33 Booming Generative AI Companies & Startups (2024)
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Generative AI is already changing how people create content. From audio to video and written content, startups in this space are still young, but the early results are impressive.
These algorithms are trained on large existing datasets and use generative adversarial networks (GANs) to create new content. In 2023, the generative AI market was worth $44.89 billion. By 2032, Bloomberg Intelligence estimates the generative AI market to grow to $1.3 trillion globally.
We’ve identified some of the big names in this niche space below. Keep an eye on these growing generative AI startups moving forward.
1. Cohere
5-year search growth: 733%
Search growth status: Exploding
Year founded: 2019
Location: San Francisco, California
Funding: $445M (Series C)
What they do: Cohere is an AI startup that builds multilingual LLMs for enterprise businesses to streamline tasks. Users can use Cohere to build chatbots, knowledge assistants, and search solutions. After their latest funding round in June 2023, Cohere was valued at $2.1 to $2.2 billion.
2. Hugging Face
5-year search growth: 99x+
Search growth status: Exploding
Year founded: 2016
Location: New York, New York
Funding: $395.2M (Series D)
What they do: Hugging Face is a collaborative AI community that creates tools for developers. There are over 61,000 pre-trained models and 7,000 datasets. These open-source tools are helping innovators build generative AI and machine learning models faster.
Hugging Face partnered with ServiceNow Research to launch StarCoder, a free code-generating LLM, to compete with GitHub, Amazon, OpenAI, and DeepMind. In August 2023, Hugging Face raised $235 million in Series D funding, bringing their valuation to $4.5 billion.
3. Tabnine
5-year search growth: 7,800%
Search growth status: Exploding
Year founded: 2013
Location: Tel Aviv, Israel
Funding: $55.05M (Series B)
What they do: Tabnine is an AI assistant for software developers. This tool uses generative AI to predict or suggest the next lines of code based on previously used syntax. In February 2023, Tabnine reached 1 million monthly active users.
Because of Tabnine's rapid growth, they raised an additional $25 million in Series B funding in November 2023.
4. Soundraw
Search growth status: Regular
Year founded: 2020
Location: Tokyo, Japan
Funding: $1.6M (Series A)
What they do: Soundraw is a royalty-free AI music generator. Creators can use this tool to make original songs for content projects. And creators have full ownership and licensing of their music. The Tokyo-based startup raised $1.4 million in funding in July 2022.
5. Tome.app
Search growth status: Peaked
Year founded: 2020
Location: San Francisco, California
Funding: $81M (Series B)
What they do: Tome is a new AI-powered storytelling platform. It allows users to create powerful presentations using generative AI to create new slides, format, and add visuals automatically. The drag-and-drop interface makes it much easier for less design-savvy customers too.
Tome was the fastest productivity tool to reach 1 million users in only five months after launching.
6. AssemblyAI
5-year search growth: 2,200%
Search growth status: Exploding
Year founded: 2017
Location: San Francisco, California
Funding: $115M (Series C)
What they do: AssemblyAI is an AI-as-a-service startup. They have APIs in 80 different languages for automated speech transcription, topic detection, and more advanced content moderation. Developers can spend as little as $0.00025 per audio second while using the AssemblyAI platform.
Accel led the latest $50M funding round for AssemblyAI in December 2023.
7. Promptbase
Search growth status: Peaked
Year founded: 2022
Location: London, England
Funding: Undisclosed
What they do: Promptbase is eBay for generative AI. This marketplace allows customers to buy and sell prompts to generate predictive results while using top AI tools like ChatGPT, Midjourney, and Stable Diffusion. Promptbase earns a 20% commission on all platform sales.
8. Midjourney
5-year search growth: 3,800%
Search growth status: Regular
Year founded: 2022
Location: San Francisco, California
Funding: Bootstrapped
What they do: Midjourney is a generative AI image generator. Users must join the Discord channel to generate images and access the platform. There are over 15 million users creating art with Midjourney today. The newest V6 update has more realistic and detailed images and allows users to generate legible text within images.
With zero investments, Midjourney expects to cross $200 million in revenue in 2023.
9. Taskade
Search growth status: Exploding
Year founded: 2016
Location: San Francisco, California
Funding: $5.1M (Seed Round)
What they do: Taskade is a generative AI productivity tool used for task management, note-taking, and team collaboration. Key Taskade features include the AI workflow generator, AI writing and task assistant, and autonomous AI agents.
This startup aims to help users "get work done faster and smarter in one unified workspace." For example, the AI agents feature eliminates the need for ChatGPT or Jasper, while the dynamic workflow generator replaces Trello and Asana. Notable clients who have used Taskade include Lyft, Compass, and Booking.com.
10. Synthesia AI
Search growth status: Peaked
Year founded: 2017
Location: London, England
Funding: $156.6M (Series C)
What they do: Synthesia AI is a generative AI video maker. Users only need to upload text, and in just a few short minutes, an AI-generated video is made. Synthesia currently supports 120 different languages and 125 different AI avatars for video creation.
CEO Victor Riparbelli says that 47% of the Fortune 100 list is a Synthesia customer for computer-generated avatars.
11. Humata AI
5-year search growth: 6,500%
Search growth status: Regular
Year founded: 2022
Location: Austin, Texas
Funding: $3.5M (Seed)
What they do: Humata AI is like ChatGPT for your computer files. The software integrates with your desktop and allows users to ask questions and get instant answers about specific documents. Humata can summarize long pages and write new content too.
12. Chatbase
Search growth status: Regular
Year founded: 2023
Location: Toronto, Canada
Funding: Undisclosed
What they do: Chatbase is an integrated ChatGPT-like chatbot for a website. It can be added to any website like a traditional widget for customers to ask questions and get instant answers. This bootstrapped startup reached 1,800 paying customers in 3 months.
13. Stability AI
5-year search growth: 5,100%
Search growth status: Regular
Year founded: 2019
Location: London, England
Funding: $123.8M (Convertible Note)
What they do: Stability AI is the creator of Stable Diffusion, the deep learning text-to-image AI model. They develop open-source models and easy-to-integrate APIs to empower developers. Stability AI is essentially the image-generating version of OpenAI. They monetize their platform by selling access to the DreamStudio APIs. The $101 million seed round valued the company at $1 billion.
14. Anyword
5-year search growth: 3,000%
Search growth status: Regular
Year founded: 2013
Location: New York, New York
Funding: $30.1M (Series B)
What they do: Anyword is a generative AI content generation platform. The startup uses natural language processing to write copy for blogs, ads, emails, etc. Anyword also claims that its platform can be trained to match any company’s brand voice. They reached 1 million users in April 2023.
15. Rephrase AI
5-year search growth: 7,700%
Search growth status: Regular
Year founded: 2019
Location: San Francisco, California
Funding: $12.2M (Series A)
What they do: Rephrase AI is a text-to-video generation platform. Customers can select a video avatar, choose a background, pick the avatar’s voice, and enter a text prompt about the video. Rephrase also lets users export videos to use in sales presentations or marketing campaigns.
16. Inworld AI
Search growth status: Regular
Year founded: 2021
Location: Mountain View, California
Funding: $125.7M (Series Unknown)
What they do: Inworld AI is a startup implementing AI-powered character generation into video games. The platform uses natural language processing to create generative characters that can mimic human behaviors. The startup raised $50 million in August 2022 and joined Disney’s startup incubator, Disney Accelerator.
17. Runway AI
Search growth status: Exploding
Year founded: 2018
Location: New York, New York
Funding: $237M (Series C)
What they do: Runway is a generative AI video editing platform. Users can submit a text prompt and Runway produces short video clips based on the request in the prompt. In April 2023, Runaway launched an IOS app to allow users faster access to submit prompts or upload new video requests.
18. Sudowrite
Search growth status: Exploding
Year founded: 2020
Location: San Francisco, California
Funding: $3M (Seed)
What they do: Sudowrite is a generative AI writing assistant for novel writing and storytelling. The tool includes features like the "Story Engine," where users input details about their story, writing style, character list, and plot outline to generate text based on these inputs. The company's seed round included backing from notable angel investors Evan Williams, Sahil Lavingia, and Patrick Lee.
19. Steve.ai
Search growth status: Exploding
Year founded: 2022
Location: San Francisco, California
Funding: Bootstrapped
What they do: Steve.ai is an online video creation platform that turns text prompts into video using AI technology. Users can generate animated videos from blogs and pre-written scripts. This startup launched on Product Hunt in July 2022 and reached 1 million users less than a year later in June 2023.
20. PlayHT
Search growth status: Exploding
Year founded: 2022
Location: Middletown, Delaware
Funding: $500K (Pre-Seed Round)
What they do: PlayHT is a text-to-speech (TTS) software that uses generative AI to turn written text into human-like audio. The startup offers over 800 AI voices in 130+ languages for video voice overs, podcasts, and e-learning.
In October 2023, PlayHT released 2.0 Turbo. This update generates speech in under 300ms on the network and under 100ms for on-premise solutions.
21. Quizgecko
Search growth status: Regular
Year founded: 2022
Location: London, United Kingdom
Funding: Undisclosed (Pre-Seed)
What they do: Quizgecko uses AI to create questions for online quizzes automatically. Users can make customizable quizzes from any text, file, document, or URL. It's also available as a Chrome Extension with auto-grading, advanced reporting, and analytics.
22. TalkPal
Search growth status: Exploding
Year founded: 2023
Location: Wilmington, Delaware
Funding: Bootstrapped
What they do: TalkPal aims to "revolutionize language learning" with an AI-powered learning platform. The GPT-powered tutor supports 57 languages and provides personalized sessions based on the user's learning pace and language level. The newest TalkPal Web update has new learning modes, improved feedback, and better translations for basic users.
23. Dubverse
Search growth status: Regular
Year founded: 2021
Location: Gurugram, India
Funding: $800K (Seed Round)
What they do: Dubverse is an AI video dubbing platform that creates videos using generative AI and machine learning. This startup can automatically translate videos into 30 languages and works with YouTube, Vimeo, and X video file formats.
The Generative AI Creators' platform lets users create subtitles, convert text to speech, and dub videos using 200+ AI speaker voices.
24. Codeium
Search growth status: Exploding
Year founded: 2022
Location: Mountain View, California
Funding: Bootstrapped
What they do: Codeium is an AI-powered toolkit and coding assistant for developers. Users can access Codeium Chat to auto-generate, explain, rewrite existing code, or translate code from one language to another. This tool is compatible with 40+ editors and works with 70+ programming languages.
25. Moonvalley
Search growth status: Peaked
Year founded: 2023
Location: Toronto, Canada
Funding: $30M (Seed Round)
What they do: Moonvalley is the “Midjourney for video." This text-to-video AI model lets users create short-form videos from text prompts. Moonvalley is still in beta, so it’s completely free to use. The first model was released two months ago, and after only six weeks, this startup grew to 100,000 users on Discord.
26. LOVO AI
Search growth status: Regular
Year founded: 2019
Location: Berkeley, California
Funding: $6.9M (Seed Round)
What they do: LOVO is an AI voice generator startup that can convert text-to-speech and create realistic voice cloning. LOVO’s suite of generative AI tools includes an online video editor, 150+ AI voices in 100+ languages, Genny Write to create video scripts, and an AI art generator. In September 2023, LOVO joined the Microsoft for Startups program.
27. Decktopus
Search growth status: Regular
Year founded: 2019
Location: Pao Alto, California
Funding: Bootstrapped
What they do: Decktopus creates new presentations and slide decks from prompts. This tool streamlines creating professional-looking presentations by asking only five questions. Over 100,000 users rely on Decktopus to generate slides that include personalized content, images, graphs, logos, etc.
28. Character.ai
Search growth status: Regular
Year founded: 2021
Location: Menlo Park, California
Funding: $150M (Series A)
What they do: Character AI is a generative AI platform and chatbot service that generates animated 3D characters. Users can customize these characters and trigger human-like text responses for contextual conversations.
Character AI is growing fast, with 4.2 million monthly active users in the U.S. This sits right behind ChatGPT’s mobile app at 6 million monthly users.
29. Descript
Search growth status: Regular
Year founded: 2017
Location: San Francisco, California
Funding: $100M (Series C)
What they do: Descript is a generative AI video and audio editing application. The platform is built for podcasters and videographers and lets users instantly generate audio and video transcriptions. In November 2022, Descript raised $50 million and was one of the first startups to secure funding from the OpenAI Startup Fund.
30. Papercup
Search growth status: Regular
Year founded: 2017
Location: London, England
Funding: $33.2M (Series A)
What they do: Papercup uses machine learning and generative AI technology to translate human speech, dub videos, and create voice overs. The startup can create realistic AI voices that sound like humans and translate text with 99% accuracy.
Papercup’s CEO estimates that over 300 million people have watched videos translated by Papercup in the past year.
31. Vizcom
Search growth status: Regular
Year founded: 2022
Location: Mountain View, California
Funding: $5M (Seed Round)
What they do: Vizcom is a generative AI creative tool that helps professional designers work faster by turning sketches into 3D concept drawings. Some of their primary features include prompting, live rendering, 3D paint, and curated rendering styles. The company raised $5 million in seed funding in May 2023.
32. Vidnoz
Search growth status: Exploding
Year founded: 2015
Location: Los Angeles, California
Funding: Undisclosed
What they do: Vidnoz is a free AI video platform that aims to reduce costs for users by 80% and increase productivity by 10 times. Users can create professional videos by choosing from 100+ AI voices, 70+ video templates, 50+ AI avatars, and an extensive library of media materials. Currently, Vidnoz has more than 300,000 users creating 40,000 daily videos.
33. Scalenut
Search growth status: Regular
Year founded: 2020
Location: Haryana, India
Funding: $3.5M (Seed Round)
What they do: Scalenut is a generative AI-powered SEO and content marketing platform. Users can use this tool to automate blog writing, content creation, keyword and topic research, and content optimization. Specifically, Scalenut is positioned as a content creation tool that saves users “90% of the time while driving 10x more organic traffic.”
Conclusion
Generative AI is one of the fastest-growing sub-sectors in Artificial Intelligence today.
These startups are finding new ways to leverage large language models for better copywriting, image generation, and video creation. It will be interesting to see where more powerful generative language models take us moving forward.
