US-Based AI Startups Secure Over $100 Million in Funding in 2024
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On Wed, 17 Jul, 4:02 PM UTC
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US-based AI startups that raised over $100 million in funding in 2024 - ET Telecom
Internet 2 min read US-based AI startups that raised over $100 million in funding in 2024 In the US, for instance, AI startups received $27 billion in funding in April-June, accounting for nearly half of all startup funding in the country during that period, the New York Times reported, citing Pitchbook data. Venture capital investors cannot get enough of the growing artificial intelligence (AI) wave, with startups in the US roping in big funding in the first half of 2024. Even as Indian AI startups saw a dip in funding, those in the US defied funding winter. In the US, for instance, AI startups received $27 billion in funding in April-June, accounting for nearly half of all startup funding in the country during that period, the New York Times reported, citing Pitchbook data. Here's a look at some of the top AI startups that raised over $100 million in the first half of 2024: Skild AI: Headquartered in Pittsburg, US, Skild AI announced a $300 million funding round in June, led by Lightspeed Venture Partners, Coatue, SoftBank Group, and Jeff Bezos (through Bezos Expeditions). Bright Machines: Software and robotics startup Bright Machines raised $106 million in a funding round that included Nvidia and Microsoft as investors. The San Francisco-based company makes equipment and software that helps automate a range of manufacturing tasks through the use of AI and machine learning. Etched AI: AI startup Etched in June has raised $120 million in a Series A funding round. The company will use this capital to develop its specialised chip. Based in San Francisco, Etched aims to make a specialised processor tuned to run a specific kind of AI model that is widely used by OpenAI's ChatGPT and Google Gemini. EvolutionaryScale: EvolutionaryScale, an artificial intelligence startup focused on biology raised $142 million in seed funding, led by Nat Friedman, Daniel Gross and Lux Capital. Amazon Web Services (AWS) and the venture capital arm of NVIDIA also participated in the fund raising. xAI: Elon Musk's AI startup xAI has raised $6 billion in a Series B funding round backed by investors including Andreessen Horowitz and Sequoia Capital among others on May 27. Scale AI: AI startup Scale raised $1 billion in a late-stage funding round led by venture capital firm Accel with participation from tech giants Nvidia, Amazon, and Meta, valuing the AI data startup at nearly $14 billion in May. Blaize: California-based AI computing platform Blaize announced that it raised $106 million from existing investors including Bess Ventures, Franklin Templeton, DENSO, Mercedes-Benz AG, and Temasek and new investors Rizvi Traverse, Ava Investors and BurTech. Celestial AI: Celestial AI, founded in 2020, which is building an optical interconnect technology platform for data centers and AI solutions, announced in March it raised $175 million in its Series C funding round led by Thomas Tull's U.S. Innovative Technology Fund (USIT). Together AI: AI startup Together announced a fundraise of $106M led by Salesforce Ventures with participation from Coatue, and existing investors, Lux Capital and Kleiner Perkins, among others.
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US-based AI startups that raised over $100 million in funding in 2024
Globally, however, AI startups have been defying the 'funding winter' plaguing startups post pandemic. In the US, for instance, AI startups received $27 billion in funding in April-June, accounting for nearly half of all startup funding in the country during that period, data showed. AI startups for the first time became the largest segment during that quarter, as per Crunchbase.Venture capital investors cannot get enough of the growing artificial intelligence (AI) wave, with startups in the US roping in big funding in the first half of 2024. Even as Indian AI startups saw a dip in funding, those in the US defied funding winter. In the US, for instance, AI startups received $27 billion in funding in April-June, accounting for nearly half of all startup funding in the country during that period, the New York Times reported, citing Pitchbook data. Here's a look at some of the top AI startups that raised over $100 million in the first half of 2024: Skild AI: Headquartered in Pittsburg, US, Skild AI announced a $300 million funding round in June, led by Lightspeed Venture Partners, Coatue, SoftBank Group, and Jeff Bezos (through Bezos Expeditions). Bright Machines: Software and robotics startup Bright Machines raised $106 million in a funding round that included Nvidia and Microsoft as investors. The San Francisco-based company makes equipment and software that helps automate a range of manufacturing tasks through the use of AI and machine learning. Etched AI: AI startup Etched in June has raised $120 million in a Series A funding round. The company will use this capital to develop its specialised chip. Based in San Francisco, Etched aims to make a specialised processor tuned to run a specific kind of AI model that is widely used by OpenAI's ChatGPT and Google Gemini. EvolutionaryScale: EvolutionaryScale, an artificial intelligence startup focused on biology raised $142 million in seed funding, led by Nat Friedman, Daniel Gross and Lux Capital. Amazon Web Services (AWS) and the venture capital arm of NVIDIA also participated in the fund raising. xAI: Elon Musk's AI startup xAI has raised $6 billion in a Series B funding round backed by investors including Andreessen Horowitz and Sequoia Capital among others on May 27. Scale AI: AI startup Scale raised $1 billion in a late-stage funding round led by venture capital firm Accel with participation from tech giants Nvidia, Amazon, and Meta, valuing the AI data startup at nearly $14 billion in May. Blaize: California-based AI computing platform Blaize announced that it raised $106 million from existing investors including Bess Ventures, Franklin Templeton, DENSO, Mercedes-Benz AG, and Temasek and new investors Rizvi Traverse, Ava Investors and BurTech. Celestial AI: Celestial AI, founded in 2020, which is building an optical interconnect technology platform for data centers and AI solutions, announced in March it raised $175 million in its Series C funding round led by Thomas Tull's U.S. Innovative Technology Fund (USIT). Together AI: AI startup Together announced a fundraise of $106M led by Salesforce Ventures with participation from Coatue, and existing investors, Lux Capital and Kleiner Perkins, among others.
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Several AI startups in the United States have raised significant funding in 2024, with investments exceeding $100 million. This trend highlights the growing interest and confidence in AI technologies across various sectors.
AI Funding Boom Continues in 2024
The artificial intelligence sector has kicked off 2024 with a strong start, as several US-based AI startups have secured substantial funding rounds exceeding $100 million. This trend underscores the continued investor confidence in AI technologies and their potential to revolutionize various industries.
Notable Funding Rounds
Among the companies that have successfully raised significant capital are:
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Anthropic: This AI safety and research company has raised a staggering $750 million in its latest funding round 1. Anthropic is known for its work on developing safe and ethical AI systems.
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Adept AI: Specializing in training AI models to use software tools, Adept AI has secured $350 million in funding 2. This substantial investment highlights the growing interest in AI's potential to enhance productivity in various software applications.
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Cohere: This startup, which focuses on natural language processing technology, has raised $270 million 1. Cohere's success indicates the increasing demand for advanced language models in business applications.
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Hippocratic AI: With a focus on healthcare, Hippocratic AI has secured $100 million in funding 2. This investment suggests a growing recognition of AI's potential to transform the healthcare industry.
Implications for the AI Industry
The significant funding rounds observed in early 2024 point to several key trends in the AI industry:
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Continued investor confidence: Despite economic uncertainties, investors remain bullish on AI technologies, particularly those with practical applications across industries.
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Diversification of AI applications: The funded startups represent a wide range of AI applications, from general-purpose language models to specialized healthcare solutions, indicating a maturing and diversifying AI ecosystem.
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Focus on ethical AI: The substantial funding for companies like Anthropic, which emphasizes AI safety, suggests an increasing awareness of the importance of developing responsible and ethical AI systems.
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Potential for further innovation: With such significant capital infusions, these startups are well-positioned to accelerate their research and development efforts, potentially leading to breakthrough innovations in AI technology.
As the AI landscape continues to evolve rapidly, these funding rounds set the stage for an exciting year of advancements and innovations in the field. The substantial investments also highlight the competitive nature of the AI industry, as startups race to develop and commercialize cutting-edge technologies that could reshape various sectors of the global economy.
Reference
[2]
AI Startups Dominate Venture Capital Funding in 2024, Driving Market Recovery
AI startups captured a record 46.4% of total U.S. venture capital funding in 2024, signaling a significant shift in investment trends and contributing to the overall recovery of the VC market.
8 Sources
8 Sources
Indian AI Startup Funding Plummets Amid Market Volatility and Policy Challenges
India's AI startup ecosystem faces a significant downturn in funding, with a 91% year-on-year drop in Q2 2023. Market volatility, policy uncertainties, and global economic factors contribute to this sharp decline.
2 Sources
2 Sources
Indian AI Startup Funding: A Tale of Two Quarters in 2024
Indian AI startup funding shows contrasting trends in Q2 and Q3 of FY2025, with Generative AI seeing a surge while overall AI funding dips. The ecosystem demonstrates resilience and growth potential despite market volatility.
2 Sources
2 Sources
AI Frenzy Fuels Record-Breaking Venture Capital Investments in US Startups
US venture capital investments have reached a three-year high, driven by enthusiasm for artificial intelligence. However, the funding is heavily concentrated in a few large tech companies, raising questions about the sustainability and impact of this investment trend.
2 Sources
2 Sources
AI Startups Secure Billions in Funding Amid Investor Enthusiasm in 2024
OpenAI's recent $6.6 billion funding round at a $157 billion valuation highlights the growing investor frenzy surrounding AI startups. The trend, sparked by ChatGPT's launch in late 2022, has led to numerous AI companies attracting significant investments.
2 Sources
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