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25 Trending Machine Learning Companies & Startups (2024)

by Josh Howarth
May 1, 2024

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The global machine learning market is expected to reach $204.3B in 2024 and $528.1B by 2030.

82% of companies use machine learning to manage risk. Whereas 74% say they use it to enhance their performance analysis and report processes.

According to a McKinsey survey, 50% of businesses claim that they’ve implemented AI in at least one business unit.

This list presents 25 trending startups that are making an impact on the machine learning space.

1. Flock Safety

5-year search growth: 1,900%

Search growth status: Exploding

Year founded: 2017

Location: Atlanta, Georgia

Funding: $380.6M (Series E)

What they do: Flock Safety has developed a camera system that has a built-in AI capable of identifying a vehicle’s fingerprint. The system detects when a stolen car enters an area and notifies the police and the neighborhood residents. The startup’s system is currently implemented in over 2,000 cities in 42 states.

2. UNISOC

5-year search growth: 3,950%

Search growth status: Exploding

Year founded: 2001

Location: Shanghai, China

Funding: $1.6B (Series C)

What they do: UNISOC uses AI to customize and streamline the production of chips. The company has an estimated yearly revenue of $1B and an estimated net profit margin of 3.49%. UNISOC currently serves more than 500 customers in 133+ countries, including brands like Samsung, Hisense, and vivo.

3. RepVue

5-year search growth: 9,800%

Search growth status: Exploding

Year founded: 2018

Location: Chapel Hill, North Carolina

Funding: $6M (Seed)

What they do: RepVue tracks real-time sales compensation data across different companies. It then uses its algorithm to rate a company’s sales compensation based on a set of criteria. Currently, RepVue tracks sales compensation data on over 1,200 organizations.

4. MedPay

5-year search growth: 65%

Search growth status: Exploding

Year founded: 2020

Location: Bengaluru, India

Funding: $1.2M (Seed)

What they do: MedPay has developed a smart algorithm-powered payment platform connecting healthcare professionals with insurance agencies. Over 47,000 pharmacies and 20,000 doctors across 650 cities use this platform.

5. Relu

5-year search growth: 58%

Search growth status: Regular

Year founded: 2019

Location: Leuven, Belgium

Funding: $2.1M (Seed)

What they do: Relu uses deep learning to construct 3D models of jaws, teeth and nerves. Relu’s integration with medical software makes it easy for healthcare professionals to upload a CT or CBCT scan and automatically build an accurate 3D representation of the scans. The Leuven-based startup is funded by 3 investors over 1 funding round.

6. Teikametrics

5-year search growth: -14%

Search growth status: Peaked

Year founded: 2015

Location: Boston, Massachusetts

Funding: $65M (Series B)

What they do: Teikametrics is a SaaS that uses AI to optimize eCommerce marketplaces. Their machine learning algorithm dynamically optimizes pricing, inventory and performance while providing trends and suggestions based on current data. Teikametrics processes over 40 terabytes of data every year.

7. Scale AI

5-year search growth: 1,214%

Search growth status: Exploding

Year founded: 2017

Location: Hong Kong, Hong Kong

Funding: Undisclosed

What they do: Scale AI provides training data for machine learning and AI applications like self-driving cars, mapping, AR/VR, and robotics. This startup has four primary products: Scale Data Engine, Scale Donovan, Scale EGP, and Scale Spellbook. These tools give developers the data needed to build large language models, generative AI platforms, and machine learning models. In 2023, Scale AI surpassed $200 million in revenue and 1,000 customers. The startup is close to securing a new funding round that would bring its valuation to $13 billion

8. BHyve

5-year search growth: -31%

Search growth status: Peaked

Year founded: 2020

Location: Mumbai, India

Funding: $390K (Grant)

What they do: BHyve is a peer-to-peer platform intended to enable employees to share their tacit knowledge. The company uses ML to match employees based on their knowledge and the knowledge they want to obtain. Big 4 consulting and accounting firms use BHyve to elevate their employees’ tactical knowledge. Overall, the startup has seen a 47.3% YoY revenue growth.

9. Supertrends

5-year search growth: 3,800%

Search growth status: Regular

Year founded: 2019

Location: Zug, Switzerland

Funding: $1.7M (Series A)

What they do: Supertrends has developed a deep learning technology capable of following and analyzing data to forecast trends that might arise soon. Currently, the company’s technology keeps an eye out on over 100 themes and over 650,000 companies that have the potential to disrupt entire industries in the future. Supertrends’ funding round was invested at a post-money valuation of $8.72M.

10. Quantexa

5-year search growth: 176%

Search growth status: Exploding

Year founded: 2016

Location: London, England

Funding: $370M (Series E)

What they do: Quantexa gathers data across a venture’s operational workflow and uses machine learning to analyze it. It then develops plans to automate entire operational decisions across multiple business sectors. Quantexa is currently deployed in over 70 countries and has handled over 60 billion records.

11. AdmitKard

5-year search growth: 2,900%

Search growth status: Peaked

Year founded: 2016

Location: Noida, India

Funding: $11.7M (Series A)

What they do: AdmitKard helps students get admitted to their university of choice. It uses intelligent retrieval to instantly assess a student’s profile and compare it to a university’s target profiles. Then, based on the information, it suggests changes and alterations making the student’s profile more appealing to their target university. The Noida-based startup has curated insights on over 1000 Universities.

12. Aidoc

5-year search growth: 200%

Search growth status: Exploding

Year founded: 2016

Location: Tel Aviv, Israel

Funding: $267.5M (Series Unknown)

What they do: Aidoc has developed a deep learning system for radiologists. It is capable of analyzing medical images and patient data to pinpoint critical anomalies. To date, the system has been used to analyze nearly 15 million scans.

13. Apty

5-year search growth: 214%

Search growth status: Regular

Year founded: 2016

Location: Austin, Texas

Funding: $12.9M (Series A)

What they do: Apty is an AI-driven software analyzing tool that can explore how software is being used and integrated. It then creates a strategic plan to increase employee productivity and improve business processes using that software. According to Apty, their tool can help increase employee productivity by up to 40%.

14. Arctic Wolf

5-year search growth: 94%

Search growth status: Peaked

Year founded: 2012

Location: Eden Prairie, Minnesota

Funding: $899.2M (Convertible Note)

What they do: Arctic Wolf monitors a user’s cyber resources to ensure safety and security. Its algorithms, which according to the startup can yield ROI up to 411% in less than 6 months, are built to detect unusual usage patterns, signaling potential security breaches. The Channel Co. has recognized Arctic Wolf’s efforts by naming it as one of the top 100 Security firms in 2021.

15. Lookiero

5-year search growth: -32%

Search growth status: Peaked

Year founded: 2016

Location: Bilbao, Spain

Funding: $53.6M (Series C)

What they do: Lookiero is a personal fashion shopping subscription service. The company uses machine learning to analyze customer preferences and needs and develop a selection of clothing, which is then directly shipped to the customer. Lookireo reported a 75.31% YoY revenue growth. The startup also says that they brought in $23.4M in revenue last year.

16. Logically

5-year search growth: 110%

Search growth status: Regular

Year founded: 2017

Location: London, England

Funding: $36.7M (Series A)

What they do: Logically combines AI, fact-checking teams and OSINT investigators to offer a threat intelligence platform. The startup, which has partnered with Facebook UK, offers quick fact-checking and detects manipulated images. Logically recently closed their $24M Series A funding round led by Vitruvian Partners.

17. Luxonis

5-year search growth: 8,700%

Search growth status: Regular

Year founded: 2019

Location: Littleton, Colorado

Funding: $4.7M (Undisclosed)

What they do: Luxonis is a tech company specializing in computer vision products and artificial intelligence solutions. Their top product, the OAK-D, is a robotic vision camera that sees the world with human-like vision by using machine learning and the spatial AI platform DepthAI. As of January 2024, Luxonis serves more than 25,000 customers globally. 

18. Delta AI

5-year search growth: 314%

Search growth status: Exploding

Year founded: 2017

Location: Madrid, Spain

Funding: Undisclosed

What they do: Delta AI is a machine learning startup that provides an end-to-end AI platform to automate document-based workflows. Their platform uses natural language processing (NLP) and machine learning algorithms to extract data from unstructured documents and automate decision-making processes. Delta AI's technology is used across industries such as finance, insurance, and healthcare to streamline operations and improve efficiency.

19. Circly

5-year search growth: 22%

Search growth status: Regular

Year founded: 2020

Location: Vienna, Austria

Funding: $340K (Pre-seed)

What they do: Circly is an AI-powered forecasting tool for retail. Their self-learning and self-optimizing technology uses consumer behavior data to forecast buying behavior. The startup, which is looking to close another early-stage VC funding round by the end of 2021, claims that its forecasting technology has a 95% accuracy rate and helps retailers reduce their stock levels by as much as 80%.

20. Zenseact

5-year search growth: 5,200%

Search growth status: Regular

Year founded: 2020

Location: Göteborg, Sweden

Funding: Undisclosed

What they do: Zenseact is an AI-powered automotive software designed to make self-driving cars safer and more efficient. Their technology enables cars to track and sense their surroundings without the need for human intervention. The startup, backed by Volvo Cars Technology Fund, has already implemented its software on over 11 car brands.

21. OctoAI

5-year search growth: 400%

Search growth status: Peaked

Year founded: 2019

Location: New Delhi, India

Funding: $132M (Series C)

What they do: Formerly known as OctoML, OctoAI automates machine learning and generative AI code generation for digital applications. Because of the need for large-scale generative AI applications, OctoML launched OctoAI in June 2023 to help customers run, customize, and scale existing generative AI models. In January 2024, the startup officially rebranded to OctoAI to highlight its growing AI-focused product suite. 

22. SuperAnnotate

5-year search growth: 7,500%

Search growth status: Regular

Year founded: 2018

Location: Sunnyvale, California

Funding: $17.5M (Series A)

What they do: SuperAnnotate is a tool that uses artificial intelligence to acquire and complete training data used to annotate, train and automate computer vision pipelines. The startup’s most recent funding, a $14.5M Series A funding round led by Base10!, valued the company at $59.5M.

23. Roboflow

5-year search growth: 99x+

Search growth status: Exploding

Year founded: 2018

Location: Des Moines, IA

Funding: $22.2M (Series A)

What they do: Roboflow is an end-to-end computer vision platform that simplifies the process of building computer vision models. This startup is currently used by over 250,000 engineers to create new CV datasets, train models, and deploy them to production.

24. Yodawy

5-year search growth: 5,000%

Search growth status: Regular

Year founded: 2018

Location: Cairo, Egypt

Funding: $30.5M (Series B)

What they do: Yodawy is a marketplace allowing pharmacies to sell their products online. In addition to the marketplace, the company has developed a smart technology that quickly checks healthcare information to offer instant insurance approvals and digital prescriptions. The startup has amassed a network of over 2,500 pharmacies across Egypt.

25. United Robots

5-year search growth: 330%

Search growth status: Exploding

Year founded: 2016

Location: Malmo, Sweden

Funding: $1.6M (Seed)

What they do: United Robots is an innovative editorial technology startup. They use deep learning to analyze large datasets and come up with unbiased and neutral language editorial texts. The company experienced a 19.87% growth in revenue last year.

Conclusion

This concludes our list of trending machine learning startups.

Companies in the AI/ML sector tackle different problems. Therefore, they cover a variety of industries and use cases.

That said, almost all startups in this space use extensive data and machine learning to make businesses more efficient, increase public safety and forecast behavioral and consumer trends.