AutogenAI, an AI-driven bid writing tool, was initially described as “niche and boring” by its founders. However, an investor advised them to call it “specialist and underserved,” a term that better fits its revolutionary application in the UK public sector procurement industry, which is worth billions of pounds.

One advantage business services start-ups have over consumer-facing counterparts is their audience’s familiarity with AI’s potential. When Featurespace, a Cambridge university spin-out, sought to deploy its data analysis breakthrough a decade ago, it chose financial services for its fluency in the language of computer scientists.

Today, Featurespace’s clientele includes prominent banks like NatWest and HSBC. It is recognized as one of the British AI businesses with the highest potential by The Times and Beauhurst.

Quantexa

Vishal Marria, founder of Quantexa, notes that those who worked in AI before the recent boom feel they’ve moved from obscurity to prominence.

Quantexa leverages AI to connect and interpret data from various sources, offering “true single views” of individuals or businesses. Marria conceived this idea while at EY, noticing banks’ struggles to integrate siloed data.

Applications include anti-fraud, compliance, and enhancing customer service. Clients have included HSBC, BNY, and the UK government, which utilized Quantexa to combat pandemic finance scheme fraud.

Founded in 2016, Quantexa now boasts nearly 800 staff. It achieved “unicorn” status last year with a $1.8 billion valuation following a funding round led by Singapore’s sovereign wealth fund.

Marria emphasizes the need for quality standards in AI regulation akin to ISO accreditation in food safety, transport, and healthcare.

AutogenAI

AutogenAI assists companies in writing and securing procurement bids and proposals efficiently, reducing the process from weeks to hours without relying on simple AI tools like ChatGPT.

“It’s easy to get a large language model to write fanciful stories,” says Raj Kaur Khaira, co-founder and deputy chief executive. “What’s hard is crafting something cited, evidence-based, competitive, and compelling.”

The company’s models aim to offer clients an “immediate advantage” in bid writing, reducing errors often present in mainstream AI models. More efficient tendering could also lower taxpayer costs.

Sean Williams, co-founder and chief executive, believes the ability of computers to read and write will be transformative. He foresees large language models enabling sophisticated applications, allowing humans to focus on higher-value tasks.

Williams highlights the competitive UK AI talent pool but notes a different risk appetite compared to Americans. Employers must mitigate these risks to attract talent.

Beauhurst estimates the company has raised £31.5 million in funding.

Beamery

Beamery, founded in 2013 by the Saidov brothers and Michael Paterson, originated from a desire to assist former banking colleagues post-financial crisis. This evolved into addressing recruitment unfairness experienced by their parents after moving to the UK from Russia.

Beamery’s AI assesses candidates by their experience and education, matching them to roles beyond traditional methods. The company now offers recruitment, training, and employee engagement services.

“We built a system for global companies to understand their talent data,” says Sultan Saidov. It helps organizations identify potential roles for candidates and employees matched through intelligent analysis.

In 2022, Beamery reached a valuation of over $1 billion but faced layoffs last year due to a venture capital downturn. Clients include UBS, Blackrock, Wells Fargo, Uber, General Motors, and AB InBev.

Tractable

Founded in London in 2014, Tractable uses computer vision and machine learning to analyze images for damage assessment and repair cost prediction.

Its main application is evaluating vehicle damage post-accident to streamline insurance claims. The technology also extends to property damage inspections, a growing market due to climate change.

Clients include Aviva and Tokio Marine. Tractable speeds up claims processing by providing rapid insights, helping garages source parts faster, and advising customers on claim viability.

With offices in New York and Tokyo, Tractable achieved “unicorn” status in 2021 with a $1 billion valuation.

Jimmy Spears, head of automotive and property, highlights the efficiency gains in claims management, remarking, “We are just at the pioneer stage.”

CEO Venkat Sathyamurthy says, “We make humans into super-humans by enabling higher quality decisions.”

Featurespace

Martina King, former executive of Capital Radio and Yahoo, took over at Featurespace at the behest of her friend Mike Lynch, the Autonomy founder. The Cambridge spin-out, backed by Lynch, initially struggled to commercialize its analytical approach.

The company settled on applying its “adaptive behavioural analytics” to financial services. Featurespace now assists banks like NatWest and HSBC in fraud prevention.

Featurespace excels in detecting sophisticated payment scams, outperforming rivals in identifying fraud. The company employs 420 staff and has raised £117 million in funding. Discussions are reportedly underway for a Visa acquisition valued at £700 million.

King highlights the ongoing battle with fraudsters using generative AI, emphasizing the need for continuous innovation.

Featurespace recently paid tribute to Lynch, recognizing his inspirational combination of intellect and commercial acumen.