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Startups

Riiid makes list of world's 100 most promising AI firms

Apr 08, 2021 (Gmt+09:00)

Riiid Founder and CEO YJ Jang
Riiid Founder and CEO YJ Jang

South Korea-based startup Riiid Inc. has been named to the annual AI 100 list issued by global market research firm CB Insights. The AI 100 is a list of the world's 100 most promising artificial intelligence companies. It is the first time a domestic startup has been on the list since 2017.

Some 64 US-based startups were on the AI 100 list, followed by eight startups from the UK and six firms each from China and Israel.

Entering its fifth year of issuing the AI 100 list, CB Insights selected the winners from a pool of 6,000 companies based on review criteria including technology, investment capability, patent activity, market potential and partnerships.

"We're extremely happy that our technology and its impact on the industry have been recognized globally," said Riiid founder YJ Jang.

Being on the AI 100 list demonstrates not only the competitiveness of the selected firm but also its home country. In particular, Riiid being on the list is significant given recent criticism that Korea has yet to produce world-class level AI tech firms despite a sharp increase in corporate investment and the country's policy support.

According to CB Insights CEO Anand Sanwal, companies on the AI 100 list in 2020 went on to great success, as more than half of them raised additional funding, including 16 mega-rounds -- or fundraising of $100 million -- alongside M&A and IPO activities.

Sanwal pointed out that companies from this year's AI 100 ranking are expected to achieve at least the same level of success as more industries are moving toward AI adoption.

Earlier in February, CB Insights also selected Riiid as a gamechanger set to disrupt the global education industry with its AI technology. The Korean startup's core technology helps users meet their educational goals efficiently while also providing optimized and personalized content to increase motivation.

Danbee Lee edited this article.

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