5 AI Startups Set To Skyrocket In 2024

Artificial Intelligence (AI) is becoming hugely popular in 2024. Experts predict the AI industry will grow to $126 billion by 2025 - that's a massive number! While big tech companies like Google and Microsoft are leaders in AI, many smaller startup companies are also working on AI.

If we talk about the new companies, as per the reports by Tracxn, there are over 67,000 AI and machine learning startups globally as of January 2024. These top AI companies are leveraging AI and deploying AI applications across healthcare, finance, e-commerce, cybersecurity and manufacturing industries.

These companies are not only changing the face of the future but also showing how AI can solve real-world problems and create positive change through various applications. Are you intrigued to know about these startups? Well, we have curated a list of top 5 AI startups that are set to skyrocket in 2024.
 

Robin AI

Robin AI is an innovative startup founded in 2019 that has positioned itself as the AI copilot for contract reviews. It promises to boost efficiency by 85%, challenging traditional contract lifecycle management systems. In 2023, Robin AI secured $10.5 million in Series A funding from Plural and notable investors like Tom Blomfield and legal/private equity executives.
 

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The startup has introduced advanced features like clause comparison, natural language queries and an AI-powered Microsoft Word add-in using Anthropic's Claude. It has already processed over 500,000 contracts and analyzed over 100 million clauses, honing its AI capabilities.

What sets Robin AI apart is its collaborative approach – the AI scans contracts to identify elements while human attorneys verify anomalies and address complex issues. This unique human-AI partnership avoids completely replacing lawyers. By leveraging both AI and human expertise, Robin AI aims to revolutionize contract management efficiently and effectively.
 

Anthropic

Anthropic, an AI safety and research company founded in 2021, is at the vanguard of developing general AI systems and large language models. The crown jewel in their endeavor is Claude, a sophisticated language model that excels at processing intricate, lengthy texts and continuously updates its knowledge base, ensuring information accuracy and relevance.
 

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By prioritizing control and safety alongside impressive capabilities, Anthropic charts a distinct path for AI development – one that promises responsible advancement rather than reckless progress. We all know how crucial these steps are when an industry is often accused of moving too fast and breaking things.

With Google’s $2 billion investment in October 2023 and Amazon's prior $4 billion contribution, Anthropic is going to play a pivotal role in shaping AI's future. Even strategic partnerships with tech giants like Salesforce and Zoom underscore how the industry is showing confidence in Anthropic's mission and talent.
 

Cohere

Leading the pack in language AI, Cohere, a startup founded in 2019, offers businesses of all sizes a game-changing solution – natural language processing (NLP) technology that protects and anonymizes data. Their AI models provide powerful functions like content creation, summarized analysis and exploration on a grand scale.
 

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Cohere's high-performance, configurable AI models can be used on both private and public clouds, ensuring your data stays secure. Fueled by cutting-edge research, Cohere empowers developers and companies to create innovative products that harness the power of linguistic AI for efficient, practical applications.

Branding itself as the AI platform for enterprises, Cohere's message resonated strongly, helping the company raise a staggering $270 million in a Series C financing round led by Inovia Capital. While Big names like Spotify, Glean and Oracle are already leveraging their platform, it's clear that Cohere is a force to be reckoned with in the world of language AI.
 

NobleAI

Next on the list is NobleAI, founded in 2017, which is all set to reshape the future by harnessing the power of science-based AI to develop high-performing, environmentally conscious and ethically sourced chemical and material products. Their cutting-edge AI technology promises accurate predictions and designs that scale from molecules to complete systems, offering a solution that is more precise than classical machine learning and faster and more cost-effective than traditional simulations.
 

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With applications ranging from battery development to novel chemical compounds and simulations for the energy industry, NobleAI's innovative approach is already making waves. Furthermore, the startup has established a robust partner program, collaborating with industry giants like Microsoft Azure and Amazon Web Services to accelerate their go-to-market strategy.

The company's commitment to sustainability and innovation has garnered significant attention, culminating in a $17 million Series A funding round led by Microsoft's venture capital fund, M12, in April. Renowned investors such as Chevron Technology Ventures, General Purpose VC and Alumni Ventures have also thrown their support behind NobleAI.
 

Inflection AI

You know how sometimes you wish your computer could just understand you better? Well, that's exactly what Inflection AI is aiming to solve. Inflection AI, founded in 2022, focuses on the development of hardware and applications for machine learning and generative AI. You see, their goal is to improve how we interact with our machines and make it easier for us to get our points across.
 

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Their first publicly available product is called Pi, short for "personal intelligence." You can download it globally, though it's currently only available in English. The cool thing is Pi remembers and seems to learn about you over time, providing more personalized responses than your typical AI assistants. It's designed to be a helpful friend, providing guidance, concise information and natural, flowing conversations.

Wait, there's more! Inflection AI recently raised a whopping $1.3 billion investment round and guess who's on board? None other than Microsoft and Bill Gates themselves! With heavy hitters like Nvidia and former Google CEO Eric Schmidt also investing, it's clear this startup is one to watch in the AI race.
 

To Conclude

AI startups are going to take off big time in 2024. AI has opened up so many opportunities for people who are brave enough to dream big and make those dreams happen. AI has huge potential across all kinds of areas - healthcare, finance, automating tasks, you name it. Mind you, we are not just turning a page with AI; we are rewriting the entire possibility with AI.

As AI keeps advancing at a rapid pace, it's going to change how we live, work and see the world in ways we can't even imagine yet. The capabilities of AI are so amazing that it inspires us to start a new company of our own! What are you waiting for? Make your dreams a reality with AI. Let’s go!

Explore the cutting-edge trends and advancements shaping AI technology in 2024. Gain valuable insights into how AI innovation is revolutionizing various sectors and stay ahead of the curve with the latest developments. Click here to read more!