Few technologies have attracted as much attention as generative AI. In 2023, the large language model (LLM) market has been one of the most closely followed sectors in the world. And with it are some AI companies and startups to watch out for, as they are ready to capitalize on the changes.
The revolution of generative AI
Artificial intelligence is revolutionizing the way we live and work. 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.
All of that changed when generative AI burst onto the scene.
Tools like ChatGPT, GPT-4, and others are suddenly taking AI to a whole new level, and the AI industry is poised to grow to an estimated $126 billion by 2025. Today, AI has become essential for an increasing number of businesses as remote work and reliance on technology are the new daily norm.
Against this backdrop, several 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.
That being said, BusinessYield presents to you 15 AI companies and startups to watch out for in the near future.
AI companies and startups to watch out for
OpenAI
OpenAI was founded in 2015 by a group of technologists (including Sam Altman and Elon Musk) and is the widely recognized leader of the LLM market. Currently, experts estimate that the company is worth anywhere between $29 billion to $90 billion.
The AI startup has developed leading products in the space, including the AI chatbot ChatGPT, the multimodal GPT-4V LLM, and the text-to-image tool DALL-E 3.
It remains unclear when the organization will drop the highly-anticipated multimodal Gobi LLM and GPT-5. However, it is also worth noting that if OpenAI does commit to developing its own AI chips, as it’s reportedly in the process of investigating, then it could solidify its place in the market going forward.
It is definitely one of the AI companies and startups to watch out for in the future.
Nuro
With a mission to expedite the use of AI and robotics for solving everyday challenges, Nuro, founded in 2016 by Jiajun Zhu and Dave Ferguson, is one of the top artificial intelligence companies specializing in the development of driverless delivery vehicles.
In 2019, the Japanese multinational conglomerate holding company, SoftBank Group, invested 940 million dollars through its Vision Fund, raising the total valuation of Nuro to 2.7 billion dollars. It is worth noting that SoftBank’s 100-billion-dollar Vision Fund only acquires stakes in technology companies that have strong growth potential.
To this day, Nuro has successfully completed hundreds of delivery trips between retail outlets and shoppers through strategic partnerships with leading retail brands, including Walmart and Kroger.
Stability AI
Stability AI is another key startup in the generative AI market and one of the companies to watch out for. Founded in 2020, the organization has quickly achieved a valuation of $1 billion. A large part of that success has been due to the startup’s latent diffusion model, Stable Diffusion, a text-to-image tool that can create highly detailed images on demand.
However, Stability AI is also creating a number of other models across different modalities. One of these tools is Stable AI, a text-to-audio solution that enables users to enter written prompts and generates audio in 44.1 kHz stereo.
The vendor additionally provides a natural language generation LLM known as Stable Beluga. This chatbot is fine-tuned and optimized for harmlessness, featuring a high degree of reasoning ability, making it suitable for answering general or scientific questions and completing tasks like copywriting.
Frame AI
Frame is building one of the leading customer success platforms by providing leading artificial intelligence software around a robust solutions framework aimed at solving numerous customer challenges.
By building “The Voice of the Customer engine”, teams can use Frame to detect themes among customers, identify patterns for retention or acquisition of customers, and turn qualitative feedback into quantitative data for leadership.
Anthropic
Anthropic sits at the heart of the text chatbot revolution, an AI startup founded in 2021 by ex-OpenAI employees. It has made waves thanks not just to its verbose Claude and Claude 2 virtual assistants, but also because of its emphasis on safe development.
For instance, the organization’s latest release, Claude 2, enables users to converse with the tool in natural language. It has also been fine-tuned to produce less harmful outputs than other competing tools like ChatGPT.
At the same time, Claude 2 has a much larger context window than OpenAI’s GPT-4, of 100,000 tokens compared to 32,768 tokens. This means that Claude 2 can process and respond to larger text inputs.
Anthropic is one of the AI companies and startups to watch out for in the future. This is due to Amazon’s recent $4 billion investment in the organization and their work on releasing a frontier model called Claude-Next, which is purportedly 10 times more powerful than existing AI systems.
Uizard
Uizard is an AI-powered platform that helps users create professional-looking designs for websites and mobile apps with minimal coding or design experience. Its proprietary technology uses machine learning algorithms to translate sketches and wireframes into functional code and designs. This reduces the time and effort required to create a prototype.
Users can also create responsive and customizable designs that can be shared and tested with stakeholders.
DeepL
DeepL is a neural machine translation platform that uses advanced algorithms to translate text from one language to another with exceptional accuracy and fluency. With support for over 30 languages, DeepL’s technology combines neural network models, deep learning techniques, and natural language processing (NLP) to provide high-quality translations for a wide range of content types, including websites, documents, and emails.
With its intuitive interface and powerful API, DeepL enables businesses and individuals to communicate and collaborate across different languages and cultures with ease.
Tome
Tome is a cloud-based platform that enables users to create and share interactive, multimedia documents such as ebooks, presentations, and reports. Users can easily add text, images, videos, audio, and other interactive elements to their documents.
Tome also provides real-time collaboration and commenting features, making it ideal for team projects and remote work. Additionally, Tome offers a range of customization options, including branding, design templates, and analytics, to help users create engaging and impactful content.
Hugging Face
Since its inception in 2016, Hugging Face has quickly established itself as one of the most significant AI startups in the world and achieved a valuation of $4.5 billion. Hugging Face has played an important role in enhancing the open-source community, providing a centralized location for AI researchers to collaborate on models and projects.
The Hugging Face platform provides developers with a library of pre-trained machine learning (ML) models, libraries, and resources they can use to build AI-driven applications. The organization is known for developing and maintaining a leaderboard that ranks the best open-source LLMs from Llama to Falcon 180B.
This leaderboard helps developers find LLMs with optimal performance for their specific requirements.
It’s worth noting that Hugging Face also provides paid ML solutions to support enterprise users. These solutions include Enterprise Hub, which enables users to deploy ML models on their own infrastructure, and Inference Endpoints, a tool for deploying models on a dedicated managed endpoint.
Hugging Face will undoubtedly remain at the heart of the community around open-source AI development in the future. So if you want to keep on top of the latest pre-trained models, this site is the way to go.
Midjourney
Midjourney is one of the fastest-growing startups in the generative AI market. Founded in 2021, it has already generated $200 million in revenue with $0 external investment.
One of the key ingredients to the company’s success so far is its flagship proprietary machine learning model (also called Midjourney), which was initially released in July 2022. It is accessible via the Discord chat app and uses a generative diffusion model to convert natural language prompts into images.
One of the key differentiators between MidJourney and competitors like DALL-E 3 is that it excels in creating high-resolution and high-quality images. As one of the most advanced AI-driven text-to-image vendors on the market, the startup is worth watching in 2024 to see if it will be able to outperform other industry competitors.
Uptake
Uptake empowers industries and institutions to analyze past outcomes, solve current challenges, and develop futuristic strategies that create a better world.
The 5-year-old AI-driven startup, with a huge machine-failure database in its possession, enables organizations to gain Business Intelligence (BI) that helps transform massive datasets into meaningful, actionable insights. The high-performance Uptake AI platform offers reliable support to its AI-based products, designed to automate and optimize industrial data integrity.
Valued at 2.3 billion dollars, this company with clients among some of the world’s largest corporations is unquestionably one of the top AI companies and startups to watch out for.
Moveworks
Moveworks is an AI platform that helps employers create a better workplace. By using natural language understanding (NLU), conversational AI, and probabilistic machine learning, the platform is able to support employees’ issues end-to-end.
Examples of AI in action include troubleshooting common questions, such as getting access to software and routing document approvals to the correct person.
AI21 Labs
When it comes to making AI more accessible, Tel Aviv’s AI21 Labs has been at the forefront, recently raising $155 million in funding and achieving a $1.4 billion valuation.
AI21 Lab’s flagship product is AI21 Studio, a platform that offers access to specialized machine-learning models like Jurassic-2. Developers can utilize these models to create AI-driven business applications capable of performing natural language tasks, text summarization, and paraphrasing.
One of the key differentiators that make AI21 one of the top AI companies and startups to watch out for is that it provides organizations with access to pre-trained LLMs. They can use and fine-tune this for custom enterprise use cases.
Viz.ai
Healthcare AI company, Viz.ai, founded by Chris Mansi and David Golan in 2016, addresses the issue of minimizing the time to patient care. This is vital to averting disabilities and deaths from stroke, as studies reveal that over 90% of patients end up being critically ill if their health problem is not diagnosed and treated promptly.
Viz.ai leverages FDA-certified AI technology for synchronized stroke care, which reduces systemic delays between life-saving treatment and patient healthcare. The company obtained FDA (Food and Drug Administration) approval in 2018, paving the way for the commercialization of its software.
The AI-oriented startup, which raised 80.6 million dollars over five rounds, now markets its products to multiple medical institutions and hospital networks, including the Denver-based Swedish Health System and the Mount Sinai Health System in NYC.
With a bright future ahead, Viz.ai is one of the top AI companies and startups to watch out for in the future.
Synthesia
Synthesia is an AI-powered platform that enables businesses to create and personalize video content at scale. The platform can generate realistic and engaging videos with human-like avatars, making it ideal for a variety of applications, from e-learning and marketing to news reporting and virtual events.
Synthesia’s customization options including language support, voiceover selection, and scene creation, enable users to create and deploy video content quickly and efficiently.
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