With innovation achieving newer strides each day, AI can rightly be called the brightest spark of 2024! This brainy tech, already changing the world, is about to get even cooler. While behemoths like Google and Microsoft are already AI champs, tons of smaller startups are on the rise.
According to predictions by Statista, the AI industry is set to surge to an impressive $126 billion by 2025. That’s highly impressive! While there are 67,199 AI and machine learning startups globally (Tracxn), the thriving AI ecosystem in India is no stranger to this AI revolution.
In 2022 alone, Indian AI ventures secured a staggering $1.11 billion across 47 funding rounds. Conversational AI and computer vision solutions stand out as particularly fertile grounds, accounting for 17% and 15% of these startups, respectively.
Intrigued to know about this booming domain of business? This curated list introduces you to some of the most compelling AI startups of 2024. Read along!
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Robin AI
Founder, CEO: Richard Robinson
Year of inception: 2019
Positioning itself as the AI copilot for contracts, Robin AI boasts an impressive promise of boosting contract reviews by 85%, positioning itself as a formidable contender to traditional contract lifecycle management (CLM) systems. The startup’s trajectory in 2023 began with a robust $10.5 million Series A funding round in February by Plural. The funding cohort included Episode 1, a group of angel investors featuring prominent figures such as Tom Blomfield and senior executives from legal and private equity sectors associated with Bridgepoint, Apollo, and Barings.
Building on this early success, Robin AI has introduced innovative features, including a clause compare tool, natural language querying capabilities, and an AI add-in for Microsoft Word powered by Anthropic’s Claude, marking significant strides in contract management technology.
Robin AI has already processed over 500,000 contracts and honed its AI capabilities through the analysis of more than 100 million clauses. The startup distinguishes itself by fostering a collaborative relationship between AI and human attorneys rather than seeking to replace them entirely. This unique approach involves the algorithm scanning contract data, derived from both client-provided and publicly available documents, to identify specific elements. Human reviewers then step in to verify anomalies and address issues that the software may find challenging to comprehend.
CoRover
Founders: Manav Gandotra, Ankush Sabharwal, and Kunal Bhakhri
Year of inception: 2016
Specialising in AI-powered chatbots designed to revolutionise both operational efficiency and customer engagement, CoRover has carved its space in the AI startup sphere.
Their mission is clear– create secure, scalable, and reliable conversational AI platforms that prioritise a human-centric approach. Leveraging AI, machine learning, natural language processing, augmented reality, and virtual reality, CoRover’s technology is not merely innovative, it’s groundbreaking.
But innovation alone is not enough. CoRover’s true strength lies in the versatility and scope of its solutions. Their platform powers a range of multi-format bots—including VoiceBots, VideoBots, and ChatBots— catering to diverse communication preferences. Further amplifying its global reach, CoRover’s offerings support over 100 languages, ensuring inclusivity and accessibility across borders.
The benefits of partnering with CoRover are as follows–
- Foster deeper connections with customers through natural, engaging chatbot interactions, resulting in improved satisfaction and loyalty
- Automate routine tasks and inquiries, freeing up human resources for more strategic tasks and enhancing the overall efficiency of operations
- Analyse chatbot interactions to gather valuable data and customer feedback, providing actionable insights for informed decision-making
Thus, CoRover is not simply a chatbot developer; they are architects of a new era of human-machine interaction.
Stability AI
Founder: Emad Mostaque
Year of inception: 2020
The cornerstone of this AI startup’s success lies in the groundbreaking latent diffusion model, Stable Diffusion. This text-to-image tool stands out for its ability to generate highly detailed images on demand, capturing the industry’s attention.
Beyond its flagship product, Stability AI is actively diversifying its offerings across different modalities. It has a text-to-audio solution that empowers users to input written prompts, generating high-quality audio in 44.1 kHz stereo.
The repertoire expands further with Stable Beluga, a natural language generation LLM (Large Language Model) designed as a chatbot. Uniquely fine-tuned and optimised for harmlessness, this chatbot exhibits a high degree of reasoning ability, making it ideal for addressing general or scientific inquiries and executing tasks such as copywriting.
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Haptik AI
Founders: Aakrit Vaish and Swapan Rajdev
Year of inception: 2013
Haptik AI has established itself as a leading player in the conversational AI space. Renowned for its expertise in building intelligent chatbots and virtual assistants, this Mumbai-based startup empowers businesses across diverse sectors to streamline customer service and support processes.
Powered by natural language processing (NLP) and machine learning (ML), Haptik’s AI solutions enable businesses to offer users instant, accurate, and efficient assistance with their inquiries. The platforms seamlessly weave human-like interactions into user experiences, fostering an enhanced sense of engagement and satisfaction.
With $12.2 million in funding secured to date, Haptik AI has successfully expanded its presence beyond its initial focus on e-commerce. Today, the company’s innovative solutions are employed in finance, insurance, healthcare, and other key industries, contributing to improved operational efficiency, tailored user experiences, and elevated customer engagement across the board.
By leveraging the power of AI, Haptik AI equips businesses to navigate the ever-evolving landscape of customer service. Its dedication to intelligent automation and intuitive user experiences positions Haptik as a valuable partner for companies seeking to optimise operations and cultivate stronger relationships with their customers.
Anthropic
Founder: Dario Amodei, Daniela Amodei
Year: 2021
Anthropic is a pioneering AI safety and research company committed to the development of general AI systems and large language models.
The cornerstone of their endeavour is Claude, a large language model that distinguishes itself from rivals like ChatGPT through enhanced capabilities. Claude excels at processing intricate, larger blocks of text and continuously updates its knowledge base, ensuring information accuracy and relevance. Moreover, Anthropic prioritises responsible AI deployment, employing a controlled access model for Claude. Researchers seeking collaboration must present their intended use cases and establish their identity, a crucial step in mitigating potential misuse.
Google’s $2 billion investment in October 2023 serves as a testament to Anthropic’s growing base. This hefty capital injection, supplemented by a prior $4 billion investment from Amazon, reinforces the company’s pivotal role in shaping the future of AI. Further boosting its position are strategic partnerships with leading tech giants like Salesforce and Zoom, showcasing broad industry confidence in Anthropic’s mission and talent.
While public accessibility for Claude remains limited, select partner applications, such as Quora’s Poe.com, offer fleeting glimpses of its potential. Initial user reviews commend Claude’s prowess in creative tasks, precise instruction-following, and trivia recall, suggesting a model adept at both understanding and executing nuanced tasks. Anthropic itself champions Claude’s enhanced safety features, highlighting its reduced propensity for harmful outputs and its heightened ease of control compared to contemporaries. By prioritising control and safety alongside impressive capabilities, Anthropic charts a distinct path for AI development, one that promises responsible advancement rather than reckless progress.
ScribbleData
Founders: Indrayudh Ghoshal, Venkata Pingali
Year: 2017
ScribbleData.io is a growing AI startup that empowers businesses to extract actionable insights from their data with agility and reliability. Their flagship product, Enrich, champions this mission by orchestrating a seamless journey from data preparation to insightful conclusions.
Gone are the days of sluggish data pipelines and bottlenecked workflows. Enrich streamlines the process, allowing businesses to swiftly unlock the riches hidden within their data and leverage them for immediate strategic advantage.
Enrich dismantles data silos, fostering a collaborative environment where insights flow freely. By breaking down organisational barriers, Enrich encourages cross-functional teams to synergistically analyse data, leading to a richer, more comprehensive understanding.
Enrich also prioritises data integrity, ensuring every decision rests on a foundation of unwavering trust. Its approach guarantees data reliability and accuracy, empowering businesses to confidently navigate today’s data-driven landscape.
This has been achieved by integrating LLMs (Large Language Models) into their offerings through the revolutionary Hasper engine. This innovative engine leverages LLM capabilities to build a comprehensive LLM data products platform, engendering a new era of potent data analysis and insightful interpretation.
