Top AI Start-ups in India Raise Significant Funds in 2024

In 2024, AI investments surged globally, hitting $66.5 billion, with Indian startups also thriving. Five top fundraisers featured include Atlan, Haber, Krutrim, Neysa, and Nurix AI, each raising significant capital to fuel their innovative technologies and expand operations.

As 2024 comes to a close, the surge of artificial intelligence has been nothing short of astonishing. In fact, according to Crunchbase, global venture funding soared to a whopping USD 66.5 billion in Q3 alone. Out of that, nearly USD 19 billion—or about 28%—went straight into AI investments. Big players like Databricks, Microsoft’s OpenAI, xAI from Elon Musk, and Anthropic closed the year with substantial raises.

Databricks clearly stole the spotlight with an impressive USD 10 billion hike earlier this month. Meanwhile, OpenAI and xAI followed at USD 6.6 billion and USD 5 billion. It’s worth noting that 49 startups in the U.S. alone nabbed USD 100 million or more over the year. Back in India, the story isn’t much different, as over 6,200 AI startups are estimated to be making waves, with more than 100 startups managing to secure funding this year.

Let’s shine a light on some of the top fundraisers in the Indian AI startup scene this year. The first standout is Atlan, launched in 2019 by Prukalpa Sankar and Varun Banka. The data and AI governance startup secured a massive USD 105 million in May, amping its valuation to USD 750 million. Banka remarked about the uniqueness of data handling across organizations, emphasizing, “No two organizations handle data the same way.”

Then there’s Haber, founded in 2017 by a trio—Vipin Raghavan, Arjunan PN, and Priya Venkat. They specialize in AI-powered robots that enhance factory operations. This October, they raised USD 44 million to propel their international ambitions. With backing from Accel and Elevation, their total funding now exceeds USD 100 million.

Next up is Krutrim, which made headlines as India’s first Unicorn within just a year of its launch. Founded by Bhavish Aggarwal, Krutrim focuses on a large language model that intertwines Indian languages with English. By early 2024, they amassed USD 75.1 million through three funding rounds. Aggarwal even pledged shares from his other venture to support this ambitious initiative.

Neysa, co-founded by Sharad Sanghi and Anindya Das, gathered USD 30 million in October to refine its AI cloud infrastructure. Sanghi expressed that this investment is a step closer to democratizing AI access globally. So far, Neysa’s total funding rounds have reached USD 50 million, drawing in interest from NTTVC and Nexus Venture Partners.

Last but not least, there’s Nurix AI, co-founded by Mukesh Bansal. This startup is all about crafting custom AI agents with near-human capabilities. They rounded out the year with USD 27.5 million split between seed and Series A funding. Bansal envisions a future where these agents boost productivity across various sectors. Nurix is betting big on scaling its tech and enhancing its R&D with notable investors like General Catalyst and Accel.

As we look ahead to the future, the ongoing investment in AI startups is shaping the landscape. With over USD 66 billion in venture funding this year and notable advancements in technology, it’s clear AI isn’t just a trend—it’s likely a major part of business strategies moving forward. The Indian startup scene particularly stands out with numerous companies making significant strides, raising millions, and thriving in an ever-evolving market.

With $66 billion in global venture backing, 2024 has solidified AI as a critical element in the tech landscape. Indian startups are not far behind, with Atlan, Haber, Krutrim, Neysa, and Nurix AI leading the charge, each bringing unique innovations to the table. The robust funding these startups have secured indicates a promising trajectory for AI in both India and worldwide, setting the stage for future growth and development in the sector.

Original Source: www.entrepreneur.com