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From big names in AI such as ElevenLabs and Mistral to budding start-ups on both sides of the Atlantic, here are the companies likely to shake things up this year.
Last year was not kind to start-ups. Early-stage companies in Europe were particularly plunged into dismay after multiple reports show VC funding nearly halved in the continent in 2023.
The sentiment for the year ahead, however, is more optimistic, as any lingering effects of the pandemic have now largely waned and macroeconomic trends are projected to recover. Unsurprisingly, the AI sector showed an unmatched resilience as demand for the emerging technology soars.
So, ensure not all start-ups on this year’s list are AI-based, I’ve created a dedicated subsection that focuses on AI – leaving some obvious ones such as OpenAI and Anthropic out. The other two list start-ups from a variety of sectors that are likely to disrupt their industries this year.
AI
AI21 Labs
One of OpenAI’s most potent competitors, AI21 was one of the first companies to bring AI to the masses and has been attracting attention from some of the big guns in the AI industry such as Google and Nvidia. The billion-dollar start-up founded by Amnon Shashua, Yoav Shoham and Ori Goshen recently raised $208m in a funding round backed by Intel.
Aleph Alpha
Another start-up that can be seen as Europe’s response to OpenAI, Aleph Alpha wants to create what the company calls “explainable and trustworthy” AI for enterprises and governments. Based in Heidelberg, the start-up founded in 2019 by Jonas Andrulis recently raised more than $500m co-led by Innovation Park Artificial Intelligence.
Articul8
Created with intellectual property and technology developed by Intel, Articul8 was revealed to the world earlier this month. The independent spin-out based in Palo Alto will offer companies a full-stack, vertically optimised generative AI software platform that will use AI to keep customer data, training and inference within the enterprise security perimeter.
d-Matrix
With some major product launches scheduled for 2024, Santa Clara-based d-Matrix is definitely one AI start-up to watch out for. Recently backed by the likes of Temasek and Microsoft’s venture fund M12 in a $110m funding round, d-Matrix claims its chips are optimised to support generative AI systems and is competing in the same space as Nvidia.
ElevenLabs
Founded in 2022, voice generator start-up ElevenLabs says it has already become a unicorn. This is thanks to an $80m round this week co-led by Andreessen Horowitz, former GitHub CEO Nat Friedman and entrepreneur Daniel Gross. ElevenLabs helps users – including Fortune 500 employees – create and design AI voices in various languages and accents.
Mistral
Another European contender to OpenAI and Google, Paris-based Mistral reportedly hit unicorn status after a €385m funding round in December, backed by Andreessen Horowitz, Nvidia and Salesforce. Started by former researchers at Google’s DeepMind and Meta, Mistral is focused on creating open-source large language models.
Ireland
Alt21
Formerly known as Assure Hedge, Dublin-headquartered Alt21 offers a digital hedging platform to help companies protect themselves against currency risks. The start-up closed a $21m Series A funding round last October after significant growth in both revenue and headcount, and has plans to move into new regions this year.
Carrick Therapeutics
This Irish oncology-focused biopharma start-up based in NovaUCD is aiming to discover and develop highly differentiated therapies for cancer treatment. Carrick Therapeutics raised $60m last month backed by Pfizer and a host of existing investors to fund ongoing and future clinical trials of samuraciclib, a novel oral treatment for patients with advanced breast cancer.
Cloudsmith
One of the best-known start-ups to come out Belfast in recent years, Cloudsmith is a software company that helps businesses manage software on the cloud – removing the need to hire in-house support staff and cutting down on expenses. Founded in 2016 by former NYSE developers Alan Carson and Lee Skillen, Cloudsmith recently raised $11m led by MMC Ventures.
Deciphex
Crowned Irish medtech company of the year last month, Deciphex is a pathology start-up based in Dublin City University’s Alpha campus. It has developed a digital pathology workflow and integrated AI platform for research pathology and also has a virtual service which gives on-demand access to remote pathology experts.
Imprint
Imprint is an Irish-founded branded payments provider that helps consumers to shop with their preferred brands and receive rewards. Although based in the US, the fintech start-up was founded in 2020 by Irishman Daragh Murphy and Gaurav Ahuja. It recently raised $75m in a Series B funding round led by Ribbit Capital.
Luma Vision
Formerly known as OneProjects, Luma Vision is a medtech based in Dublin and Munich that is seeking FDA approval for a device designed to help doctors treat cardiac diseases. It was founded in 2017 and originates from BioInnovate Ireland in Galway. Luma Vision raised $22m last month to gain regulatory approval for its novel 4D cardiac imaging tech.
NeuroBell
Based in Cork, medtech NeuroBell specialises in the manufacture of medical devices for newborns. It was founded by Dr Mark O’Sullivan, Dr Alison O’Shea and Colm Murphy and is a spin-out of University College Cork and the Irish Centre for Maternal and Child Health Research. NeuroBell closed an investment round of €2.1m and created 12 jobs earlier this month.
NomuPay
NomuPay is an Irish fintech that solidified its business by acquiring Wirecard assets last year. Based in Dublin, NomuPay has developed a unified payments platform that helps enterprises accept payments and make pay-out disbursements through a single, integrated channel. It recently acquired UK fintech Total Processing to expand its reach in new markets.
Shorla Oncology
A pharmaceutical company based in Ireland and the US, Shorla Oncology has been advancing its oncology drugs for orphan and paediatric cancers since its establishment in 2018. Founded by Sharon Cunningham and Orlaith Ryan, the start-up recently raised $35m to advance its drug portfolio, one of which was accepted by the FDA in a milestone for the company.
Wayflyer
One of Ireland’s tech unicorns, Wayflyer provides e-commerce businesses with loans to kick-start their business or improve cash flow in exchange for a share of their future profits. Founded in 2019 by Jack Pierse and Aidan Corbett, the start-up recently secured $1bn in capital from US investment management firm Neuberger Berman to meet growing demand.
International
Binalyze
Estonian cybersecurity start-up Binalyze wants to reduce the time it takes for companies to respond to incidents. Based in Tallinn, Binalyze specialises in digital forensics and incident response, or DFIR, and counts Turkish Airlines, Deloitte and EY among its clients. It recently raised $19m in an investment led by Molten Ventures.
Bolt
Well-known in the mobility scene for its innovative approach to EV safety, Bolt is another Estonian start-up to watch out for in 2024. Bolt first launched in Ireland in December 2020, rolling out its taxi-hailing product to compete with existing apps FreeNow and Uber. Last March, it shared plans to bring more e-bikes to its regional schemes in anticipation of growing demand.
Build A Rocket Boy
Founded by former developer of Grand Theft Auto, Leslie Benzies, this Scottish video game company is planning to launch its own open world platform and a video game series called MindsEye. To that end, Build A Rocket Boy raised $110m just last week in a Series D round led by US-based RedBird Capital Partners.
Databricks
Perhaps the only start-up on this list that has also invested in other start-ups, Databricks is definitely one to keep an eye on this year. Based in San Francisco, Databricks makes AI software for building, testing and deploying machine learning and analytics applications. It recently raised more than $500m, valuing the company at $43bn.
Matic
Matic is a US-based start-up building a robot that can clean homes without human supervision. Founded by serial entrepreneurs Navneet Dalal and Mehul Nariyawala, Matic recently raised around $30m backed by the Collison brothers and Jack Dorsey, among others, after the founders claimed to have “solved” 3D perception and mapping technology for indoor spaces.
Northvolt
Recently in the news for bagging one of the largest green loans ever raised in Europe, Northvolt is a battery manufacturing start-up based in Stockholm. Founded in 2016 by former Tesla executives Peter Carlsson and Paolo Cerutti, Northvolt is developing a sustainable model for battery manufacturing and some of its clients include BMW, Volvo Cars and Volkswagen Group.
Sateliot
Not as big financially as some of the others on this list, Barcelona-based Sateliot is nevertheless going places this year. Specifically, the start-up plans to create and launch a constellation of 250 nanosatellites deployed under the 5G standard to improve coverage. Earlier this month, Sateliot secured €6m in funding from Banco Santander.
Verkor
Dunkirk may be famous for the eponymous war film starring Harry Styles, but the little coastal city in France is soon to be home to a billion-dollar gigafactory by Verkor. The French start-up specialises in developing low-carbon batteries for electric vehicles. It recently raised more than €2bn from multiple sources including the European Investment Bank.
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