Moog Inc. and has formed a partnership with the University at Buffalo.
Founder and CEO Abhishek Chopra said Wednesday the startup, which was founded in 2020 as his second attempt to find a solution in this space, is working on a $4.5 million seed round that will help pull in more partners like system integrators, hardware vendors, design houses and value-added resellers.
Offerwell, the other Buffalo company, is working exclusively with real estate agents to make transactions easier through an AI-driven platform that streamlines offer management and showings and provides real-time data and analytics.
Founder and CEO Simon Mahfoud said he is now working with about a third of the real estate agents in Western New York and about 520 homes have been sold using the platform, which equals around $150 million in transactions.
“Real estate agents are juggling a lot and now, more than ever, the role of the agent is under scrutiny, so agents are becoming more receptive to new technologies specifically designed for them,” Mahfoud said.
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