14 AI Startups To Track In 2024 [Emerging Giants]

In the fast-paced world of artificial intelligence, many startups are leading a wave of innovation. Each one has its own fresh and groundbreaking approach to AI.

The AI market size has already crossed the $250 billion mark, and it is expected to reach $740 billion by 2030, showing a CAGR of 15.8% from 2024 to 2030. 

In this article, we have listed 14 AI startups that have demonstrated exceptional promise and potential in recent years. From cutting-edge innovations to visionary leadership, each of these startups represents a distinct aspect of the AI landscape.

To curate this exclusive list, we considered four parameters: 

  • The extent to which the startup solves real-world problems or addresses critical challenges
  • Novelty of the AI tech employed by the startup
  • The startup’s market positioning and potential for growth
  • Its track record, including past performance and funding 

Did you know? 

In 2023, startups focusing on Generative AI secured $10 billion in global venture capital funding, showcasing a remarkable 110% surge compared to 2021. 

11. Recraft

Founded in 2022 
Total Funding: $12 million

Major Investors: AAL VC, Abstract Ventures, Basis Set Ventures

Recraft is a pioneering generative AI design platform that revolutionizes the creation and editing of several visual assets, including 3D photos, icons, vector art, and illustrations.

Unlike other AI design tools, it offers both raster and vector image capabilities, ensuring versatility and scalability in professional design tasks. 

Its intuitive dashboard allows designers to work on any professional task by harmonizing elements like icon geometry, color palette, and line style across various visual assets. They can input visual cues or text prompts and then manipulate design elements within Recraft’s expansive canvas workspace. 

In less than a year since it first came out, Recraft has garnered over 300,000 users, indicating its rapid adoption within the design community. As of now, it has more than 400,000 users and 50 million AI-generated graphics. 

10. ComplyAdvantage

Founded in 2014
Total Funding: $108.2 million

Major Investors: Goldman Sachs Asset Management, Balderton Capital, Index Ventures

ComplyAdvantage develops a safer and more resilient financial system, which can manage financial crime and compliance obligations effectively. 

It helps businesses mitigate fraud losses by detecting suspicious transactions in real time. This includes identifying transactions from suspicious accounts, locations, currencies, and deviations in behavior. 

The platform compiles massive amounts of data from various sources and continually updates it new information about high-risk entities and activities. So far, it has successfully reduced false positives by 70% and shortened the onboarding cycle time for new customers or entities by up to 50%  

As per the company, their plug-and-play cloud app services allow automation on a large scale, giving better value for money and making operations more efficient.

9. Aleph Alpha

Founded in 2019
Total Funding: $642.8 million

Major Investors: Schwarz Group, Bosch Ventures, Innovation Park AI

Aleph Alpha is a German AI firm that focuses on developing and implementing cutting-edge AI technologies for both private and public sectors. It specializes in developing large-scale AI models that allow private businesses and governments to build intelligent products and solutions. 

At the heart of Aleph Alpha’s offerings are their Large Language Models (LLMs) that boast sizes of up to 300 billion parameters and are trained across five languages. This technological prowess keeps Aleph Alpha ahead of the curve in the market. 

The company aims to advance the concept of ‘data sovereignty,’ which emphasizes that data stored within a particular country should be subject to that country’s laws. In the European context, this ensures that the data fueling AI models originates within Europe rather than relying on data from the U.S. 

8. Aidoc

Founded in 2016
Total Funding: $267.5 million

Major Investors: Square Peg Capital, General Catalyst, Alpha Intelligence Capital

Aidoc stands at the forefront of clinical AI, revolutionizing healthcare practices. Its AI-powered solutions break down information barriers, streamline processes, and deliver critical insights precisely when and where healthcare professionals need them.

Their proprietary aiOS™ platform analyzes and consolidates medical data to help healthcare teams reduce turnaround times for medical procedures, shorten emergency department visit durations, and improve care coordination. 

aiOS algorithms continuously work in the background, optimizing processes to enhance patient care in real time. These algorithms are being utilized in over 1,000 hospitals and imaging centers. 

So far, Aidoc’s impact on healthcare is significant: 

  • They have saved over 83 million minutes in turnaround time 
  • reduced the duration of patient visits by an average of 59 minutes, and
  • contributed an additional $1 million in revenue through improved care coordination. 

7. Outsight

Founded in 2019
Total Funding: $44 million

Major Investors: Energy Innovation Capital, Bpifrance, Demeter Partners

Outsight is well-known for its innovative work in 3D LiDAR technology and Spatial AI Software. They specialize in using 3D LiDAR data to better understand different environments in real time. This tech helps businesses across various sectors track people, vehicles, and goods more accurately. 

Their Spatial AI software leverages both Cloud computing and Edge processing capabilities. It can be easily integrated into numerous applications, including infrastructure and industrial projects. 

The software accurately detects and tracks objects in real time, turning massive volumes of 3D data into useful insights. This is important for improving safety, efficiency, and customer satisfaction in sectors like security, transportation, and smart cities.

The company’s mission revolves around providing what they term “Full Situation Awareness” to both smart machines and cities. Their impressive stats underscore their expertise and dedication to advancing the field of LiDAR technology:

  • On average, 4.7 billion 3D objects are tracked annually
  • 73 patents filed, with over 30% already granted
  • 3.9 million lines of code reflect the complexity and sophistication embedded within software solutions

6. Tenstorrent 

Founded in 2016
Total Funding: $344.5 million

Major Investors: Samsung Catalyst Fund, Hyundai Motor Group, Eclipse Ventures

Tenstorrent specializes in AI hardware and software solutions. It co-designs hardware, software, and AI algorithms, ensuring seamless integration and optimization for maximum performance. 

In comparison to conventional accelerators like CPUs, GPUs, FPGAs, and TPU-type processors, Tenstorrent’s architecture provides superior efficiency and adaptability, setting a new standard in AI hardware acceleration and deep learning. 

One of its key innovations is Grayskull architecture, which combines the power of conventional CPUs with specialized AI accelerators called Tensix cores. These cores can handle complex AI computations with high efficiency, making them well-suited for tasks like neural network inference and training.

By offering both hardware and software solutions, the company aims to address the growing demand for efficient AI computing across different industries.

5. Frenetic

Founded in 2015
Total Funding: $17 million

Major Investors: Kibo Ventures, Bonsai Partners, Bankinter

Frenetic is a Spanish AI company poised to revolutionize the Magnetics industry with its proprietary technology. It specializes in all aspects of magnetic component design, simulation, and manufacturing, aiming to simplify the traditionally complex processes in this field. 

The company has designed optimal transformers and inductors, conducted thorough simulations, and produced samples in its lab, all while ensuring the highest standards of quality. 

Its advanced simulation and design software enables engineers to explore millions of design options for magnetic components in just seconds while ensuring unmatched accuracy.

Furthermore, Frenetic also oversees the production side of projects, managing both sample and mass-production units. 

4. Orbem

Founded in 2019
Total Funding: $43 million

Major Investors: 83North, The Venture Collective, Possible Ventures

Orbem combines cutting-edge AI technology with advanced imaging capabilities, particularly through the integration of rapid magnetic resonance imaging (MRI) with sophisticated deep learning algorithms. 

This fusion enables the company to offer fast, accurate, and accessible imaging solutions that reveal hidden insights across various domains. 

Their flagship product, called the Genus, leverages accelerated MRI and AI algorithms to scan, categorize, and sort a broad range of samples, including biological specimens, food, and industrial materials. This helps industries optimize processes, improve product quality, and explore new revenue streams. 

A key benefit of Orbem’s technology is its speed. The Genus can interpret complete data quickly, surpassing conventional MRI methods and significantly reducing scan times. 

Furthermore, the company prioritizes safety by ensuring that its technology is harmless and contactless, reducing contamination risks and enhancing biosecurity measures.

3. InstaDeep

Founded in 2014
Total Funding: $107 million

Major Investors: CDIB Capital, AfricInvest, Alpha Intelligence Capital

InstaDeep develops AI solutions for various industries, targeting logistics, finance, gaming, healthcare, and energy. These solutions range from GPU-accelerated insights to self-learning decision-making systems. 

The company is known for its expertise in reinforcement learning. It has applied reinforcement learning techniques to optimize complex systems like supply chain management, recommendation engines, and resource allocation.

This helps businesses enhance their manufacturing, logistics, transportation, and energy efficiency, ultimately leading to increased return on investment.

Besides its commercial endeavors, InstaDeep is actively involved in research and has published papers in well-known AI conferences and journals. The company collaborates with industry partners, research organizations, and academic institutions to advance the field of AI. 

2. Abnormal Security

Founded in 2018
Total Funding: $284 million

Major Investors: CrowdStrike Falcon Fund, Menlo Ventures, Insight Partners

Abnormal Security specializes in email security solutions. It aims to protect organizations from advanced email threats like business email compromise (BEC), account takeover attacks, and malware. 

The company utilizes a combination of machine leanring data analytics to analyze email content, sender behavior, and other contextual factors. 

Instead of relying solely on static rules or signatures, their AI platform learns from historical email data and adapts to evolving attack tactics and techniques. It addresses both current and emerging threats across email and email-like applications. 

Abnormal Security’s impact on businesses is profound and measurable. For instance, it mitigated $3.4 million in risk for a major food processing company and helped a large healthcare company optimize resources, resulting in savings of 3,500 SOC (Security Operations Center) hours annually. 

1. Cohere 

Founded in 2019
Total Funding: $435 million

Major Investors: Inovia Capital, SAP, NVIDIA

Cohere offers the AI platform tailored for enterprise applications. It leverages large language models (LLMs) to provide natural language processing (NLP) solutions. 

Since these LLMs are built on Transformer architecture and trained on supercomputers, they circumvent the need for expensive machine learning development, empowering businesses with cost-effective yet high-performance NLP solutions. 

One of the key features of Cohere’s platform is its ability to understand the nuances of language and context. It can perform tasks like entity recognition, sentiment analysis, summarization, and language translation with high accuracy. 

This makes it easier for businesses to derive valuable insights from large volumes of text data, including social media conversations, emails, documents, and customer feedback. 

Other Emerging AI Startups To Watch 

12. Charm Therapeutics

Founded in 2021
Total Funding: $82.7 million

Major Investors: NVentures, OrbiMed, F-Prime Capital

Charm Therapeutics discovers and develops groundbreaking small-molecule medicines targeting challenging-to-treat diseases.

The company has a proprietary 3D deep learning-enabled platform called DragonFold. It employs a high throughput protein-ligand co-folding algorithm to unlock previously inaccessible therapeutic targets.

DragonFold has been used to develop a pipeline of truly novel small molecule inhibitors, focusing particularly on cancers and other diseases with significant unmet medical needs.

13. Luko

Founded in 2016
Total Funding: $78 million 

Major Investors: EQT Ventures, Orange Ventures, Founders Fund 

Luko stands out in the insurance industry by providing more than just traditional coverage — it offers a comprehensive home security solution coupled with electricity bill reduction.

The company designs AI-powered sensors to monitor and prevent home accidents. This shifts their insurance policy from a reactive claims-based model to a proactive prevention-focused approach. 

Moreover, their contracts are fully customizable online, enabling customers to swiftly purchase and adjust insurance coverage with just a few clicks.

14. Verbit

Founded in 2017
Total Funding: $569 million

Major Investors: Third Point Ventures, Titan Capital Partners, Samsung NEXT

Verbit leads the way in AI transcription and captioning solutions, providing unmatched accuracy and speed at competitive prices. It offers a comprehensive suite of voice AI solutions and the largest workforce of professional captioners globally.

The company has positioned itself as the industry leader in this $30 billion transcription industry, helping more than 3,000 businesses and institutions worldwide. Their clients span various sectors such as media production, digital and online learning, as well as court reporting and legal services.

More to Know

What Challenges Do AI Startups Commonly Face?

The most common challenges include: 

  1. Getting access to high-quality, labeled data for training AI models 
  2. Recruiting and retaining top talents in fields like machine learning and data science 
  3. Overcoming technical challenges like optimization, scalability, and algorithmic complexity
  4. Addressing issues of bias, fairness, and transparency in AI models
  5. Adhering to regulations related to data privacy and ethical use of AI  
  6. Securing adequate funding to support R&D 
 AI Startup Hubs

Certain regions have emerged as prominent hubs for AI startups. The most prominent ones are: 

  • Silicon Valley is leading the pack in the innovation movement with more than 2,500 AI-related startups 
  • Tel Aviv in Israel has emerged as a leading hub for AI startups, specially the ones related to cybersecurity, healthcare, and fintech. 
  • Beijing, the capital city of China, is home to 1,050+ core AI companies, making up nearly 30% of the total number of such firms in the country. 

These hubs offer a combination of factors that attract developers, investors, and resources, facilitating innovation and growth within the startup community.

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Written by
Varun Kumar

I am a professional technology and business research analyst with more than a decade of experience in the field. My main areas of expertise include software technologies, business strategies, competitive analysis, and staying up-to-date with market trends.

I hold a Master's degree in computer science from GGSIPU University. If you'd like to learn more about my latest projects and insights, please don't hesitate to reach out to me via email at [email protected].

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