37. Edgify

Founder(s): Ofri Ben Porat, Nadav Israel
Founded: 2019
Website: Edgify

AI is becoming increasingly integrated into nearly every computer, machine and device in our lives. It’s helping to automate solutions across every industry, from smart fridges to production line robots.

This new reliance has created a huge amount of data and analytics, which is largely going unused. That’s where Edgify comes in.

Founded by Ofri Ben Porat and Nadav Israel, the business seeks to build AI specifically for edge computing, which is less risky, more accurate, and more cost-effective than cloud-based storage. Customers from any industry can use their own edge devices to train AI models and share this learning across an entire network of machines.

Edge computing is less risky, more accurate, and more cost-effective than cloud-based storage.

It’s a complicated process to understand, but what’s decidedly less complicated is the impact Edgify has already given its customers.

Pilots for its POS (point of sale) machines have dramatically cut machine reaction time from between 7 and 15 seconds to under 250 milliseconds, saving you time at the self-checkout machine and enabling retailers to cut item fraud – which cost retailers more than £39.7bn in losses in 2018.

Edgify is in the perfect spot to lead the way for safer, more reliable data analysis.

But the application potential for Edgify goes a lot further than your local Tesco supermarket. The business also has plans to expand into the medical industry, where it could be used to identify and diagnose pathologies. These big ideas are clearly attracting the right kind of attention – last year, Edgify received £4.7m in seed funding.

Given technology’s new reliance on AI, Edgify is in the perfect spot to lead the way for safer, more reliable data analysis. Artificial intelligence might be the name, but real, intelligent results are undoubtedly the game.