As AI continues to evolve, businesses are looking for new use cases to capitalise on the technology and remain competitive. As a result, AI startups are taking the plunge.
These startup companies are characterised by their use of cutting-edge AI technologies such as machine learning algorithms and neural networks. They use this power to address complex problems and drive innovation.
AI Magazine takes a look at some of the current leading AI startups that are committed to developing and harnessing the technology to power the next generation of digital transformation.
10. Abnormal Security
CEO: Evan Reiser
Revenue: US$100m (2023)
Abnormal Security is an email security company headquartered in San Francisco that uses behavioural AI to prevent sophisticated inbound email attacks and dangerous email platform attacks. The company provides threat research that enables security teams to understand new trends in the email landscape by uncovering which tactics current malicious actors are using.
The company has already partnered with leading companies in cybersecurity, including the likes of Microsoft and CrowdStrike. Its mission has always been to protect humans by using the power of AI and to autonomously fight cybercrime.
9. AlphaSense
CEO: Jack Kokko
Revenue: US$200m
AlphaSense is one of the leading artificial intelligence companies. The company provides a market and intelligence and search platform, which allows professionals to make more accurate business decisions. Founded in 2007, it now boasts more than 2000 enterprise customers.
The company is built on AI, machine learning and natural language processing (NLP), which speeds up time-to-insight and enhances the qualitative research process. It includes features like synonym recognition and sentiment analysis, helping users to extract the most important and relevant insights and understand the underlying nuance and meaning in the text.
Significantly, the company has just this week achieved a US$4bn valuation as it acquires data intelligence company Tegus.
8. Otter.ai
CEO: Sam Liang
Revenue: Total funding of US$70m over 4 rounds
Otter.ai, Inc. is a California-based technology company that develops speech to text transcription applications using AI and machine learning. Its software, called Otter, shows captions for live speakers and generates written transcriptions of speech.
The Otter AI platform aims to simplify the transcription process by using advanced speech recognition technology. Its AI algorithms processes the audio, before breaking it down into manageable segments and then transcribing it into text.
7. Dataiku
CEO: Florian Douetteau
Revenue: US$150m (2021)
Established in 2013, Dataiku was formed with the belief that businesses must enable their workforces to continually drive innovation. The company has since set the standard for making data accessible to all and promoting collaboration across entire organisations.
Since then, Dataiku has set the standard for making data accessible to all and promoting collaboration across entire organisations. The company has been integral to the AI progression of numerous companies and teams, promoting what it refers to as ‘Everyday AI’.
6. Perplexity AI
CEO: Aravind Srinivas
Revenue: US$63m funding at a US$1bn valuation
Founded just shy of two years ago in August 2022, Perplexity AI is fast-becoming one of the most reliable chatbot services worldwide. As an AI chatbot-powered research engine, it is a conversational search AI model that is designed to answer queries using natural language predictive text. It generates answers for users using web-based sources, but also boasts the unique function of citing the webpage links it is generating its answers from.
Since publicly launching what it describes as the world’s ‘first fully functional conversational answer engine’ in 2023, Perplexity has grown to 10 million monthly active users.
5. Grammarly
CEO: Rahul Roy-Chowdhury
Revenue: US$178.9m (2023)
Grammarly is self-described as an AI writing partner that understands the larger context of a user’s email or document. The AI can take simple prompts and instructions to deliver a compelling draft in seconds.
The platform was built by linguists and researchers by using a variety of methods like machine learning and deep learning, leading the company to consistently break new ground in natural language processing (NLP) and generative AI (Gen AI). As it develops, the company is also committed to mitigating AI bias and supporting inclusive language.
4. Anthropic
CEO: Dario Amodei
Revenue: US$850m (forecast in December 2023)
Anthropic was established in 2021 by former members of OpenAI, which includes sibling duo Daniela and Dario Amodei. The company’s mission is to develop safe and responsible AI, during a time of immense digital transformation.
In March 2023, Anthropic introduced Claude, its AI chatbot that is designed to be ‘easy to converse with’ and ‘less prone to generating harmful responses’. A year later, the company announced Claude 3, its most powerful AI model yet, boasting a range of models that are capable of answering more questions and understanding longer instructions to be more accurate.
3. Mistral AI
CEO: Arthur Mensch
Revenue: Unknown, but expected company value is US$6bn
Mistral AI is a French Gen AI model maker that made headlines in June 2023 when it secured €105m (US$112m) in its seed round from investors such as Headline, Index Ventures, Lightspeed Venture Partners and Bpifrance.
The company has made several notable business partnerships to advance AI, including a partnership with Snowflake in March 2024 to democratise AI access. Mistral AI’s latest and most powerful model, Mistral Large, is available in the Snowflake Data Cloud for customers to securely utilise Gen AI and build applications quickly and easily.
2. Synthesia
CEO: Victor Riparbelli
Revenue: US$1bn+ valuation
Synthesia is a synthetic media generation platform that uses AI to democratise video creation. The video maker allows users to create talking head videos (avatars) with text inputs and a short sample video of an actor.
Founded in 2017 by a team of AI researchers and entrepreneurs, the company’s Gen AI tools seek to empower users to make video content without cameras, microphones or studios.Based in London, its user base includes the likes of Amazon, Tiffany & Co, IHG Hotels & Resorts, Reuters, Accenture and the BBC.
The company passed the US$1bn valuation mark in June 2023 and earned unicorn business status.
1. Open AI
CEO: Sam Altman
Revenue: US$2bn
OpenAI is a research and deployment company dedicated to ensuring that artificial general intelligence (AGI) benefits all of humanity. It was originally founded by a group of individuals in 2015, including current CEO Sam Altman and Elon Musk.
The startup company ultimately revolutionised the commercial conversation of AI and Gen AI to the general public on a wide scale never seen before with the launch of its conversational AI tool, ChatGPT, in addition to its GPT-4 model in 2023. It is also responsible for the DALLE model, which can create realistic images from natural language descriptions.
Just this week, the company announced that it would be partnering with tech giant Apple to embed its ChatGPT features into the Siri assistant.
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