In the ever-accelerating race of technological innovation, a new vanguard of pioneers is emerging. The year 2023 has been marked by the meteoric rise of generative AI (genAI), a field that’s not just walking the fine line between imagination and reality but is erasing it altogether. From ChatGPT to AI avatars, generative AI has brought several exciting products. In fact, 2022 and 2023 could be called the “Era of Artificial Intelligence” as hundreds of startups, tools and software were launched.
But only a few of them have become successful. So, in today’s article, we will look at the top genAI startups you need to keep an eye on.
Top 10 genAI startups 2023
1) OpenAI
is known for bringing the AI wave with their popular genAI product aka ChatGPT. According to the Wall Street Journal, this firm has a valuation of $30 billion that could go up to $80 to 90 billion. With an extensive list of generative AI products like ChatGPT 3 and 4, Dall-E and Dall-E 2, Codex, etc, OpenAI is known for shaking hands with tech giant Microsoft.
2) Character.ai
Created by former developers of Google’s LaMDA, Character.ai is a neural language model-based chatbot. This artificial intelligence chatbot allows users to converse with fictional characters, celebrities, historical figures, etc. Unlike ChatGPT, people can chat with many bots at one time.
According to the company, more than 1.7 million users installed Character.ai in less than a week after its launch. This year, the startup raised a whopping $150 million in Series A funding at a valuation of $1 billion.
3) Midjourney
is a genAI program created by an independent research lab based in San Francisco. This platform allows users to create custom images from text prompts. Designers can leverage Midjourney via Discord and type in the textual instructions for the type of AI-generated picture they require.
Surprisingly, this AI startup earned up to $200 million without any venture capitalists or other external investors.
4) Writer
Writer is a San Francisco-based AI startup that creates various formats of content such as emails, product descriptions, executive summaries, etc. Launched in 2020, this firm is a direct competitor to ChatGPT Enterprise, Jasper, Anthropic, Typeface, etc.
Writer was also on the Forbes list of “The AI 50 2023”. In September, the company raised $100 million in Series B funding including Accenture who announced they have invested an undisclosed amount in this enterprise-ready platform. So far, they have raised a total of $126 million.
5) Anthropic
Founded by ex-OpenAI employees, Anthropic is an American AI startup that builds large language models and general AI systems. This San Francisco-based company created a popular ChatGPT-rival bot named “Claude” this year in March and recently launched its paid version- Pro Claude at $20 per month.
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Last year in April, Anthropic raised $580 million in Series B. Also, it is reported that big tech giant Google also invested $300 million in this firm. So far this AI startup has raised a whopping $1.4 billion.
But that’s not all, even e-commerce monopoly Amazon is planning to invest around $4 billion making it the second tech company to fund Anthropic.
6) Glean
Glean is a California-based enterprise search software that assists employees in finding important data without finding across apps such as Google Docs, Slack, etc. Moreover, through Glean chat which is an AI assistant, users can generate or summarise text or even help with coding.
In 2019, Glean raised around $15.3 million in Series A funding. Last year, they reached unicorn status after big VC giant Sequoia Capital led the Series C funding, raising $100 million at a valuation of $1 billion.
7) Jasper
is an AI-based content-writing tool that helps startups and creators enhance their copies and boost efficiency in workflow. This tool can create various formats of marketing content such as product descriptions, emails, social media posts, articles, etc.
According to Ycombinator.com, Jasper has 105,000 active customers. In October 2022, Jasper raised $125 million in Series A funds at a valuation of $1.5 billion by 12 investors.
8) Synthesia
Founded in 2017, London-based Synthesia is a media generation platform that develops AI video content. This software helps businesses create custom videos with realistic-looking AI avatars and add their own cloned voice or use any desired voiceover.
In June, Synthesia successfully raised $90 million reaching the unicorn valuation of $1 billion in Series C funding after American chip maker Nvidia invested. According to the firm, they have generated an estimated 12 million videos and recorded a year-on-year growth rate of 456%.
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9) Cohere
Cohere is a Canadian AI startup founded in 2019. This enterprise-focused tool helps businesses to automate certain tasks, boost sales and enhance customer service. In 2021, the firm was funded with $40 million in Series A and raised $125 million in Series B last year.
This year, Cohere received $270 million in its Series C funding at a valuation of around $2.1-2.2 billion. A few notable investors of this company are Nvidia, Salesforce Ventures, Oracle, etc.
10) Inflection AI
Inflection AI is a California-based startup founded in 2022 by the founder of Google DeepMind Mustafa Suleyman and co-founder of LinkedIn Reid Hoffman. This firm mainly develops generative AI applications and hardware and has launched products like “Pi”, a personal AI chatbot.
This year, Inflection raised $ 1.3 billion from big companies like Microsoft and Nvidia with a valuation of $4 billion.
Stay tuned to the pulse of innovation with our spotlight on the movers and shakers of the GenAI world. Keep an eye on these trailblazers as they redefine the boundaries of technology.
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