Artificial Intelligence (AI) has marked its strong presence in the tech sphere in 2024. It has been reported that 28 AI startups in the United States have secured $100M, or more, each.
A significant spike in funding for AI initiatives was observed in the second half of 2024. This rise is due to increasing trust in the potential of technological advancements. American startups dominated by accounting for huge portions of these funding rounds.
One such AI startup, Hebbia, has secured a whopping $130 million funding. This was made possible by prominent investors such as Andreessen Horowitz, Peter Thiel, Index Ventures, and Google Ventures. Hebbia specializes in using generative AI for navigating through extensive documents and holds a $700 million valuation.
The vision of Hebbia, to bridge the gap between humans and vast amounts of information, resonates with the current market need.
Surge in funding for US AI startups in 2024
This approach opens up a wide array of possibilities in data processing and consumption.
Another AI startup, Skild AI, based in Pittsburgh, attracted a $300 million investment. Lightspeed Venture Partners, Coatue, and Jeff Bezos’ Bezos Expeditions facilitated this huge investment, underlining the firm’s potential for growth.
Bright Machines, an innovative startup specializing in intelligent robotics, managed to secure $106 million in funding. With an impressive investor roster that includes BlackRock, Nvidia, Microsoft, and Eclipse Ventures, the startup’s total funding has now reached an impressive $437 million.
Meanwhile, Etched.ai has garnered $120 million. The startup aims to create AI chips that operate faster and cheaper than GPUs. A diverse line of investors has placed their faith in the company’s pursuit of innovation in AI technology.
EvolutionaryScale has secured $142 million in funding under the guidance of several recognized names in the industry. The firm is known for developing biological AI models used for creating therapeutic products.
San Francisco-based healthcare startup, AKASA, has also made a mark by raising $120 Million. The firm is known for creating automated healthcare revenue cycles. Other startups such as AlphaSense, xAI, Scale AI, Suno, Weka, and CoreWeave have also obtained significant investments, further underlying the growing investor confidence in the AI industry.
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