With the evolution from desktop computers, laptops, and now palm-sized smartphones and inventions that handle a slew of previously unthinkable acts, technology is transforming society, and artificial intelligence innovation is significantly impacting the planet we call home.  

With Artificial Intelligence (AI)-powered machines that can diagnose illnesses, decipher human speech and languages, deliver competitive intelligence, and even defeat you in games, AI is on its way to spelling the end of the human race. 

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As AI becomes the ultimate version of Google and seemingly intent on superseding humans who seem limited by a snail-paced biological evolution, thousands of startups and emerging AI companies are increasingly transforming workplaces, products, and services in various places. This article highlights the top 10 AI startups in 2024 you need to watch.  

The Importance of AI Startups

Artificial intelligence technology is advancing at an unprecedented speed, and the attendant startup technology trends profoundly impact how people live, work, and interact. AI startups in 2024, the forefront of the ongoing changes, are driving innovation and pushing boundaries in ways we never imagined were possible. 

Known for their agility, innovative spirit, and willingness to take risks, disruptive AI startups are building around core ideas and visions to develop new technologies and products shaping the future of industries in transportation, finance, healthcare, etc.    

By disrupting the old-fashioned way of doing things and creating new solutions, startups are relentlessly seeking new and better ways of doing things. Silicon investor Jeremiah Owyang recently highlighted the speed at which startups are spewing out innovations, stating in a tweet that in San Francisco alone, there were “44 AI events in two weeks.”

Criteria for Selection

There are thousands of incredible AI startups, but we shall briefly cover some of the most prominent ones in this article. Our selection criteria for the top AI companies in our list include factors like their innovative use of AI technology and market potential. We also look at the market traction in AI startups since most have had successful AI funding rounds, without forgetting their leadership teams and overall market impact. 

Top 10 AI Startups to Watch

Seamless.AI

Founded in 2015 and located in Ohio, USA, Seamless AI is a leading intelligence platform using AI and machine learning systems to provide real-time insights to individuals and companies. 

The startup that raised $75.3M over five rounds from 10 investors has developed a search engine that connects users to their ideal customers and helps them build a sales pipeline that shortens the sales cycle. 

As the world of e-commerce grows continually, Seamless.AI will play a pivotal role by helping businesses maximize their market reach and increase their revenues.    

OpenAI

Anyone who knows about the AI startup ecosystem must have heard about OpenAI. This startup evolved from a not-for-profit AI research lab to become the for-profit corporation it is today. 

Founded in 2015 in San Francisco, USA, and has raised $200 million over three rounds of funding, OpenAI made a profound IA industry impact with the launch of its chatbot ChatGPT. 

OpenAI has an ambitious target of collecting over $1 billion in revenue in 2024, and its power move to partner with Microsoft and the attendant multibillion-dollar commitment is likely to expedite the startup breakthrough in 2024 and beyond.  

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Observe AI

Besides cutting a niche in the AI startup ecosystem by offering cutting-edge NLP tools that monitor text and voice conversations, Observe.AI recently reported remarkable growth, attaining an annual recurring revenue exceeding 150%. 

The platform enables contact centers to embed AI into customer interactions and automate revenue-driven processes. 

The San Francisco, USA-based startup that was founded in 2021 and raised $213 million over three rounds has seen their AI innovation that analyzes customer interactions increase threefold, resulting in a 426% uptick in agent evaluations while their AI-powered coaching sessions have surged by 201%. 

Cradlewise

The San Francisco-based startup, Cradlewise, is among the pioneering AI in healthcare startups that aims to assist parents by transforming baby cots into AI-powered intelligent nurseries. 

The startup was founded in 2018 and has raised at least $7.19M over two rounds, seeing its product Cradlewise Smart Crib’ win the CES 2022 Innovation Award. 

The crib has a monitor that detects a child’s sleep pattern and responds with soothing or rocking music, besides offering several other customized solutions and actionable insights.

iRise Mechanics

iRise Mechanics joins the growing list of AI in healthcare startups with its robotic mobility devices designed for patients with lower body or limb disabilities. 

The company merges medicine with robotic technology using its AI-powered mobility devices that help keep the patient upright and enable people living with disabilities to move freely.

Founded in 2016 in Sofia, Bulgaria, and has raised over $320K over 200 rounds of funding, the startup that aims to cut the number of deaths resulting from limb impairment accidents was awarded the Best Social Impact Startup.

Brex

Regarding AI in finance startups, LinkedIn recently listed Brex among the top startups for its innovative product transforming how businesses handle their finances. 

Brex credit card is an AI-powered product specifically designed for entrepreneurs offering cash accounts, corporate credit cards, and cash accounts besides offering high credit limits without collateral or personal guarantees.     

The unique thing about Brex is its ability to monitor a company’s spending behavior and create a tailor-made credit line based on its findings. The San Francisco, California-based firm was founded in 2017 and raised $1.5 billion over 12 rounds

AEye

AEye is a leader in automotive AI technology with its LiDar technologies, the laser-based sensor systems explicitly designed to help self-driving cars detect their surroundings. 

Moreover, the startup aims to create AI industry impact by leveraging AI technology to develop sensors that can accurately mimic human sensing capabilities. 

Founded in 2013 in Dublin, California, the startup raised $89.1 million in debt financing and is likely to be a startup to watch, considering the drive towards automation like all other areas. 

Cresta

As the buzz surrounding automation rages on, AI startup Cresta offers companies extensive call center support via its customer service tools. 

The firm employs AI technologies to enable real-time agents to interact easily with their customers by integrating directly into their conversations and offering the agents real-time advice regarding the response they should give them. 

The San Francisco, California-based startup founded in 2017 and raised $151 Million in series C funding will be something to watch in 2024 thanks to its tools that can recognize when a customer is frustrated or upset, something every business requires to have an edge over the completion.      

Industry Impact

While there may still be ongoing AI trends and challenges, the technology has demonstrated its potential to disrupt different areas of our lives and streamline operations. 

For example, AI is gaining traction in healthcare, and using Machine Learning (ML) will enable healthcare practitioners to use computer vision to diagnose ailments using Natural Language Processing (NLP) and X-rays. The advancements will ensure patients receive fast and accurate services due to the safe data interchange. 

AI profoundly impacts the retail sector by streamlining previously tedious customer service operations. AI-enabled agents ensure customers receive feedback in real-time, thus increasing potential conversions and sales. 

However, there are likely repercussions on many business functions as jobs in some sectors of the economy could soon become redundant. When applied correctly, AI can recognize abnormalities and create new avenues of opportunity. Still, at the same time, it can also free employees from mundane and repetitive tasks so they can focus on more technical ones that enhance productivity. 

Conclusion

Despite the existing regulatory issues in AI startups that governments may need to address, the market for the technology is steadily growing, and there doesn’t seem to be any sign of letting up. 

AI’s ability to facilitate faster data retrieval and enhanced decision-making abilities has seen the technology spread to nearly every industry where operations are being streamlined. 

Read More on AI from Hodl:

Artificial Intelligence has shown its potential to revolutionize the way we have done things traditionally and is already driving significant improvements in productivity and efficiency. Moreover, by helping reduce the risks of human error, AI has created a niche in all areas of growth and innovation. 

As the number of industry applications for AI continues emerging, users should keenly watch these AI startups 2024 and several others so they don’t miss the bus of opportunity.   

Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.