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Top 50 AI Companies in 2024

Mar 19, 20248 min read

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Forbes AI 50 2024

NameWhat it DoesFundingYear FoundedHeadquarters
AbridgeMedical conversation documentation$213M2018Pittsburgh, Pennsylvania, USA
AdeptAI model developer$415M2022San Francisco, California, USA
Anduril IndustriesDefense software and hardware$2.8B2017Costa Mesa, California, USA
AnthropicAI model developer$7.7B2020San Francisco, California, USA
AnyscaleAI app deployment software$259M2019San Francisco, California, USA
AssemblyAISpeech transcription tooling provider$115M2017San Francisco, California, USA
BasetenAI app deployment software$60M2019San Francisco, California, USA
Cerebras SystemsComputer chip maker$720M2016Sunnyvale, California, USA
Character.AIConsumer chatbot app$193M2021Menlo Park, California, USA
CleanlabError detection for data$30M2021San Francisco, California, USA
CodeiumCoding autocompletion app$93M2021Mountain View, California, USA
CohereAI model developer$445M2019Toronto, Ontario, Canada
CradleProtein design for drug discovery$33M2021Amsterdam, Netherlands
CrestaCall center agent assistance$152M2017Palo Alto, California, USA
DatabricksData storage and analytics$4B2013San Francisco, California, USA
DeepLLanguage translation service$100M2017Cologne, Germany
ElevenLabsVoice generation software$101M2022London, United Kingdom
Figure AIAutonomous humanoid robots$754M2022Sunnyvale, California, USA
GleanEnterprise search engine$360M2019Palo Alto, California, USA
HarveyAI models for law firms$106M2022San Francisco, California, USA
HebbiaEnterprise search engine$30M2020New York, New York, USA
Hugging FaceLibrary for AI models and datasets$395M2016New York, New York, USA
InsitroDrug discovery and development$643M2018San Francisco, California, USA
Kumo.AIData analytics software$37M2021Mountain View, California, USA
LangChainAI app development tools$35M2023San Francisco, California, USA
Leonardo.AIImage generation service$31M2022Sydney, Australia
MidjourneyImage generation service$0M2021San Francisco, California, USA
Mistral AIOpen-source AI model research$528M2023Paris, France
NotionProductivity software$330M2013San Francisco, California, USA
OpenAIAI model developer$11.3B2015San Francisco, California, USA
OwkinDrug discovery and development$304M2016New York, New York, USA
PerplexityGeneral purpose search app$102M2022San Francisco, California, USA
PhotoroomPhoto editing app$64M2019Paris, France
PikaVideo generation service$55M2023Palo Alto, California, USA
PineconeDatabase software$138M2019New York, New York, USA
ReplicateAI app deployment software$60M2019San Francisco, California, USA
Rosebud AIVideo game design software$10M2019San Francisco, California, USA
RunwayImage and video editing software$237M2018New York, New York, USA
SanaEnterprise learning and search$82M2016Stockholm, Sweden
Scale AIData labeling and software$600M2016San Francisco, California, USA
SierraCustomer service software$110M2023San Francisco, California, USA
SynthesiaAI avatar and video generator$157M2017London, United Kingdom
Together AIAI model development tools$229M2022San Francisco, California, USA
TomePresentation creation software$81M2020San Francisco, California, USA
TractianIndustrial machine maintenance$65M2019Atlanta, Georgia, USA
UnstructuredAI app development tools$65M2022Sacramento, California, USA
Vannevar LabsDefense intelligence software$87M2019Palo Alto, California, USA
WaabiAutonomous trucking technology$84M2021Toronto, Ontario, Canada
WeaviateDatabase software$68M2019Amsterdam, Netherlands
WriterEnterprise generative AI software$126M2020San Francisco, California, USA

Additional Information

  • Total Funding Raised: $34.7 billion
  • Notable Investors: Microsoft, Andreessen Horowitz, Lightspeed Venture Partners, Sequoia, Meritech Capital, and more.
  • Diversity Note: Out of the 50 companies, only 12 have women co-founders, with 5 of them serving as CEOs.

Methodology

  • Selection Criteria: Companies were evaluated based on their business promise and technical usage of AI through quantitative algorithms and qualitative judging panels.
  • Data Sources: Information was primarily sourced from company disclosures, PitchBook, and Crunchbase.

Highlights

  • OpenAI remains the most valuable company on the list with an $86 billion valuation.
  • Mistral AI stands out as the European rival to OpenAI, valued at $2 billion.
  • Anthropic and Databricks also feature prominently with valuations of 43 billion, respectively.
  • Notable Startups: Abridge, Harvey, Mistral AI, and Pika are among the top startups making significant impacts in their respective fields.

Company Details

Abridge

  • Specializes in medical conversation AI that automatically documents patient-doctor interactions
  • Raised $150M Series C in late 2023 led by Lightspeed Venture Partners
  • Used by over 2,000 healthcare providers including UPMC and Johns Hopkins

Adept

  • Building AI models that can interact directly with software applications
  • Raised 1.9B valuation
  • Founded by former researchers from OpenAI, Google, and DeepMind

Anduril Industries

  • Develops autonomous defense systems and border security technology
  • Valued at 1.48B in December 2023
  • Founded by Palmer Luckey (Oculus VR founder) and focuses on military/defense AI applications

Anthropic

  • Creator of Claude AI assistant, known for enhanced safety features
  • Received $4B investment from Amazon in 2023
  • Founded by former OpenAI researchers with focus on AI safety and ethics
  • Secured $4B investment from Amazon in September 2023
  • Released Claude 2.1 with improved performance metrics
  • Launched Claude Pro subscription service

Anyscale

  • Builds infrastructure for scaling AI applications
  • Created Ray, an open-source framework for distributed computing
  • Backed by Andreessen Horowitz and NEA with $259M total funding
  • Raised 259M
  • Released Ray 2.9 with enhanced AI scaling capabilities
  • Partnered with NVIDIA for AI infrastructure optimization

AssemblyAI

  • Provides API for speech recognition and audio intelligence
  • Processes over 25 billion minutes of audio annually
  • Specializes in real-time transcription and audio analysis
  • Processed over 25B minutes of audio in 2023
  • Launched real-time transcription with 100ms latency
  • Released Custom Speech Recognition models

Baseten

  • Platform for deploying ML models in production
  • Focuses on making ML deployment accessible to developers
  • Raised $40M Series B in 2023 led by Kleiner Perkins
  • Secured $40M Series B in 2023 led by Kleiner Perkins
  • Launched Truss framework for ML model serving
  • Reached 100,000+ model deployments milestone

Cerebras Systems

  • Launched CS-3 AI Supercomputer in March 2024
  • Secured 4.5B valuation
  • Partnered with G42 for $100M AI computing initiative

Character.AI

Cleanlab

Codeium

Cohere

Cradle

Cresta

Complete Company Profiles

Abridge

Adept

  • Secured 1.9B valuation
  • Launched ACT-1 model for software interaction
  • Expanded research team to 50+ AI specialists

Anduril Industries

  • Raised 8.4B valuation
  • Won $967M Defense Department contract for counter-drone systems
  • Acquired autonomous underwater vehicle company Dive Technologies

Anyscale

  • Raised 259M
  • Released Ray 2.9 with enhanced AI scaling capabilities
  • Partnered with NVIDIA for AI infrastructure optimization

AssemblyAI

Baseten

  • Secured $40M Series B in 2023 led by Kleiner Perkins
  • Launched Truss framework for ML model serving
  • Reached 100,000+ model deployments milestone

Graph View

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