AI is certainly deserving of the title of brightest spark of 2024, as innovation continues to make greater leaps every day! This clever technology is going to get even better; it’s already revolutionizing the globe. Even though industry titans like Microsoft and Google currently dominate AI, a ton of smaller firms are gaining ground. As per Statista’s projections, the artificial intelligence sector is expected to reach a remarkable $126 billion by 2025. That is really amazing! Although there are 67,199 AI and machine learning firms in the world (Tracxn), this revolution in AI is nothing new to India’s burgeoning AI sector. Indian AI startups raised an astounding $1.11 billion in 47 investment rounds in 2022 alone. Particularly promising areas are conversational AI and computer vision technologies, which together account for 17% and 15% of these startups. Are you curious to learn more about this rapidly expanding industry? You may get to know some of the most interesting AI startups of 2024 with our carefully prepared list.
Billing itself as the AI copilot for contracts, Robin AI presents itself as a strong competitor to conventional contract lifecycle management (CLM) solutions with the astounding claim that it can increase contract evaluations by 85%. The startup’s path in 2023 got underway in February with a healthy $10.5 million Series A fundraising round led by Plural. Among the angel investors in the funding batch was Episode 1, which featured well-known individuals like Tom Blomfield and senior professionals from the law and private equity sectors connected to Bridgepoint, Apollo, and Barings.
CoRover
Founders: Manav Gandotra, Ankush Sabharwal, and Kunal Bhakhri
The year of launch: 2016
CoRover, a company that specializes in AI-powered chatbots that are intended to transform consumer engagement and operational efficiency, has made a name for itself in the AI startup scene. Their goal is very clear: develop conversational AI platforms that are safe, scalable, and trustworthy while putting the needs of people first. CoRover’s technology, which makes use of artificial intelligence (AI), machine learning, natural language processing, augmented reality, and virtual reality, is not just novel — it is revolutionary.
The groundwork for the success of this AI firm is the novel latent diffusion model known as Stable Diffusion. The industry is paying attention to this text-to-image tool because of its exceptional capacity to produce extremely detailed images on demand. Stability AI is actively expanding its product line beyond its core product by offering a variety of modalities. With the use of its text-to-audio feature, users can write written prompts and receive high-quality 44.1 kHz stereo audio.
In the conversational AI sector, Haptik AI has made a name for itself as a major participant. This Mumbai-based startup, which is well-known for its proficiency in creating intelligent chatbots and virtual assistants, enables companies in a variety of industries to optimize their customer service and support procedures. Haptik’s artificial intelligence (AI) solutions, which are driven by machine learning (ML) and natural language processing (NLP), allow companies to provide consumers with prompt, accurate, and effective help with their questions. The systems facilitate the smooth integration of human-like interactions into user experiences, hence increasing user pleasure and engagement.
Claude, a sizable language model with superior features over competitors like ChatGPT, is the cornerstone of their endeavor. Claude is quite good at handling complex, longer text passages and keeps updating its knowledge base to make sure the material is current and accurate. Furthermore, Anthropic uses a controlled access strategy for Claude in order to prioritise the responsible deployment of AI. In order to mitigate potential misuse, researchers who are seeking collaboration must first describe their intended use cases and establish their identification.
A rapidly expanding AI firm called ScribbleData.io enables companies to reliably and nimbly extract relevant insights from their data. Enrich, their flagship solution, supports this goal by arranging a smooth path from data preparation to perceptive conclusions. The days of slow data pipelines and congested workflows are long gone. Enrich simplifies the procedure, enabling companies to quickly extract the value from their data and use it to gain a competitive edge.
