Our Innovation Analysts recently looked into emerging technologies and up-and-coming startups. As there is a large number of startups working on a wide variety of solutions, we want to share our insights with you. This time, we are taking a look at 5 promising behavioral algorithms startups.
Heat Map: 5 Top Behavioral Algorithms Startups
For our 5 top picks, we used a data-driven startup scouting approach to identify the most relevant solutions globally. The Global Startup Heat Map below highlights 5 interesting examples out of 126 relevant solutions. Depending on your specific needs, your top picks might look entirely different.
Breinify – Retail Engagement
The shopping experience and purchasing decisions of buyers generally depend on their emotions, spurred by weather, time of the day/week, holiday season, special events, etc. Contemporary artificial intelligence (AI) software applications, enhanced with behavioral algorithms, manage to monitor common patterns in buyers’ shopping actions, detect the most influential factors, as well as help retail chains to identify appropriate timing for engagement and marketing efforts.
The US-based startup Breinify applies artificial intelligence, machine learning, and behavioral algorithms to create an analytical engine, capable of time-driven predictions of consumer purchasing interests and preferences. Based on granular clusterization, the solution recognizes thousands of user behavior patterns to enhance marketing campaign conversion.
Pivot – Addiction Recovery Management
Counselors employ behavioral algorithms to drive positive change in psychology, psychiatry, and substance dependency cases. Startups across the world develop different kinds of behavioral science-backed applications that facilitate recovery from alcohol, drugs, nicotine, and other addictions, either on one’s own or with a therapist. Mediated by mood monitoring, statistical tracking, tailored recommendations, and counselor/group help, they strive to contribute to healthier habits.
The USA-based startup Pivot offers an addiction recovery solution. They combine behavioral algorithms, human coaching, community outreach, a breath sensor, and a mobile app to encourage individuals to quit smoking. By combining different angles, the company designed a 6-week program to engage users, increase their self-awareness and, eventually support them to stop smoking.
Healum – Chronic Care Treatment
Conventional behavioral healthcare primarily deals with preventive medicine and healthy habits. However, modern behavioral science addresses the problems of lifestyle changes, related to coping with chronic diseases, disabilities, etc. Behavioral algorithms and sentiment analytics aid in elaborating an environment, where people with long-term conditions learn how to make their life more convenient and doctors get more understanding of how to establish an effective treatment and behavioral change.
The UK-based startup Healum develops the product to strengthen the medical engagement of patients with long-term conditions, particularly diabetes. The solution grounds on behavioral science logic. Further, it provides a rich experience with goals, challenges, habits-making, rewards, reminders, as well as personalized support and care plans. Besides, it also allows for user feedback, real-time doctor-patient communication, and evidence-backed tips sharing.
June – Energy Consumption
Modern energy customers often want to know how their actions affect their energy bills. Energy companies use smart meters, machine learning, and behavioral algorithms to analyze large amounts of consumer data. This allows them to provide the consumers with actionable insights on how their behavior impacts daily, monthly, or yearly energy expenditures.
Belgian startup June creates smart meter devices and corresponding software for enhanced behavioral household energy savings. The solution continuously monitors, calculates, and compares the energy options available on the market. It then offers users the option to switch to more effective or sustainable energy plans or suppliers in just a couple of clicks. Besides, thanks to proprietary algorithms, it can guarantee yearly net savings.
Financial Algorithms – Financial Decisions
Financial companies and their clients find it quite difficult to take all risks, involved in transactions, into account. The combination of behavioral algorithms, scenario planning techniques and complex risk management allows financial entities to model almost all possible options of financial markets and consumer behavior. Furthermore, it assists customers in improving their spending behavior and boosts decisions-making.
Indian startup Financial Algorithms builds behavior-based financial models for banks to forecast deposit and loan market/risk conditions. The company utilizes behavioral algorithms to simulate core/non-core deposits, as well as loan prepayment/payoff cases. This also helps banks meet compliance requirements and manage liquidity risks.
What About The Other 121 Solutions?
While we believe data is key to creating insights it can be easy to be overwhelmed by it. Our ambition is to create a comprehensive overview and provide actionable innovation intelligence for your Proof of Concept (PoC), partnership, or investment targets. The 5 behavioral algorithms startups showcased above are promising examples out of 126 we analyzed for this article. To identify the most relevant solutions based on your specific criteria and collaboration strategy, get in touch.