20 Skyrocketing Mechanical Engineering Companies & Startups (2024)
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The mechanical engineering market size in the US currently stands at $369.2B.
That, coupled with the global market shares of other countries, shows that this diverse sector is experiencing noteworthy growth.
There are many companies that are using cutting-edge tech to not just revolutionize this industry, but the whole world.
We’ve rounded up some of the fastest-growing mechanical engineering startups to follow in 2024 (and beyond).
1. Volta Trucks
5-year search growth: 800%
Search growth status: Peaked
Year founded: 2019
Location: Sigtuna, Sweden
Funding: $390.9M (Series C)
What they do: An automotive company, Volta Trucks specializes in electric trucks. Its fully electric heavy vehicles are intended to improve last-mile logistics through sustainability and improved safety. They are also the pioneers of the unique “truck as a service.” Earlier in 2021, Volta Trucks announced that the order book for their “Volta Zero” electric truck reached $260 million.
2. nTopology
5-year search growth: 129%
Search growth status: Exploding
Year founded: 2015
Location: New York, NY
Funding: $135.2M (Series D)
What they do: nTopology is an engineering design software that can be used to conceptualize new product ideas with 3D modeling. Their platform offers an environment where engineers can not just create mechanical designs, but also share their workflows with team members. nTopology’s clientele includes companies like Lockheed Martin, Oak Ridge National Laboratory, and Wilson.
3. Virtual Flow
5-year search growth: 106%
Search growth status: Regular
Year founded: 2021
Location: Cairo, Egypt
Funding: Undisclosed
What they do: Virtual Flow is a mechanical engineering startup that specializes in computational fluid dynamics (CFD) simulation software. Their software uses advanced algorithms to simulate and analyze fluid behavior, allowing engineers to optimize the design of complex systems such as HVAC, aerospace, and automotive systems. Virtual Flow's technology can help reduce costs and improve efficiency by identifying potential issues and allowing for rapid design iteration before physical prototypes are built.
4. Valispace
5-year search growth: -64%
Search growth status: Peaked
Year founded: 2016
Location: Bremen, Germany
Funding: $7.4M (Seed)
What they do: Valispace offers browser-based software designed to help engineers develop satellites, launch vehicles, and other similar machinery. Their software centralizes and manages dynamic engineering data, potentially acting as a single source of truth for teams working on a project. Valispace won the Europas 2021 Award in the space tech category.
5. Tvasta
5-year search growth: 1,300%
Search growth status: Peaked
Year founded: 2016
Location: Bangalore, India
Funding: $400K (Seed)
What they do: Tvasta is an engineering startup focused on using additive manufacturing technology to provide sustainable solutions for the industrial sector. Their innovative approach to design and production enables them to create custom solutions that reduce waste and energy consumption. They specialize in the manufacturing of complex components and systems for industries such as aerospace, automotive, and healthcare.
6. Kam Avida
5-year search growth: 50%
Search growth status: Peaked
Year founded: 1990
Location: Pune, India
Funding: Undisclosed
What they do: Kam Avida is a mechanical engineering company that aims to provide sustainable and innovative solutions for water and wastewater management. The company utilizes advanced technologies such as artificial intelligence, machine learning, and IoT to optimize the efficiency and effectiveness of their products. Kam Avida's products range from modular wastewater treatment plants to smart water distribution systems, which cater to both industrial and municipal clients.
7. Boston Materials
5-year search growth: -17%
Search growth status: Regular
Year founded: 2016
Location: Billerica, MA
Funding: $26.8M (Series A)
What they do: A materials science startup, Boston Materials specializes in carbon composites. The composites that the company fabricates are used in the manufacturing of a wide range of mechanical structures, including aircraft, wind turbines, and ebikes. It’s estimated that Boston Materials earns $25M in annual revenue.
8. DASH Systems
5-year search growth: 50%
Search growth status: Regular
Year founded: 2017
Location: Hawthorne, CA
Funding: $8M (Seed)
What they do: An aerospace startup, DASH Systems, now known as Farcast, provides precision airdrop solutions (in other words, delivering cargo to areas that are inaccessible.) Their tech consists of guidance systems and mechanical components that control the trajectory of cargo dropped from an aircraft. DASH Systems raised $8 million in seed funding in 2020, securing investments from 8VC, Tusk Venture Partners, and MiLA Capital.
9. Starship Technologies
5-year search growth: -67%
Search growth status: Peaked
Year founded: 2014
Location: San Francisco, CA
Funding: $197.7M (Series B)
What they do: A robotics startup, Starship Technologies builds fleets of autonomous robots that can deliver goods. Their robots are designed to complete curb-side deliveries within 30 minutes. According to the company, Starship Technologies has successfully completed 3,000,000 autonomous deliveries to date.
10. Oxford Flow
5-year search growth: 100%
Search growth status: Peaked
Year founded: 2015
Location: Oxford, UK
Funding: $17.6M (Series Unknown)
What they do: Oxford Flow manufactures industrial pressure valves. Their pressure control technology has applications in various industries like oil and gas, water, and power generation. The company claims that their valve equipment can potentially improve safety, efficiency, and cost-optimization. In 2020, Oxford Flows secured a £9.1M ($10.5M) investment from Oxford Sciences Innovation (OSI), The University of Oxford, and Parkwalk.
11. Velca
5-year search growth: 139%
Search growth status: Regular
Year founded: 2019
Location: Madrid, Spain
Funding: $7.3M (Series A)
What they do: Velca manufactures electric-powered motorcycles – scooters and mopeds – with swappable batteries. According to their website, they have the largest online following than any other EV brand in Europe. Velca has sold over 250 scooters so far. The startup estimates that they’ve helped save over 27.5 million kgs of CO2 with their vehicles.
12. Better Origin
5-year search growth: 69%
Search growth status: Regular
Year founded: 2015
Location: Cambridge, UK
Funding: $22.2M (Series A)
What they do: Better Origin is an UK-based engineering startup that designs and manufactures insect processing technology to convert food waste into sustainable animal feed. The company's flagship product is the X1, a modular system that uses black soldier fly larvae to convert food waste into insect protein and oil. By providing a sustainable alternative to traditional animal feed, Better Origin aims to reduce the environmental impact of food waste and improve the efficiency of the food production industry.
13. Treo Engineering
5-year search growth: -100%
Search growth status: Peaked
Year founded: 2009
Location: Pimpri, India
Funding: $1.2M (Private Equity)
What they do: Treo Engineering manufactures autonomous single-station car wash systems. In fact, they were the first company to introduce a touchless carwash in India. The company manufactures over 500 touchless car and bike washers per year.
14. Nuro
5-year search growth: -2%
Search growth status: Regular
Year founded: 2016
Location: Mountain View, CA
Funding: $2.1B (Series D)
What they do: A robotics-focused mechanical engineering startup, Nuro builds autonomous electric-powered vehicles capable of conducting local deliveries. They cater to local commerce businesses like restaurants, grocery stores, and pharmacies. Nuro has already onboarded customers like Dominos, FedEx, Walmart, and more. In 2019, Fast Company recognized Nuro as an especially innovative company.
15. CloudNC
5-year search growth: -33%
Search growth status: Peaked
Year founded: 2015
Location: London, UK
Funding: $77.8M (Series B)
What they do: CloudNC offers automated manufacturing solutions. Specifically, they help build computerized numerical control (CNC) factories. With their tech, which includes robots powered by AI, they can automate the entire manufacturing process. The World Economic Forum recognized CloudNC as one of the Technology Pioneers for the cohort of 2021.
16. Diligent Robotics
5-year search growth: 800%
Search growth status: Regular
Year founded: 2017
Location: Austin, TX
Funding: $71.6M (Series Unknown)
What they do: Diligent Robotics builds autonomous, AI-powered robots. They currently offer a robot called “Moxi,” which has been designed to assist hospital staff with different activities. According to their website, their robot has successfully completed over 23,500 tasks.
17. Shield AI
5-year search growth: 456%
Search growth status: Exploding
Year founded: 2015
Location: San Diego, CA
Funding: $723.1M (Series Unknown)
What they do: Shield AI provides artificial intelligence solutions intended to protect civilians and service members. Specifically, their AI tech is designed to enable unmanned aircraft to behave and maneuver like humans. In 2020, Fast Company recognized Shield AI as one of the most innovative robotics companies. They also made it to Inc. 5000’s list of fastest-growing private companies.
18. eFOLDi
5-year search growth: 267%
Search growth status: Peaked
Year founded: 2009
Location: London, UK
Funding: $4.7M (Series Unknown)
What they do: eFOLDi manufactures foldable mobility scooters. The company’s product line includes two lightweight folding scooters, including the “eFOLDi Lite” and “eFOLDi MK 1.5 Scooter.” They also offer a power chair, which, according to their website, is ideal for traveling. In 2016, eFOLDi won the British Invention of the Year award at the Gadget Show Live.
19. Swytch
5-year search growth: 167%
Search growth status: Peaked
Year founded: 2017
Location: London, UK
Funding: $6.4M (Series Unknown)
What they do: An electro-mechanical startup, Swytch manufactures and sells kits designed to convert regular bicycles into electric bikes. According to their website, their kits are compatible with a wide range of bicycles. So far, bicycles powered by Swytch kits have been collectively ridden for over 1 million miles. In 2019, the startup hit $1 million in sales in 30 days.
20. SimScale
5-year search growth: -7%
Search growth status: Regular
Year founded: 2012
Location: Munich, Germany
Funding: $54.9M (Series C)
What they do: A 3D simulation company, SimScale provides a digital platform for product design. Mechanical design engineers can use their web-based software to see how products would potentially behave in real life. For this purpose, they use high-fidelity physics simulation technology. According to their website, over 250,000 scientists, engineers, and designers use SimScale’s platform.
Conclusion
That concludes our roundup of the best mechanical engineering startups to follow in 2024.
As the broadest field of engineering, mechanical engineering has many applications, which is evident from the diverse list of startups above.
Considering that, the need for disruptive mechanical engineering solutions – pioneered by new startups – will only continue to grow in the future.
