Report

Fastest Growing Machine Learning Companies & Startups (2024)

Apr 11, 2024

Published by

Specter

Report

Fastest Growing Machine Learning Companies & Startups (2024)

Apr 11, 2024

Published by

Specter

Report

Fastest Growing Machine Learning Companies & Startups (2024)

Apr 11, 2024

Published by

Specter

Report

Fastest Growing Machine Learning Companies & Startups (2024)

Apr 11, 2024

Published by

Specter

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.

We Track More Than 3 Million Companies Monthly

Specter provides real-time insights and emerging trends in the private markets. We equip investment firms and corporations with unparalleled, actionable intelligence on private companies.

After analysing the growth data, here are 20 of the fastest growing machine learning companies covering a range of applications:

Specter Rank

(March) -

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.

Founded Date:

2022

HQ Location:

London, England

Total Funding Raised:

$

Company Size:

(

1-10

)

Employee Growth (Last 6 months):

29%

Web Visits Growth (Last 6 months):

2.1K%

Specter Rank

(March) -

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.

Founded Date:

2016

HQ Location:

Mountain View, United States

Total Funding Raised:

$

Company Size:

(

201-500

)

Employee Growth (Last 6 months):

11%

Web Visits Growth (Last 6 months):

5.9K%

Specter Rank

(March) -

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.

Founded Date:

2016

HQ Location:

New York, United States

Total Funding Raised:

$

Company Size:

(

201-500

)

Employee Growth (Last 6 months):

18%

Web Visits Growth (Last 6 months):

3.9%

Specter Rank

(March) -

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.

Founded Date:

2015

HQ Location:

San Diego, United States

Total Funding Raised:

$

Company Size:

(

501-1000

)

Employee Growth (Last 6 months):

18%

Web Visits Growth (Last 6 months):

77%

Specter Rank

(March) -

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.

Founded Date:

2017

HQ Location:

Gurgaon, India

Total Funding Raised:

$

Company Size:

(

201-500

)

Employee Growth (Last 6 months):

2.1%

Web Visits Growth (Last 6 months):

33%

Specter Rank

(March) -

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.

Founded Date:

2019

HQ Location:

San Francisco, United States

Total Funding Raised:

$

Company Size:

(

51-200

)

Employee Growth (Last 6 months):

6.1%

Web Visits Growth (Last 6 months):

17%

Specter Rank

(March) -

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.

Founded Date:

2016

HQ Location:

Toronto, Canada

Total Funding Raised:

$

Company Size:

(

51-200

)

Employee Growth (Last 6 months):

43%

Web Visits Growth (Last 6 months):

60%

Specter Rank

(March) -

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.

Founded Date:

2020

HQ Location:

London, England

Total Funding Raised:

$

Company Size:

(

11-50

)

Employee Growth (Last 6 months):

44%

Web Visits Growth (Last 6 months):

59%

Specter Rank

(March) -

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.

Founded Date:

2016

HQ Location:

London, England

Total Funding Raised:

$

Company Size:

(

51-200

)

Employee Growth (Last 6 months):

37%

Web Visits Growth (Last 6 months):

186%

Specter Rank

(March) -

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 as well.

Founded Date:

2022

HQ Location:

Toronto, Canada

Total Funding Raised:

$

Company Size:

(

11-50

)

Employee Growth (Last 6 months):

65%

Web Visits Growth (Last 6 months):

259%

Specter Rank

(March) -

TestRigor, recognized by Gartner as a 2023 Cool Vendor, simplifies test automation with its AI-based no-code tool that interprets plain English instructions for UI testing. Catering to over 29,000 companies, it supports web, mobile, desktop, and API tests, drastically reducing QA effort and improving efficiency. TestRigor's unique approach allows for quick test creation and maintenance, facilitating faster deployments and broader test coverage.

Founded Date:

2015

HQ Location:

San Francisco, United States

Total Funding Raised:

$

Company Size:

(

51-200

)

Employee Growth (Last 6 months):

10%

Web Visits Growth (Last 6 months):

165%

Specter Rank

(March) -

IDfy, a Mumbai-based identity verification company, raised $27 million in Series E funding last month, led by Elev8 with KB Investment and Tenacity Ventures participating. The investment supports IDfy's aim to expand globally and improve its AI/ML verification technologies. Serving over 1,500 clients and processing 60 million verifications monthly, IDfy's growth is fueled by a strong demand for reliable verification.

Founded Date:

2011

HQ Location:

Mumbai, India

Total Funding Raised:

$

Company Size:

(

501-1000

)

Employee Growth (Last 6 months):

6.1%

Web Visits Growth (Last 6 months):

4.9%

Modal Labs, after raising $16 million in Series A funding six months ago, enhances cloud computing for data teams and developers, especially in generative AI. The platform, built by Erik Bernhardsson, allows easy deployment of machine learning models and scalable compute tasks, boasting rapid scalability and an observability dashboard. With $23 million in total funding, Modal Labs serves notable clients like Substack and Ramp, streamlining cloud-based AI and data processing.

Founded Date:

2021

HQ Location:

New York, United States

Total Funding Raised:

$

Company Size:

(

11-50

)

Employee Growth (Last 6 months):

58%

Web Visits Growth (Last 6 months):

52%

Specter Rank

(March) -

Peroptyx specialises in refining machine learning models for location-based services, delivering accurate ground truth data for model testing and validation. Through its platform, it connects global experts to enhance data relevance and user experiences, offering data annotation and model optimization. Serving over 1,600 towns and cities across 26 countries, Peroptyx focuses on efficiency and scalability in machine learning applications, ensuring personalised and locally relevant outcomes.

Founded Date:

2018

HQ Location:

Mayo, Ireland

Total Funding Raised:

$

Company Size:

(

201-500

)

Employee Growth (Last 6 months):

93%

Web Visits Growth (Last 6 months):

7.3%

Specter Rank

(March) -

WhiteLab Genomics, a Paris-based biotech firm and Y Combinator alum, raised $10 million in September 2022 to enhance its AI-driven platform for genomic therapy development. Specialising in gene and cell therapy, the company's platform streamlines the discovery process by using machine learning to predict effective molecular designs, targeting genetic root causes of diseases. This approach aims to reduce the traditional reliance on trial-and-error, potentially lowering development costs and accelerating the creation of new therapies.

Founded Date:

2019

HQ Location:

Paris, France

Total Funding Raised:

$

Company Size:

(

11-50

)

Employee Growth (Last 6 months):

31%

Web Visits Growth (Last 6 months):

26%

Specter Rank

(March) -

SuperAnnotate offers an advanced platform for developing high-quality AI models, with sophisticated annotation tools and a broad marketplace of professional annotation services. It streamlines the creation and management of training datasets for AI, including Generative AI, LLMs, Computer Vision, and NLP. Praised for its efficiency and the quality of its output, SuperAnnotate significantly reduces project time and costs, establishing itself as a top choice for leading companies across various industries.

Founded Date:

2018

HQ Location:

Sunnyvale, United States

Total Funding Raised:

$

Company Size:

(

51-200

)

Employee Growth (Last 6 months):

19%

Web Visits Growth (Last 6 months):

85%

Specter Rank

(March) -

Insitro, a pioneer in applying machine learning to drug discovery, secured $400 million in Series C funding three years ago. This backing fuels its mission to decode intricate disease biology swiftly, using advanced computational models and vast datasets. By streamlining the identification of drug targets and optimising therapeutic candidates, Insitro aims to revolutionise medicine development, potentially slashing time and costs in the pharmaceutical sector.

Founded Date:

2018

HQ Location:

San Francisco, United States

Total Funding Raised:

$

Company Size:

(

201-500

)

Employee Growth (Last 6 months):

6.8%

Web Visits Growth (Last 6 months):

26%

Specter Rank

(March) -

DataDome secured $42 million in Series C funding just over a year ago, reinforcing its role in cybersecurity. Focused on enhancing bot protection services amid rising online fraud concerns, DataDome employs machine learning for real-time traffic request evaluation, distinguishing itself in fraud prevention. The funding accelerated the company's growth and research efforts, empowering it to analyse over 3 trillion data signals daily. Serving a clientele of over 300 in various sectors, DataDome's technology is indispensable for businesses.

Founded Date:

2015

HQ Location:

New York, United States

Total Funding Raised:

$

Company Size:

(

51-200

)

Employee Growth (Last 6 months):

14%

Web Visits Growth (Last 6 months):

31%

Specter Rank

(March) -

Medipixel, a healthtech startup, uses AI to improve cardiovascular disease diagnosis and treatment, aiming for better human life quality. With expertise in AI like computer vision and deep learning, they aim to lead in SaMD for interventional procedures globally. Since 2017, Medipixel has provided cath lab physicians with real-time analysis solutions, led by CEO Andy Song. Their flagship product, MPXA, offers automated 2D QCA analysis, with ongoing R&D for more solutions like software-based FFR and automated navigation.

Founded Date:

2017

HQ Location:

Seoul, South Korea

Total Funding Raised:

$

Company Size:

(

11-50

)

Employee Growth (Last 6 months):

8.8%

Web Visits Growth (Last 6 months):

18%

Specter Rank

(March) -

CommerceIQ, a unicorn with a valuation over $1 billion, raised $115 million in Series D funding two years ago to enhance its e-commerce management platform for CPG brands. With over 2,200 clients like Johnson & Johnson and Kellogg’s, the company offers tools for analytics and operations that drive sales and market share improvements. Supported by leading investors such as SoftBank Vision Fund 2, CommerceIQ is focused on global expansion and platform development in the competitive e-commerce optimization market.

Founded Date:

2012

HQ Location:

Palo Alto, United States

Total Funding Raised:

$

Company Size:

(

501-1000

)

Employee Growth (Last 6 months):

10%

Web Visits Growth (Last 6 months):

239%

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.

We Track More Than 3 Million Companies Monthly

Specter provides real-time insights and emerging trends in the private markets. We equip investment firms and corporations with unparalleled, actionable intelligence on private companies.

After analysing the growth data, here are 20 of the fastest growing machine learning companies covering a range of applications:

Specter Rank

(March) -

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.

Founded Date:

2022

HQ Location:

London, England

Total Funding Raised:

$

Employ

(

1-10

)

Employee Growth (Last 6 months):

29%

Web Visits Growth (Last 6 months):

2.1K%

Specter Rank

(March) -

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.

Founded Date:

2016

HQ Location:

Mountain View, United States

Total Funding Raised:

$

Employ

(

201-500

)

Employee Growth (Last 6 months):

11%

Web Visits Growth (Last 6 months):

5.9K%

Specter Rank

(March) -

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.

Founded Date:

2016

HQ Location:

New York, United States

Total Funding Raised:

$

Employ

(

201-500

)

Employee Growth (Last 6 months):

18%

Web Visits Growth (Last 6 months):

3.9%

Specter Rank

(March) -

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.

Founded Date:

2015

HQ Location:

San Diego, United States

Total Funding Raised:

$

Employ

(

501-1000

)

Employee Growth (Last 6 months):

18%

Web Visits Growth (Last 6 months):

77%

Specter Rank

(March) -

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.

Founded Date:

2017

HQ Location:

Gurgaon, India

Total Funding Raised:

$

Employ

(

201-500

)

Employee Growth (Last 6 months):

2.1%

Web Visits Growth (Last 6 months):

33%

Specter Rank

(March) -

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.

Founded Date:

2019

HQ Location:

San Francisco, United States

Total Funding Raised:

$

Employ

(

51-200

)

Employee Growth (Last 6 months):

6.1%

Web Visits Growth (Last 6 months):

17%

Specter Rank

(March) -

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.

Founded Date:

2016

HQ Location:

Toronto, Canada

Total Funding Raised:

$

Employ

(

51-200

)

Employee Growth (Last 6 months):

43%

Web Visits Growth (Last 6 months):

60%

Specter Rank

(March) -

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.

Founded Date:

2020

HQ Location:

London, England

Total Funding Raised:

$

Employ

(

11-50

)

Employee Growth (Last 6 months):

44%

Web Visits Growth (Last 6 months):

59%

Specter Rank

(March) -

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.

Founded Date:

2016

HQ Location:

London, England

Total Funding Raised:

$

Employ

(

51-200

)

Employee Growth (Last 6 months):

37%

Web Visits Growth (Last 6 months):

186%

Specter Rank

(March) -

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 as well.

Founded Date:

2022

HQ Location:

Toronto, Canada

Total Funding Raised:

$

Employ

(

11-50

)

Employee Growth (Last 6 months):

65%

Web Visits Growth (Last 6 months):

259%

Specter Rank

(March) -

TestRigor, recognized by Gartner as a 2023 Cool Vendor, simplifies test automation with its AI-based no-code tool that interprets plain English instructions for UI testing. Catering to over 29,000 companies, it supports web, mobile, desktop, and API tests, drastically reducing QA effort and improving efficiency. TestRigor's unique approach allows for quick test creation and maintenance, facilitating faster deployments and broader test coverage.

Founded Date:

2015

HQ Location:

San Francisco, United States

Total Funding Raised:

$

Employ

(

51-200

)

Employee Growth (Last 6 months):

10%

Web Visits Growth (Last 6 months):

165%

Specter Rank

(March) -

IDfy, a Mumbai-based identity verification company, raised $27 million in Series E funding last month, led by Elev8 with KB Investment and Tenacity Ventures participating. The investment supports IDfy's aim to expand globally and improve its AI/ML verification technologies. Serving over 1,500 clients and processing 60 million verifications monthly, IDfy's growth is fueled by a strong demand for reliable verification.

Founded Date:

2011

HQ Location:

Mumbai, India

Total Funding Raised:

$

Employ

(

501-1000

)

Employee Growth (Last 6 months):

6.1%

Web Visits Growth (Last 6 months):

4.9%

Modal Labs, after raising $16 million in Series A funding six months ago, enhances cloud computing for data teams and developers, especially in generative AI. The platform, built by Erik Bernhardsson, allows easy deployment of machine learning models and scalable compute tasks, boasting rapid scalability and an observability dashboard. With $23 million in total funding, Modal Labs serves notable clients like Substack and Ramp, streamlining cloud-based AI and data processing.

Founded Date:

2021

HQ Location:

New York, United States

Total Funding Raised:

$

Employ

(

11-50

)

Employee Growth (Last 6 months):

58%

Web Visits Growth (Last 6 months):

52%

Specter Rank

(March) -

Peroptyx specialises in refining machine learning models for location-based services, delivering accurate ground truth data for model testing and validation. Through its platform, it connects global experts to enhance data relevance and user experiences, offering data annotation and model optimization. Serving over 1,600 towns and cities across 26 countries, Peroptyx focuses on efficiency and scalability in machine learning applications, ensuring personalised and locally relevant outcomes.

Founded Date:

2018

HQ Location:

Mayo, Ireland

Total Funding Raised:

$

Employ

(

201-500

)

Employee Growth (Last 6 months):

93%

Web Visits Growth (Last 6 months):

7.3%

Specter Rank

(March) -

WhiteLab Genomics, a Paris-based biotech firm and Y Combinator alum, raised $10 million in September 2022 to enhance its AI-driven platform for genomic therapy development. Specialising in gene and cell therapy, the company's platform streamlines the discovery process by using machine learning to predict effective molecular designs, targeting genetic root causes of diseases. This approach aims to reduce the traditional reliance on trial-and-error, potentially lowering development costs and accelerating the creation of new therapies.

Founded Date:

2019

HQ Location:

Paris, France

Total Funding Raised:

$

Employ

(

11-50

)

Employee Growth (Last 6 months):

31%

Web Visits Growth (Last 6 months):

26%

Specter Rank

(March) -

SuperAnnotate offers an advanced platform for developing high-quality AI models, with sophisticated annotation tools and a broad marketplace of professional annotation services. It streamlines the creation and management of training datasets for AI, including Generative AI, LLMs, Computer Vision, and NLP. Praised for its efficiency and the quality of its output, SuperAnnotate significantly reduces project time and costs, establishing itself as a top choice for leading companies across various industries.

Founded Date:

2018

HQ Location:

Sunnyvale, United States

Total Funding Raised:

$

Employ

(

51-200

)

Employee Growth (Last 6 months):

19%

Web Visits Growth (Last 6 months):

85%

Specter Rank

(March) -

Insitro, a pioneer in applying machine learning to drug discovery, secured $400 million in Series C funding three years ago. This backing fuels its mission to decode intricate disease biology swiftly, using advanced computational models and vast datasets. By streamlining the identification of drug targets and optimising therapeutic candidates, Insitro aims to revolutionise medicine development, potentially slashing time and costs in the pharmaceutical sector.

Founded Date:

2018

HQ Location:

San Francisco, United States

Total Funding Raised:

$

Employ

(

201-500

)

Employee Growth (Last 6 months):

6.8%

Web Visits Growth (Last 6 months):

26%

Specter Rank

(March) -

DataDome secured $42 million in Series C funding just over a year ago, reinforcing its role in cybersecurity. Focused on enhancing bot protection services amid rising online fraud concerns, DataDome employs machine learning for real-time traffic request evaluation, distinguishing itself in fraud prevention. The funding accelerated the company's growth and research efforts, empowering it to analyse over 3 trillion data signals daily. Serving a clientele of over 300 in various sectors, DataDome's technology is indispensable for businesses.

Founded Date:

2015

HQ Location:

New York, United States

Total Funding Raised:

$

Employ

(

51-200

)

Employee Growth (Last 6 months):

14%

Web Visits Growth (Last 6 months):

31%

Specter Rank

(March) -

Medipixel, a healthtech startup, uses AI to improve cardiovascular disease diagnosis and treatment, aiming for better human life quality. With expertise in AI like computer vision and deep learning, they aim to lead in SaMD for interventional procedures globally. Since 2017, Medipixel has provided cath lab physicians with real-time analysis solutions, led by CEO Andy Song. Their flagship product, MPXA, offers automated 2D QCA analysis, with ongoing R&D for more solutions like software-based FFR and automated navigation.

Founded Date:

2017

HQ Location:

Seoul, South Korea

Total Funding Raised:

$

Employ

(

11-50

)

Employee Growth (Last 6 months):

8.8%

Web Visits Growth (Last 6 months):

18%

Specter Rank

(March) -

CommerceIQ, a unicorn with a valuation over $1 billion, raised $115 million in Series D funding two years ago to enhance its e-commerce management platform for CPG brands. With over 2,200 clients like Johnson & Johnson and Kellogg’s, the company offers tools for analytics and operations that drive sales and market share improvements. Supported by leading investors such as SoftBank Vision Fund 2, CommerceIQ is focused on global expansion and platform development in the competitive e-commerce optimization market.

Founded Date:

2012

HQ Location:

Palo Alto, United States

Total Funding Raised:

$

Employ

(

501-1000

)

Employee Growth (Last 6 months):

10%

Web Visits Growth (Last 6 months):

239%

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.

We Track More Than 3 Million Companies Monthly

Specter provides real-time insights and emerging trends in the private markets. We equip investment firms and corporations with unparalleled, actionable intelligence on private companies.

After analysing the growth data, here are 20 of the fastest growing machine learning companies covering a range of applications:

Specter Rank

(March) -

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.

Founded Date:

2022

HQ Location:

London, England

Total Funding Raised:

$

Company Size:

(

1-10

)

Employee Growth (Last 6 months):

29%

Web Visits Growth (Last 6 months):

2.1K%

Specter Rank

(March) -

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.

Founded Date:

2016

HQ Location:

Mountain View, United States

Total Funding Raised:

$

Company Size:

(

201-500

)

Employee Growth (Last 6 months):

11%

Web Visits Growth (Last 6 months):

5.9K%

Specter Rank

(March) -

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.

Founded Date:

2016

HQ Location:

New York, United States

Total Funding Raised:

$

Company Size:

(

201-500

)

Employee Growth (Last 6 months):

18%

Web Visits Growth (Last 6 months):

3.9%

Specter Rank

(March) -

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.

Founded Date:

2015

HQ Location:

San Diego, United States

Total Funding Raised:

$

Company Size:

(

501-1000

)

Employee Growth (Last 6 months):

18%

Web Visits Growth (Last 6 months):

77%

Specter Rank

(March) -

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.

Founded Date:

2017

HQ Location:

Gurgaon, India

Total Funding Raised:

$

Company Size:

(

201-500

)

Employee Growth (Last 6 months):

2.1%

Web Visits Growth (Last 6 months):

33%

Specter Rank

(March) -

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.

Founded Date:

2019

HQ Location:

San Francisco, United States

Total Funding Raised:

$

Company Size:

(

51-200

)

Employee Growth (Last 6 months):

6.1%

Web Visits Growth (Last 6 months):

17%

Specter Rank

(March) -

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.

Founded Date:

2016

HQ Location:

Toronto, Canada

Total Funding Raised:

$

Company Size:

(

51-200

)

Employee Growth (Last 6 months):

43%

Web Visits Growth (Last 6 months):

60%

Specter Rank

(March) -

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.

Founded Date:

2020

HQ Location:

London, England

Total Funding Raised:

$

Company Size:

(

11-50

)

Employee Growth (Last 6 months):

44%

Web Visits Growth (Last 6 months):

59%

Specter Rank

(March) -

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.

Founded Date:

2016

HQ Location:

London, England

Total Funding Raised:

$

Company Size:

(

51-200

)

Employee Growth (Last 6 months):

37%

Web Visits Growth (Last 6 months):

186%

Specter Rank

(March) -

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 as well.

Founded Date:

2022

HQ Location:

Toronto, Canada

Total Funding Raised:

$

Company Size:

(

11-50

)

Employee Growth (Last 6 months):

65%

Web Visits Growth (Last 6 months):

259%

Specter Rank

(March) -

TestRigor, recognized by Gartner as a 2023 Cool Vendor, simplifies test automation with its AI-based no-code tool that interprets plain English instructions for UI testing. Catering to over 29,000 companies, it supports web, mobile, desktop, and API tests, drastically reducing QA effort and improving efficiency. TestRigor's unique approach allows for quick test creation and maintenance, facilitating faster deployments and broader test coverage.

Founded Date:

2015

HQ Location:

San Francisco, United States

Total Funding Raised:

$

Company Size:

(

51-200

)

Employee Growth (Last 6 months):

10%

Web Visits Growth (Last 6 months):

165%

Specter Rank

(March) -

IDfy, a Mumbai-based identity verification company, raised $27 million in Series E funding last month, led by Elev8 with KB Investment and Tenacity Ventures participating. The investment supports IDfy's aim to expand globally and improve its AI/ML verification technologies. Serving over 1,500 clients and processing 60 million verifications monthly, IDfy's growth is fueled by a strong demand for reliable verification.

Founded Date:

2011

HQ Location:

Mumbai, India

Total Funding Raised:

$

Company Size:

(

501-1000

)

Employee Growth (Last 6 months):

6.1%

Web Visits Growth (Last 6 months):

4.9%

Modal Labs, after raising $16 million in Series A funding six months ago, enhances cloud computing for data teams and developers, especially in generative AI. The platform, built by Erik Bernhardsson, allows easy deployment of machine learning models and scalable compute tasks, boasting rapid scalability and an observability dashboard. With $23 million in total funding, Modal Labs serves notable clients like Substack and Ramp, streamlining cloud-based AI and data processing.

Founded Date:

2021

HQ Location:

New York, United States

Total Funding Raised:

$

Company Size:

(

11-50

)

Employee Growth (Last 6 months):

58%

Web Visits Growth (Last 6 months):

52%

Specter Rank

(March) -

Peroptyx specialises in refining machine learning models for location-based services, delivering accurate ground truth data for model testing and validation. Through its platform, it connects global experts to enhance data relevance and user experiences, offering data annotation and model optimization. Serving over 1,600 towns and cities across 26 countries, Peroptyx focuses on efficiency and scalability in machine learning applications, ensuring personalised and locally relevant outcomes.

Founded Date:

2018

HQ Location:

Mayo, Ireland

Total Funding Raised:

$

Company Size:

(

201-500

)

Employee Growth (Last 6 months):

93%

Web Visits Growth (Last 6 months):

7.3%

Specter Rank

(March) -

WhiteLab Genomics, a Paris-based biotech firm and Y Combinator alum, raised $10 million in September 2022 to enhance its AI-driven platform for genomic therapy development. Specialising in gene and cell therapy, the company's platform streamlines the discovery process by using machine learning to predict effective molecular designs, targeting genetic root causes of diseases. This approach aims to reduce the traditional reliance on trial-and-error, potentially lowering development costs and accelerating the creation of new therapies.

Founded Date:

2019

HQ Location:

Paris, France

Total Funding Raised:

$

Company Size:

(

11-50

)

Employee Growth (Last 6 months):

31%

Web Visits Growth (Last 6 months):

26%

Specter Rank

(March) -

SuperAnnotate offers an advanced platform for developing high-quality AI models, with sophisticated annotation tools and a broad marketplace of professional annotation services. It streamlines the creation and management of training datasets for AI, including Generative AI, LLMs, Computer Vision, and NLP. Praised for its efficiency and the quality of its output, SuperAnnotate significantly reduces project time and costs, establishing itself as a top choice for leading companies across various industries.

Founded Date:

2018

HQ Location:

Sunnyvale, United States

Total Funding Raised: