AI Round-Up: 11 Scale-Ups Changing The AI Game In 2024
Innovation knows no bounds in the dynamic world of artificial intelligence. Contrary to the myth that venture capitalists are going cold on AI, it remains the golden child of the investment landscape. In fact, according to the ScaleUp Annual Review 2023, 3 in 10 scale-ups are leveraging AI, with 7 in 10 expected to use this technology in the future. Elsewhere in the industry, Microsoft is quadrupling its AI and cloud infrastructure in Spain; while emerging AI, equipped to handle large datasets, is fuelling the hunt for extraterrestrial life.
“Observing the myriad of challenges that various sectors face, it’s fascinating to witness the emergence of diverse AI solutions tailored to address these issues,” says Capsule broker, Josh X.
“Globally, the UK holds one of the leading positions, and the current trends suggest that AI will persist as a pivotal force in driving innovation and economic expansion both domestically and internationally.”
2024 looks set to be another pivotal year, with Deloitte’s State of Generative AI in the Enterprise Q1 report indicating that many leaders “expect substantial transformative impacts in the short-term”. And Capsule’s 2024 Scale-Up 50 list is a testament to this growing momentum.
Generating results: AI’s real-world applications
We’re all familiar with ChatGPT. Developed by OpenAI, the chatbot swiftly transformed the industry – attracting more than 100 million active users in just two months post-launch. Similarly, project management tool Notion AI has also become prevalent in various industries, thanks to its content marketing and knowledge management capabilities.
But what about the companies moving beyond these common applications? The scale-ups on this list are on a mission to discover where AI can truly be valuable. They’re not satisfied with merely incorporating AI as a feature or gimmick. They’re pushing boundaries – unveiling a future where AI drives unprecedented advancements across diverse sectors.
AeroCloud is an intelligent airport management platform leveraging AI and machine learning to revolutionise air travel efficiency.
The cloud-native platform is currently focused on benefitting small-to-medium sized airports by centralising data, identifying inefficiencies, and accelerating operational improvements.
Boasting 42 customers globally, including Manchester Airport and Tampa International Airport, AeroCloud is the trusted partner for airports seeking scalable and intelligent solutions in a rapidly evolving landscape.
Having recently secured $12.6 million in Series A funding led by Stage 2 Capital, the scale-up has plans to double its team and enhance its operations across its Macclesfield HQ, as well as offices in London and Florida.
Ai Build’s cloud-based additive manufacturing software is utilising AI to simplify large-scale industrial applications.
The 3D printing pioneer aims to streamline manufacturing processes – minimising costs, lead times, and material waste.
With an impressive track record, including a 65% decrease in failed production attempts and a 90% increase in build efficiency, Ai Build is at the forefront of automation – making manufacturing easier, more intelligent, and more sustainable.
The team recently closed a £7 million funding round led by IQ Capital and featuring strategic investor, Nikon.
Founders Daghan Cam and Michail Desyllas will channel the funding into accelerating their product roadmap – fostering global expansion into North America and Europe. And with notable partnerships with the likes of Boeing, the firm is already soaring to new heights.
Next up is Bloom Coaching, the revolutionary professional development platform app using AI to make securing your dream role that much easier.
Dubbed “Duolingo for your career”, Bloom combines AI, psychometrics, and behavioural science to provide personalised career coaching.
CEO Alistair Crane envisions a coaching industry devoid of elitism, aiming to provide professional development for everyone.
Early adoption has been promising, with 80% of users having had their first coaching experience and engaging with the app four times a week on average.
Bloom’s ambitious goal for 2024 is to onboard 100,000 users across the UK and the US – with international expansion facilitated by the seamless scalability afforded by its AI language translation capabilities.
The training app has secured seed funding from backers such as Octopus Ventures and MMC Ventures, which will no doubt aid its growth.
A true trailblazer in the AI landscape, Continuum Industries is addressing the challenges in energy and utility infrastructure planning with its AI-powered platform, Optioneer.
This innovative tool enables rapid visualisation, analysis, and assessment of routing options for power lines, cables, and pipelines, compressing processes that traditionally took 12 months into a mere eight weeks.
CEO and co-founder Grzegorz Marecki emphasises the critical role AI plays in bridging data and actionable decisions, reducing planning time, and improving sustainability.
With a vision to revolutionise projects on a global scale, Continuum is set to double its headcount and expand into new territories – backed by a total funding of £15.5 million.
Meet Gensyn, the network specialising in blockchain-based computing resources for artificial intelligence platforms.
Gensyn’s groundbreaking protocol empowers developers to construct AI systems on diverse hardware – from personal gaming computers to compact data centres – and pay on demand.
Using a cryptographic verification network, Gensyn eliminates intermediaries, ensuring the accuracy of machine learning tasks shared over the protocol.
Co-founders Ben Fielding and Harry Grieve aim to democratise AI development globally, preventing bias in the process. With over $50 million in funding, Gensyn is set to scale its protocol and hire more talent, marking a milestone in the evolution of AI infrastructure.
Say hello to HelloSelf, the digital health platform transforming psychological support with AI-driven solutions.
The London-based venture, founded in 2018 by clinical psychologist Dr. Rumina Taylor and Charles Wells, uses AI to connect individuals with tailored therapy solutions.
According to Wells, “HelloSelf is about giving everyone access to the personalised psychological advice they need.” The HealthTech recently secured $20 million in Series B funding – with Octopus Ventures leading the investment charge.
Featuring an ever-expanding team of healthcare professionals, HelloSelf is poised to elevate mental wellbeing worldwide by addressing the needs of over 1.2 billion underserved individuals.
Changing the world through building intelligence, Infogrid harnesses the power of AI to improve facility management.
Its AI-based platform collects and analyses data from Internet of Things sensors, empowering managers to optimise building performance, addressing operational inefficiencies and advancing sustainability.
The startup was founded in 2018 by the versatile William Cowell de Gruchy, who transitioned from a background in cage fighting and military service to spearhead this white-collar venture.
Infogrid has experienced remarkable growth in the past year, including raising a staggering $90 million in Series B capital led by Northzone. As it continues to pioneer real-time AI solutions, Infogrid exemplifies the intersection of technology, sustainability, and real estate transformation in 2024.
Raft uses AI-driven workflow automation to empower freight-forwarding companies to deliver more value to customers.
Originally known as Vector.ai, the firm underwent a strategic evolution, rebranding its machine learning capabilities as artificial intelligence, and going on to carve out a prominent position in the market – closing a $30 million Series B funding round led by Eight Roads VC last year.
With offices in the UK, India, and the US, Raft is enabling logistics players to integrate AI seamlessly into its operations – addressing pain points ranging from accounts payable reconciliation to customs entry preparation
Recycleye has leveraged AI to develop a waste-sorting system that goes beyond traditional methods, enhancing accuracy and consistency.
Focused on combining computer vision, machine learning, and robotics, Recycleye envisions a sustainable future for the waste management industry.
Its commitment to excellence extends beyond business success too – with co-founders and Imperial alumni Victor Dewulf and Peter Hedley fostering collaborations with Imperial College London to nurture the next generation of entrepreneurial minds.
It’s this strategic approach, demonstrated by partnerships with academic institutions and continuous technological advancements, that has highlighted Recycleye as a formidable force in the waste management industry – a fact further signified by an impressive £14 million Series A funding round.
Specialising in AI-generated avatars for video content, Synthesia has ditched the traditional boundaries of video production.
The startup was founded in 2017 by a cohort of visionary AI researchers and entrepreneurs from prestigious institutions including University College London and Stanford.
Synthesia has swiftly become a driving force in the industry, having generated a remarkable $90 million in a Series C funding round led by Accel.
With a valuation of $1 billion, Synthesia’s state-of-the-art technology – trained on real actors – allows users to effortlessly create personalised instructional videos.
The platform boasts an incredible user growth rate of 456% year-on-year, exemplifying its mission to make video production accessible to all. Notable clientele include Tiffany’s, IHG, and Moody’s Analytics.
A standout scale-up operating at the intersection of technology and environmental responsibility, Sylvera is steering the world towards a sustainable, net-zero future.
Founded in 2020, the London-based firm combines advanced AI technology with rigorous evaluation methodologies, providing crucial data insights to propel organisations towards genuine climate impact.
The company has quickly become a leader in bringing transparency to carbon markets – dramatically altering the way companies invest in climate action.
To date, Sylvera has attracted $57 million in Series B capital, with support from investors including Balderton Capital and Bain & Company allowing the firm to expand into the US and grow its technical capabilities.
Intelligent insurance for innovative businesses
There’s no doubt that the AI industry is a goldmine of possibility – but with that comes great risk. “Concerns over data privacy, ethical dilemmas, and a shortage of locally trained professionals all present obstacles,” adds Josh. “But despite these hurdles, the AI industry maintains its robustness.”
And navigating growth requires more than just leading-edge technology. It calls for a strategic partner like Capsule.
With a proven track record supporting industry titans, including visionary platform Stability AI, Capsule is the insurance ally your business needs to thrive. Don’t just scale – scale confidently with an insurance broker who’s as focused on your success as your own team. Let’s talk.