The UK boasts a dynamic AI startup landscape, featuring companies like Builder.ai, which offers no-code app development; Quantexa, specializing in contextual decision intelligence; BenevolentAI, focused on AI-driven drug discovery; Darktrace, a leader in cybersecurity through machine learning; and Oxbotica, developing software for autonomous vehicles. These startups exemplify the UK’s innovative spirit in applying AI to diverse industries, driving advancements in technology and business solutions.
AI startups in UK 2024
Octopus Energy –
Funding: $2.9B
Octopus Energy has developed a cloud-based smart grid platform that ensures fair pricing and provides greener energy, supported by the UK’s largest investment in solar generation. Utilizing an innovative AI and data-driven platform, Octopus Energy balances loads across the grid, enhancing efficiency and sustainability.
Wayve
Funding: $1.3B
Wayve employs end-to-end deep learning to create artificial intelligence capable of handling complex driving tasks.
Babylon
Funding: $1.2B
Babylon is a subscription-based health service that offers virtual consultations with doctors and healthcare professionals via text and video messaging through its mobile app. Additionally, the Babylon app utilizes AI to answer questions typically directed to family doctors.
Graphcore
Funding: $692M
Graphcore is a semiconductor company focused on developing accelerators for AI and machine learning. Their goal is to create a massively parallel Intelligent Processing Unit (IPU) capable of housing an entire machine learning model within the processor.
Builder.ai
Funding: $445M
Offers a no-code AI-powered platform for app development and project management.
Quantexa
Funding: $370M
Develops “Contextual Decision Intelligence” for analyzing data to detect nefarious activities.
BenevolentAI
Funding: $292M
Uses AI to discover new medicines for difficult-to-treat diseases.
Stability AI
Funding: $256M
Known for the image generation tool Stable Diffusion.
Darktrace
Funding: $230.5M
Leading in machine learning for cybersecurity
Oxbotica
Funding: $229.5M
Creates software for autonomous vehicles.
Holistic AI
Funding: $220M
Helps enterprises scale AI confidently
Zappi
Funding: $192.7M
AI-based market research platform
Onfido
Funding: $188.8M
: Provides digital identity verification.
Tractable:
Funding: $184.9M
Uses deep learning for visual inspections, especially in insurance claims.
Synthesia:
Funding: $156.6M
Generates professional AI videos from text.
Infogrid:
Funding: $148.5M
AI platform for building intelligence.
Cleo:
Funding: $138.8M
Financial assistant app and chatbot developer.
Tessian:
Funding: $132.6M
Offers Human Layer Security solutions.
Finbourne:
Funding: £104M
Organizes financial data for AI applications.
Rossum:
Funding: $109.5M
AI for data extraction from complex documents.
InstaDeep:
Funding: $107M
AI-powered decision-making systems.
Signal AI:
Funding: $101.6M
Transforms information into business knowledge.
Bud:
Funding: $102M
Open banking platform for data access.
Hawk-Eye Innovations:
Develops video replay and graphical tech for sports.
Causaly:
Funding: $93M
Biomedical research discovery tool.
Plum Fintech:
Funding: $89.6M
Personal savings assistant.
Charm Therapeutics:
Funding: $82.7M
Uses deep learning for molecule therapeutics.
FiveAI:
Funding: $78.7M
Software for urban mobility and public transport.
Fetch.ai:
Funding: $75.9M
Decentralized network for digital representatives.
Dronamics:
Funding: $75.4M
Unmanned aerial systems for cargo shipping.
Lifebit:
Funding: $70.6M
Intelligent genomics platform.
Speechmatics:
Funding: $70.2M
Automatic speech recognition technologies.
PolyAI:
Funding: $70M
Machine learning platform for conversational AI.
iProov:
Funding: $70M
Face authentication technology.
Healx:
Funding: $67.9M
AI for discovering treatments for rare diseases.
Your.MD:
Funding: $67.3M
AI health information service.
Luminance:
Funding: $63.2M
AI for reading and understanding documents.
AutogenAI:
Funding: $61.7M
Natural language processing solutions.
Eigen Technologies:
Funding: $59.4M
NLP for finance, law, and services.
Ultromics:
Funding: $58.9M
Cardiovascular diagnostic tools.
Faculty:
Funding: $52.8M
Applied AI company.
CausaLens:
Funding: $51M
Human-centered decision-making AI.
Cervest:
Funding: £32.7M
AI platform for climate adaptation.
Ripjar:
Funding: $41.5M
Data intelligence for managing risks.
Dexory:
Funding: $38M
Real-time warehouse insights with autonomous robots.
Ravelin:
Funding: $36.7M
Fraud detection and prevention platform.
Brainomix:
Funding: $35.5M
AI for stroke imaging solutions.
SenSat:
Funding: $33.8M
Converts data into simulated reality for problem-solving.