10 AI Startups to Watch
Artificial intelligence is revolutionizing the way we live and work. These startups are ready to capitalize on the changes.
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In many ways, 2023 has been the year of artificial intelligence.
Over the last decade, researchers and developers have been making incremental progress that slowly improved AI’s capabilities. Natural language processing, computer vision, recommendation engines, and other intelligent technologies were gradually getting better, but they had become so commonplace that they no longer seemed exceptional.
That all changed when generative AI burst onto the scene.
Tools like ChatGPT, GPT-4, and others were suddenly taking AI to a whole new level. According to McKinsey report on the state of AI in 2023, “Less than a year after many of these tools debuted, one-third of our survey respondents say their organizations are using gen AI regularly in at least one business function. Amid recent advances, AI has risen from a topic relegated to tech employees to a focus of company leaders: Nearly one-quarter of surveyed C-suite executives say they are personally using gen AI tools for work, and more than one-quarter of respondents from companies using AI say gen AI is already on their boards’ agendas. What’s more, 40% of respondents say their organizations will increase their investment in AI overall because of advances in gen AI.”
Researchers at Gartner said in a press release, “Generative artificial intelligence is positioned on the Peak of Inflated Expectations” on its hype cycle. While that might imply that AI will soon plunge in popularity, the firm believes that technology has real staying power. “The popularity of many new AI techniques will have a profound impact on business and society,” stated Arun Chandrasekaran, Distinguished VP Analyst at Gartner. “The massive pretraining and scale of AI foundation models, viral adoption of conversational agents and the proliferation of generative AI applications are heralding a new wave of workforce productivity and machine creativity.”
Against this backdrop, a host of startups have been toiling away on AI advances of their own. With AI suddenly thrust back into the limelight, young companies are hoping to capitalize on the surging interest.
This slideshow highlights a sampling of AI startups that caught our eye.
Founded: 2018
Founders: Evan Reiser, Sanjay Jeyakumar
Headquarters: San Francisco Bay Area
Funding: $284M
Website: abnormalsecurity.com
In the digital age, cybersecurity threats are everywhere, but the majority of cyberattacks begin with an email. To combat these threats, Abnormal Security is using cutting-edge AI technology to provide organizations with comprehensive protection against the increasingly sophisticated email-related security attacks that companies face on a daily basis. This includes phishing, supply chain fraud, email account takeovers and much more. Despite only being five years old, Abnormal Security has already grown to be worth over $4 billion and is used by over 5% of fortune 500 companies, making it one of the largest and most successful AI startups around.
Founded: 2017
Founders: Eric Wun, Josh Hacker, Rich Sorkin
Headquarters: San Francisco Bay Area
Funding: $87.2M
Website: www.jupiterintel.com
With rising temperatures and sea levels worldwide, investors are pouring funds into startups that use AI to assess and manage climate-related risks. One of the most successful of these startups is Jupiter Intelligence. The firm is led by scientists who use AI to predict and respond to climate-related phenomena, such as extreme storms, rising sea levels and increased temperatures, that result in hundreds of thousands of deaths and cost billions of dollars every year. Jupiter Intelligence provides reliable and actionable data that is used by a diverse range of customers including NASA, BP, Zurich, Liberty Mutual Insurance, and the US Department of Housing and Urban development.
Founded: 2017
Founders: Sharath Keshava Narayana, Swapnil Jain
Headquarters: San Francisco
Funding: $214M
Website: observe.ai
Observe.AI is a conversation intelligence platform that aims to help call center workers have better interactions with customers. Unlike competing platforms, Observe.AI uses AI to analyze customer sentiments and give agents real-time guidance on how they should respond in addition to insightful post-call feedback on their performance. Since call center’s interactions with customers play a such a huge part in company sales, Observe.AI’s technology can be a huge assent to the company by helping agents with difficult interactions. Since this startup was founded in 2017, it has grown rapidly and received a total of 217 million dollars’ worth of funding.
Founded: 2021
Founder: Raphael Townshend
Headquarters: San Francisco
Funding: $42M
Website: atomic.ai
Scientists are using AI to conduct scientific research more efficiently and make new and important discoveries. Atomi.AI is an AI and biotech startup that develops medicine and molecules to fight diseases, many of which were previously incurable. Atomic AI’s research specifically centers around RNA molecules. According to its website, the company “leverages deep learning foundation models to discover and design RNA-targeted small molecules, RNA-based medicines, and RNA tools.” The company is well funded with investors including 8VC, Playground, Greylock and AME Cloud Ventures.
Founded: 2018
Founders: Florian van Schreven, Henrik Haugbølle, Ioannis Sintos, Tony Beltramelli
Headquarters: Copenhagen, Denmark
Funding: $18.6M
Website: uizard.io
Headquartered in Copenhagen, Denmark, Uizard is a startup that offers an AI-driven design tool that is accessible regardless of the user’s technical or design experience. Its product enables the user to quickly create wireframes or prototypes and build the user interface portion of websites without doing any coding. Uizard can take text prompts, hand-drawn sketches or screenshots and turn them into fully functional prototypes. In addition, it offers many premade design templets to make the process even easier. So far, Uizard has received $18.6 million in funding, and it is continuing to grow every day.
Founded: 2017
Founders: Kunaal Naik, Manav Sevak, Nisarg Patel
Headquarters: San Francisco
Funding: $80.5M
Website: memorahealth.com
Memora Health uses advanced AI and machine learning technology to help patients and physicians perform health care tasks. Among other things, it offers health care companies a chatbot that is able to engage patients in comprehensive, intelligent text message conversation, answering their questions, helping them prepare for and recover from surgery, and ensuring they stay on schedule regarding their medications. This is valuable because many health care providers currently find themselves overburdened and understaffed. Because it uses AI to effectively perform tasks that previously could only be done in person, Memora Health has helped health care companies to be significantly more efficient, and it has become one of the world’s leading intelligent care enablement platform in a few short years.
Founded: 2019
Founders: Armenak Mayalian, Jan Szilagyi
Headquarters: San Francisco
Funding: $12.8 M
Website: toggle.ai
Companies specializing in financial services are one of the most common types of AI startups. One of the many promising fintech startups is Toggle, a New York-based company that builds AI technology to analyze data and provide investors with actionable investment insights. With the massive amount of data that is generated today, it can be overwhelming for investors to sift through data for useful information. Toggle looks to solve this problem by sifting through the piles of data and generating real-time investment insights. While it is forbidden from actually making specific investment recommendations, it offers insights that are accessible and easy to understand.
Founded: 2017
Founders: Lourdes Agapito, Matthias Niessner, Steffen Tjerrild, Victor Riparbelli
Headquarters: London
Funding: $156.6M
Website: synthesia.io
The 2017 startup Synthesia describes itself as the “world’s No. 1 AI video creation platform,” and it’s easy to see why. Over one third of Fortune 500 companies use Synthesia, and the company is now valued at over one billion dollars. It uses AI to convert text into a video and is easy to use for everyone without training or experience. With Synthesia, the user can design realistic digital avatars that can be used in presentations, marketing, training videos and much more. This new technology can increase productivity by dramatically decreasing the amount of time and resources needed to create videos.
Founded: 2020
Founders: Bryan McCann, Richard Socher
Headquarters: Palo Alto, California
Funding: $45M
Website: you.com
You is an AI-driven search engine created as an alternative to Google and other popular search engines. In an interview with Protocol, founder Richer Socher claimed “the world needs a better search engine. We kind of have a situation where the entire economy is moving online, and to have a single gatekeeper that wants to sell you to the highest bidding advertiser … that can’t be the right setup.” You allows the user to personalize and customize the AI so that they have more control over what they see in addition to improved data privacy. To date, You already has received $45 million worth of funds.
Founded: 2023
Founders: Arthur Mensch, Guillaume Lample, Timothee, Lacroix
Headquarters: Paris, France
Funding: $114.9M
Website: mistral.ai
Despite having been around for less than a year, France-based Mistral AI has already garnered over 100 million dollars’ worth of funding. This generative AI company was founded by former members of Meta and Alphabet Inc. and aims to create a large language model that can challenge the dominance of Open AI’s ChatGPT. The company uses open source, which its founders believe can help solve many of the security and public misuse issues ChatGPT has faced. The company also hopes to be a key part in getting Europe more involved in the AI industry.
Check Out Other InformationWeek Slideshows
Founded: 2023
Founders: Arthur Mensch, Guillaume Lample, Timothee, Lacroix
Headquarters: Paris, France
Funding: $114.9M
Website: mistral.ai
Despite having been around for less than a year, France-based Mistral AI has already garnered over 100 million dollars’ worth of funding. This generative AI company was founded by former members of Meta and Alphabet Inc. and aims to create a large language model that can challenge the dominance of Open AI’s ChatGPT. The company uses open source, which its founders believe can help solve many of the security and public misuse issues ChatGPT has faced. The company also hopes to be a key part in getting Europe more involved in the AI industry.
Check Out Other InformationWeek Slideshows
Artificial intelligence is revolutionizing the way we live and work. These startups are ready to capitalize on the changes.In many ways, 2023 has been the year of artificial intelligence.
Over the last decade, researchers and developers have been making incremental progress that slowly improved AI’s capabilities. Natural language processing, computer vision, recommendation engines, and other intelligent technologies were gradually getting better, but they had become so commonplace that they no longer seemed exceptional.
That all changed when generative AI burst onto the scene.
Tools like ChatGPT, GPT-4, and others were suddenly taking AI to a whole new level. According to McKinsey report on the state of AI in 2023, “Less than a year after many of these tools debuted, one-third of our survey respondents say their organizations are using gen AI regularly in at least one business function. Amid recent advances, AI has risen from a topic relegated to tech employees to a focus of company leaders: Nearly one-quarter of surveyed C-suite executives say they are personally using gen AI tools for work, and more than one-quarter of respondents from companies using AI say gen AI is already on their boards’ agendas. What’s more, 40% of respondents say their organizations will increase their investment in AI overall because of advances in gen AI.”
Researchers at Gartner said in a press release, “Generative artificial intelligence is positioned on the Peak of Inflated Expectations” on its hype cycle. While that might imply that AI will soon plunge in popularity, the firm believes that technology has real staying power. “The popularity of many new AI techniques will have a profound impact on business and society,” stated Arun Chandrasekaran, Distinguished VP Analyst at Gartner. “The massive pretraining and scale of AI foundation models, viral adoption of conversational agents and the proliferation of generative AI applications are heralding a new wave of workforce productivity and machine creativity.”
Against this backdrop, a host of startups have been toiling away on AI advances of their own. With AI suddenly thrust back into the limelight, young companies are hoping to capitalize on the surging interest.
This slideshow highlights a sampling of AI startups that caught our eye.
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