13 Most Influential AI Startups of 2024

Our researchers have taken a period of time observing the AI Startup market to find out which are the key players in Artificial intelligence and Machine learning IT industry. AI has transformed a lot of industries since 2023 and we have since seen a lot of startups mushrooming in the industry leading to an enormous improvement in innovation. Our AI researchers have put in a lot of hours to observe the private ventures that are currently developing AI solutions in Business leading to ground breaking AI applications as well. We highlight below the findings of this study.

Our key experts came up with with 13 most influential AI startups:

On staff we have AI executives, including Machine learning engineers, Data scientists and University researchers in Computer Science in various universities.

Since the beginning of 2023 as ChatGPT came on the market, there has been a massive increase for generative artificial intelligence powered applications. This has resulted into many businesses coming up with new innovations to develop and deploy AI solutions. These companies provide a wide range of Usecases which include AI model generation, AI deployment software, Data storage and analytics, Speech transcription, video making, drug discovery and much more. These Usecases are in various industries as you may see. Medical, Legal, Business, Finance, and the craze continues on as new industries and domains come up.

Who are the key funders of these AI innovations?

The AI industry has invested billions in global investments and the value will skyrocket in the next 5 years, it is estimated that the companies have raised $34.7 billion, but who are the major key investors in AI? These include Sequoia, Andreessen Horowitz, Soma Capital, Meritech Capital, Khosla Ventures, Tiger Global Management. These companies have heavily invested in generative AI startups or an intersection of AI and some other domain.

Which companies are highly funded in AI?

Some of the 5 highest funded companies include OpenAI $10B, Anthropic $7B, Inflection AI $1.3B, Metropolis $1.1B, Databricks $685M. Its not only model builders who are benefiting from the funding, many companies that are specific to a domain like robotics, health solutions e.g. drug discovery, Defence related AI applications, search engine optimization and video creation have gathered lots of funding as well.

Which startups are dominating AI technology in 2024?

Here is a list of 13 Startups that are dominating the AI space along with the domain and technology they focus on and the AI Solution they develop

1. Abridge

  • Focus: Automating medical conversation documentation.
  • Product: Abridge uses AI to improve clinical workflows by automating interactions between patients and doctors to reduce administrative time consuming tasks which normally take a lot of time. The application improves the process of capturing and summarizing medical records and increases productivity.

2. Adept

  • Focus: AI model development.
  • Product: Adept’s AI platform acts as a digital assistant, that enables businesses to do searching, clicking, scrolling in documents automatically. Using human in the loop technology Adept’s AI solutions are able to carry out all computer activities without using your fingers. All commands are done automatically.

2. Anduril Industries

  • Focus: Defence AI model solutions.
  • Product: Anduril Industries focuses on developing autonomous defense software for running drones, surveillance cameras, underwater submarines which are used to protect military bases and land borders. This technology uses 3D rendering of areas, virtual reality technology which includes aircraftt simulation and modelling to ensure that the service in the battlefield is delivered effectively.

3. Anthropic

  • Focus: AI model development.
  • Product: Anthropic builds AI Large Language Models and ahas developed a family of LLMs named Claude which are a similar to OpenAI’s ChatGPT. Its technology includes using Reinforcement Learning with Human Feedback to design LLMs that are centered on human like centered processes.

4. Character.AI

  • Focus: Consumer chatbot applications.
  • Product: Character.AI develops consumer oriented chatbots powered by advanced LLMs. The chatbots can personalize customer interactions like planning trips using inbuilt characters, they can answer questions, and provide support across using the characters and are ableto customize these characters using e.g their voice or tone.

6. Cohere

  • Focus: AI model development.
  • Product: Cohere develops Large Language models that are for businesses enterprises. Using the Transformer Architecture and Reinforcement augmented Generation (RAG) technology trained on Super Computers, Cohere develops Natural Language Processing technology that aids businesses in real world business applications

7. Codeium

  • Focus: AI-powered code completion for developers.
  • Product: Codeium’s AI application generates chucks of code automatically in form of snippets that are used by programmers to enable coders to generate code faster. Codeium provides a code acceleration toolkit that is used by programmers to generate relevant code snippets and software development life cycles which reduces errors during development.

8. Cresta

  • Focus: Call center agents and assistants
  • Product: Cresta uses AI agents and real time prompts to answer customer care questions in conversations. Call centers are equipped with customer agents that are used to reply to customer conversations giving responses with real time information. Customer care and customer care satisfaction is improved by Cresta’s AI applications on the market that are trained based on company data.

9. Databricks

  • Focus: Data storage and analytics
  • Product: Databricks is an AI model development company that unlike big players like OpenAI and Google develop smaller customized AI models which are implemented as data lakehouses. Lake house are used by customers to analyze large amounts of data. Databricks developed its large language model called DBRX in March 2024 which is a general purpose open source large language model. DBRX contains more that an open source benchmark called Gauntlet which contain s30 state of the art benchmarks which outperforms existing open source models like LlaMa2-70, and Grok-1 on understanding languages, logic, math and programming.

10. Figure AI

  • Focus: Autonomous humanoid robots
  • Product: Figure AI builds humanoid robots used to perform tasks like humans. Due to shortages of human workforce in factories, the development of humanoid robots aims at filling this gap by substituting humans with humanoid robots in the areas e.g manufacturing, automation where tasks may be too risky and tedious to perform by humans. Companies that have collaborated with Figure AI to integrate humanoids in their production processing include BMW which is expected to reduce production costs .

11. Insitro

  • Focus: Drug discovery and development
  • Product: Insitro was founded by a machine learning professor called Daphne Koller. Insitro uses machine learning data driven methods for drug discovery and development. The technology uses bio-engineering technologies and high quality data sets to develop in vitro human cell-driven disease models based on human genetics and genomics genomics.

12. Hugging Face

  • Focus: Library for AI models and datasets
  • Product: Hugging face is a platform that is used to build train and deploy data science and machine learning models. Hugging face offers pre-trained NLP models, open source APIs and can be used for hosting and collaboration with other teams. Using its platform the Hugging face Hub, it is used to fine tune and run open source models. With its pre-trained models and APIs Hugging face makes the process of creating LLMs and integration of multiple Machine Learning frameworks easier.

13. Mistral AI (Founded: ):

  • Focus: Open-source AI model research
  • Product: Mistral AI develops open source Large Language Models. One of its models is Misral 7B which uses the transformer architecture and is said to outperform Llama 2 of all the benchmarks that were tested. Mistrai AI Large Large Language model is used for Content creation, language translation and customer support using embedded AI chat bots that can answer customer queries instantly and correctly.
Startup NameProductVenture CapitalFunding AmountCityYear Founded
AbridgeMedical conversation documentation automationLightspeed Venture Partners and Redpoint Ventures et. al$213 millionSan Francisco, CA2018
AdeptAI model development platformGeneral Catalyst and Spark Capital et. al$415 millionPalo Alto, CA2022
Anduril IndustriesDefense AI software and hardwareFounders Fund, Andreessen Horowitz$2.8 billionCosta Mesa, Californ2017
AnthropicAI Model Research & DevelopmentAmazon et. al$7.7 billionSan Francisco, California2020
Character.AIAI-Driven Consumer Chatbot ApplicationsSVA and Andreessen Horowitz$193 millionMenlo Park, California2021
CohereAI Large language model (LLM) developmentInovia Capital, Nvidia Corp., Oracle Corp et.al.$445 millionToronto, Ontario, Canada2019
CodeiumTool AI-powered code completion for Software developers Kleiner Perkins, Greenoaks and General Catalyst$93 millionMountain View, California2021
CrestaCall center and Sales SupportTiger Global, with Genesys, Five9, J.P. Morgan et. al$152 millionPalo Alto, California2017
DatabricksUnified Data Analytics and StorageAndreessen Horowitz, Baillie Gifford, ClearBridge Investments et. al.$4 billionSan Francisco, California2013
Figure AIAutonomous humanoid robotsMicrosoft, OpenAI Startup Fund, NVIDIA, Jeff Bezos et. al.$754 millionSunnyvale, California2022
InsitroDrug Discovery and DevelopmentCPP Investments, Andreessen Horowitz, T. Rowe Price Associates et. al$643 millionSan Francisco, California2018
Hugging FaceNatural Language ProcessingGoogle, Amazon, Nvidia, Intel, AMD et. al$395 millionNew York, New York2016
Mistral AIOpen Source AI model researchAndreessen Horowitz, Lightspeed Ventures and Microsoft Corp et. al$528 millionParis2023

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