That future isn’t too far off. 

The idea of autonomous AI agents — LLM-powered bots that can independently reason and execute tasks — caught on like wildfire in 2023, marking an important evolution beyond chatbots and copilots. 

OpenAI CEO Sam Altman has described agents as “AI’s killer function” as recently as May 2024.  

While much of the tech remains limited in its ability to execute tasks reliably, use cases are gaining traction in horizontal enterprise applications like customer support, sales, and engineering.

We mined CB Insights startup, financing, business model, and buyer interview data to map the evolving landscape and analyze its future. 

In the 28-page report, we cover: 

• The state of AI agents: Investment is surging to companies in the space, but limitations — most notably, agent reliability — remain. 
• Leading horizontal applications and impacts: The landscape of VC-backed agent startups is dominated by a focus on horizontal applications — across sales, customer support, and other enterprise and general productivity workflows.
• Emerging industry applications and opportunities: While few agentic companies focus on single industries, companies are emerging to target workflows across financial services, industrials, and more. 

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The post Future of the workforce: How AI agents will transform enterprise workflows appeared first on CB Insights Research.

A handful of generative AI vendors are targeting the legal sector, particularly in the areas of case and document management. Some of these startups are seeing strong investor interest: Darrow and Harvey, for instance, have raised a combined $56M in equity funding this year.

But AI isn’t the only technology transforming the practice of law. Tech markets like legal databases and contract lifecycle management are also assisting legal teams in speeding up their workflows, cutting costs, and gaining deeper insight into complex cases. 

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The post The legal tech market map appeared first on CB Insights Research.

As concern has mounted, responsible AI has been thrown back into the spotlight. 

Responsible AI is an umbrella term for various approaches and solutions that enable bias detection, fairness, explainability, and compliance throughout the AI development process. 

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The post The responsible AI market map appeared first on CB Insights Research.

In this report, we evaluate 10 tech markets that retail banking leaders should monitor, vet, and prioritize toward this effort, including:

• Cloud security
• Crypto compliance & transaction monitoring
• Data privacy & security
• Fraud prevention
• Governance, risk, & compliance (GRC)
• Identity & access management (IAM)
• Identity verification, KYC, & AML
• Regulatory change management (RCM)
• Third-party risk management (TPRM)
• Threat intelligence

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The post 10 technologies helping retail banks manage fraud, identity, and risk — and which ones leaders should prioritize now appeared first on CB Insights Research.

In response to heightened threats and the costs associated with them, banks are prioritizing technology solutions that make fraud prevention, identity verification, and risk management more effective.

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The post 158 companies helping retail banking leaders protect consumers from fraud, manage risk, and more appeared first on CB Insights Research.

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The post Security and compliance software Vanta hits $1.6B valuation with new financing from investors including Sequoia and Craft Ventures. Vanta competitors are Secureframe, Tugboat Logic, and Drata. appeared first on CB Insights Research.

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The post ZenLedger, a crypto tax prep software company, raises $15M in round backed by AngelList. ZenLedger competitors are Accointing, BearTax, CoinLedger, CoinTracker, CoinTracking, CryptoTaxCalculator, Koinly, Sovos Compliance, and TaxBit. appeared first on CB Insights Research.

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The post Identity and access management platform Teleport hits $1.1B valuation. Teleport competitors are ForgeRock and CyberArk. appeared first on CB Insights Research.

Payments leaders face compounding challenges of combating fraud and financial crime, securing consumer and payment card data, and complying with regulatory mandates to protect their businesses and customers — all while ensuring a frictionless user experience.

Using CB Insights data, we examined tech markets across fraud prevention & compliance for payments leaders and ranked them across two metrics — market momentum and industry leader activity — to help companies decide whether to monitor, vet, or prioritize these technologies.

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The post Facial biometric identity authentication provider Unico hits $2.6B valuation. Unico competitors are Onfido, Veriff, Veritone, and AU10TIX. appeared first on CB Insights Research.

Market momentum — Measures private market activity as a signal of the degree of overall market potential. Signals include the number of startups, the amount of capital invested, and the relative maturity of startups in the space, among others.

Industry leader activity — Assesses the degree of tech market involvement among established industry players. Signals include CVC activity, industry and executive chatter, and patent filings, among others.

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The post MVP Technology Framework: Fraud Prevention & Compliance for Payments Leaders appeared first on CB Insights Research.

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The post Theta Lake, a developer of security and compliance software for collaboration apps, raises $50M. Theta Lake competitors include Mimecast, Aware, and Smarsh. appeared first on CB Insights Research.

HOW’S THE COMPANY PERFORMING?

• California-based Anrok unifies sales tax monitoring, calculation, and payments processes across the enterprise financial stack.
• Anrok’s revenue has increased 7x over the past 6 months, and its team size has more than doubled.
• The company’s client base includes Airbase, AgentSync, Front, Gem, Persona, Productboard, and Vanta.
• The startup operates in the US and has teams in San Francisco, Texas, Colorado, and Washington, among other locations in the US.

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The post SaaS sales tax compliance software Anrok hits $100M valuation. Anrok’s competitors include Avalara, DAVO Technologies, TaxCloud, Taxware, and Vertex. appeared first on CB Insights Research.

HOW’S THE COMPANY PERFORMING?

• California-based Secureframe helps companies automate SOC 2, ISO 27001, PCI DSS, and HIPAA compliance processes.
• In 2021, its annual recurring revenue grew by 10x and its customer base by 7x.
• Stream, Dooly, Lob, Ramp, Instabase, Slab, and Doodle are included among its customer base.
• The company has 80+ employees and has built 100+ app integrations.

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The post Security and compliance software provider Secureframe raises $56M. Secureframe competitors include Vanta, Tugboat Logic, Drata, and Laika. appeared first on CB Insights Research.

HOW’S THE COMPANY PERFORMING?

• New York-based RapidRatings assesses the financial health of companies, allowing its customers to manage the risk associated with third-party organizations, such as suppliers and vendors.
• RapidRatings provides its financial health services in over 140 countries.
• Its clients include Unilever, McDonald’s, The American Cancer Society, Harley Davidson, and Hess.

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The post RapidRatings raises $200M from Spectrum Equity for its supplier risk management software. RapidRatings competitors include Panjiva, D&B, CyberGRX, and Spend Matters. appeared first on CB Insights Research.

HOW’S THE COMPANY PERFORMING?

• California-based CoinTracker enables crypto investors to track portfolio performance and taxes.
• The platform supports 300+ exchanges and 8K+ crypto assets. It has established partnerships with OpenSea, Coinbase, Blockchain.com, and Intuit’s TurboTax.
• CoinTracker has a total of 500K+ users across the US, Canada, the UK, and Australia, and it has tracked more than $200B in crypto assets to date.
• The startup has been profitable since its launch in 2017 and currently has 40 employees.

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The post Cryptocurrency Tax Management Software Provider CoinTracker Valuation Climbs To $1.3B. CoinTracker Competitors Include TaxBit, ZenLedger, And CryptoTrader.Tax. appeared first on CB Insights Research.

How’s the company performing?

• Estonia-based Veriff provides identity verification as well as AML & KYC compliance solutions.
• The company’s customer base reportedly grew by 150% in 2021, and it also experienced an 8x increase in global verification volumes.
• Veriff has over 360 employees.
• The company has offices in the US, the UK, Estonia, and Spain.

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The post Veriff Valuation Hits $1.5B For Its Identity Verification (IDV) Solution. Veriff Competitors Include iProov, Ondato, Persona, Jumio, Passbase, And Onfido. appeared first on CB Insights Research.

WHO ARE THE PARTIES TO THE DEAL?

• Cognito: California-based Cognito provides business and consumer identity verification and compliance solutions. The company currently has over 300 clients, and it has verified 76M IDs to date. Cognito’s customer base includes Affirm, Brex, Current, Republic, and Wyre.
• Plaid: California-based Plaid provides API tools for financial services app developers. The startup reportedly generated $170M in revenue in FY’20. The company counts around 5.5K fintech firms as customers, including Wave, Varo, Bright, Prosper, and Carvana. Plaid is supported by a team of over 1K employees and maintains 6 global offices.

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The post Plaid Acquires Identity Verification Technology Firm Cognito For $250M — Cognito’s Competitors Include Veriff, Jumio, Onfido, And Persona appeared first on CB Insights Research.

How’s the company performing?

• California-based TRM Labs offers blockchain analytics and assists cryptocurrency firms, law enforcement agencies, and financial institutions in addressing fraud and financial crime stemming from crypto transactions.
• The company’s revenue has grown 600% year-over-year since its inception.
• TRM Labs supports over 900K digital assets across 23 blockchains, and this includes NFT coverage.
• Uniswap, Circle, FTX, the IRS, and the FBI are included among its clients.

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The post Chainalysis, Elliptic, And CipherTrace Competitor TRM Labs Raises From American Express, Visa, And Square For Crypto Compliance Software appeared first on CB Insights Research.

HOW’S THE COMPANY PERFORMING?

• Ireland-based Fonoa has developed APIs that help internet companies automate all stages of the tax compliance process, such as verifying the tax status of buyers and sellers, computing tax dues, and generating a locally tax-compliant invoice for the transaction. It also facilitates the real-time reporting of transactions to local government authorities when necessary.
• At present, the company offers tax automation services in 100+ countries, and it plans to expand to 140+ countries by the end of 2021.
• The company currently processes 300M+ tax transactions annually, and it has watched its revenue increase by 7x since December 2020.
• The company’s clients include digital service providers, marketplaces, micro-mobility operators, gig economy platforms, and subscription-based firms. Examples include Uber, Lime, Zoom, GoStudent, and Teachable.
• Fonoa is supported by a team of 60 employees across 14 countries.

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The post Fonoa, A Provider Of Automated Tax Compliance Tools For Internet Companies In 100+ Countries, Secures $25M In Series A Funding appeared first on CB Insights Research.

HOW’S THE COMPANY PERFORMING?

• Arkansas-based Zenwork, formerly known as Tech Atlantis, is a RegTech firm that helps companies automate their tax reporting processes.
• The startup’s main products are Tax1099, an IRS-approved e-filing platform, and Compliancely, an identity verification platform.
• The company caters to 100K+ small businesses, including 30K CPA firms, as well as large enterprises like Berkshire Hathaway, Mars, Allbirds, Payoneer, and Rover. Zenwork has added 40K new clients annually over the past 2 years.
• Zenwork is currently supported by a team of 80 employees, and it plans to double its headcount to 160 over the next year.

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The post Zenwork Raises $163M For Its Digital Tax Compliance And Regulatory Reporting Technology appeared first on CB Insights Research.

HOW’S THE COMPANY PERFORMING?

• California-based Drata helps companies automate their security and compliance processes. The company’s platform continuously monitors and collects data on client security controls and workflows to enable audit readiness.
• The company provides SOC 2 and ISO 27001 compliance solutions.
• The company’s clients include Notion, FullStory, Amplitude, and Abnormal Security.
• Drata has experienced revenue growth of 69% month-over-month since January 2021.
• It is supported by a team of 70 employees, and it plans to triple its headcount by the end of 2022.

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The post Series B Funding Propels Security And Compliance Automation Platform Drata Into Unicorn Club appeared first on CB Insights Research.

HOW’S THE COMPANY PERFORMING?

• New York-based Laika helps businesses obtain audits and security certifications as well as remain compliant with regulations.
• Since its founding in 2019, the company has posted 4.5x ARR growth YoY.
• The RegTech startup is supported by a team of over 100 employees globally and plans on adding 120 employees in 2022.
• Laika has offices in New York and Costa Rica.

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The post Laika, A Compliance And Security Audit Platform For Software Companies, Raises $35M In JPMorgan-Led Series B Round appeared first on CB Insights Research.

How’s the company performing?

• Arizona-based Persefoni helps asset managers, banks, and financial institutions calculate their financed emissions in accordance with Greenhouse Gas Protocol and the Partnership for Carbon Accounting Financials (PCAF) methodologies.
• The company operates across 8 countries and 18 US states.
• Persefoni counts some of the largest banks, private equity firms, insurance companies, and manufacturing, agriculture, and energy firms as its clients.

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The post Carbon Offset Investment And Accounting Platform Persefoni Raises $101M To Support Expansion Plans appeared first on CB Insights Research.

HOW’S THE COMPANY PERFORMING?

• Seattle-based Hyperproof provides compliance solutions for continuous risk management across key industries, such as security tech, enterprise software, fintech, healthcare tech, and data communications.
• 3M and Motorola Solutions are included among Hyperproof’s clients — as are leading cybersecurity companies like Sophos, ForgeRock, and AppGate.
• The platform’s users have access to collaboration tools, workflows, and integrations with cloud applications like AWS, Microsoft Azure, and Google Cloud Platform — all of which enable them to create dashboards and collect evidence. Hyperproof’s platform supports over 50 frameworks, such as FedRAMP.
• The company’s business is expected to grow 400% year-over-year in 2021.
• Employee headcount stands at 51.

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The post Hyperproof, An Enterprise Governance, Compliance, And Risk Management Technology Provider, Raises $16.5M In Series A Funding appeared first on CB Insights Research.