Market Overview
The global machine learning market is poised for exponential growth, with projections soaring from $38.11 billion in 2022 to an impressive $771.38 billion by 2032. This remarkable expansion, driven by a staggering CAGR of 35.09%.
Accompanying this growth is the pervasive influence of machine learning across diverse sectors. From e-commerce optimisation and cybersecurity to drug discovery and AI model development, its impact transcends industry boundaries. As companies harness its capabilities to streamline operations, enhance decision-making, and foster innovation, the transformative potential of machine learning is evident in healthcare, retail, finance, logistics, and beyond, shaping a future defined by technological advancement.
After crunching the numbers, here are 10 of the fastest-growing Machine Learning startups:
FLock
FLock received an additional $6 million in funding in March 2024 to advance Decentralised AI (DAI) and machine learning, focusing on making AI development more accessible and aligned with public interests. Their approach leverages technology to safeguard user data and ensure that AI benefits a wider community, moving away from centralised corporate control. Through products like an on-chain Federated Learning client and RAG chatbots, FLock is set on enhancing ethical AI practices within the Web3 ecosystem.
Groq
Groq stands out in the generative AI and machine learning space, with over 70,000 developers using GroqCloud™ and 19,000 applications powered by its LPU™ Inference Engine. With its focus on real-time processing and energy efficiency, Groq is poised to impact the $119.4B AI chip market by 2027, demonstrating significant innovation in AI and machine learning technologies.
Groq, Inc.
Hugging Face
Hugging Face, an AI startup valued at $4.5 billion, raised $235 million in Series D funding with support from giants like Google and Amazon. Based in Brooklyn and founded in 2016, the company provides AI development tools and supports open-source AI research, boasting over 10,000 customers. With 170 employees and expansion plans, Hugging Face plays a crucial role in the growing MLOps market, projected to reach $16.61 billion by 2030, highlighting its significant impact on AI technology and accessibility.
Netradyne
Netradyne, leveraging AI and machine learning, specialises in improving road safety and driver performance. Founded in 2015, it has developed Driver•i, an AI-powered device for real-time fleet monitoring. With over $250M in funding and $72M in revenue last year, the company has a strong global presence and is committed to transforming transportation safety through technology.
Darshan Nagendra
Fleetx
fleetx.io, leveraging machine learning to enhance logistics operations, secured $19.4 million in funding in February 2022, led by Indiamart alongside IndiaQuotient and BEENEXT. The startup aimed to improve fleet safety, efficiency, and sustainability for various industries. With plans to use the capital for team expansion, product development, and market extension, Fleetx.io addresses the critical demand for advanced supply chain solutions in India.
Abacus.ai
Abacus.AI, founded in 2019 in San Francisco, streamlines the integration of AI into business operations. It simplifies the deployment of machine learning models, offering solutions for NLP, churn prediction, and personalised learning. With a team of experts from leading tech companies and universities, Abacus.AI has attracted investments from notable figures and is trusted by Fortune 500 companies. Its platform accelerates AI application development, making advanced AI technologies more accessible to organisations.
AdeptMind
AdeptMind, a machine learning startup, is transforming product discovery for online and offline retail, particularly in fashion and beauty. Backed by notable investors like Ulta Beauty, the company merges AI-driven recommendations with comprehensive inventory management for malls, serving 400 retail clients including major shopping centres. AdeptMind's technology facilitates a seamless blend of digital browsing and physical shopping, enhancing customer experience and driving sales with its innovative omnichannel approach.
Humanloop
Humanloop, established in 2020 by Peter Hayes in London, streamlines machine learning deployment for businesses, enabling efficient AI model training with minimal data. Serving clients like Duolingo and Gusto, it simplifies the creation and management of generative AI applications. Expanding into San Francisco and actively hiring, Humanloop aims to standardize AI deployment across various industries, focusing on ease of development, prompt management, and performance optimization.
9fin
9fin raised $23 million in Series A+ funding in December 2022, led by Spark Capital, bringing its total funding to nearly $37 million. This past investment supported the company's expansion into the US and its efforts to diversify into new asset classes. Utilising advanced machine learning, 9fin has streamlined complex financial data analysis for top investment banks and law firms. With its significant growth in clientele and revenue, 9fin opened a new office in New York City, continuing its mission to modernise debt capital market analysis.
CentML
CentML, co-founded by Gennady Pekhimenko, secured $27 million in extended seed funding in October 2023, reaching a total of $30.5 million. The startup focuses on enhancing machine learning model efficiency, particularly addressing the AI chip supply challenge. By optimising models to run more efficiently on existing hardware, CentML aims to reduce training costs by up to 80% without compromising performance, with plans to extend its optimization capabilities to model inference.
