When it comes to AI, Europe is definitely making waves. Last year, the region saw a whopping investment of around $9 billion, with one-fifth of that going straight into the AI sector. This surge in funding was largely due to the rise of generative AI, and it doesn’t look like things are slowing down anytime soon. From France’s H securing a massive $220 million in funding to Mistral raising a staggering €600 million, it’s clear that AI startups in Europe are on the rise.
So, what’s driving the growth of AI startups in Europe? Many of these companies point to the region’s rich talent pool, boasting access to some of the top scientists and engineers in the world. According to global VC Atomico, the number of AI professionals employed in Europe has grown more than tenfold in the past decade, outnumbering those in the US.
Let’s take a closer look at some of the fastest-growing AI startups in Europe:
Mistral AI, based in Paris has experienced a whopping 378% headcount growth over the last 12 months, bringing their team to 67 employees. The company, founded by former Meta and DeepMind employees, aims to create a European AI champion that can rival tech giants like Google and Meta. With a focus on GenAI models, Mistral has raised nearly €1 billion in equity, making it one of France’s most well-funded tech companies.
Hailing from London, AutogenAI has seen an impressive 366% increase in headcount, reaching 140 employees. The company specializes in using AI, particularly natural language processing, to automate bid writing for enterprises. With a total of $65 million raised in two rounds, AutogenAI has expanded its reach to the US and Australia.
Berlin-based Kittl has seen a 242% growth in headcount, now employing 120 professionals. The company provides an online platform for graphic designers, offering AI-powered products such as a GenAI image generator. With $50 million in funding and a client list that includes big names like Warner Bros and Netflix, Kittl is definitely a rising star in the AI scene.
Also based in Berlin, Qdrant has experienced a 225% increase in headcount, bringing their team to 65 employees. The company offers an open-source search tool for complex databases used in AI applications, raising a total of $37 million to date.
Coming in from Munich, Tacto has seen a 135% increase in headcount, now employing 73 professionals. The company provides AI-powered software to help SMEs manage their supply chain and procurement processes, raising a hefty €50 million in December last year from high-profile backers including Sequoia and Index Ventures.
Based in London, Dexory has seen a 124% growth in headcount, reaching 138 employees. The logistics startup uses AI-powered analytics platform and autonomous robots to help businesses manage warehouses, with notable clients like Maersk and Menzies Aviation.
Hailing from Glasgow, Chemify has experienced 108% growth in headcount, now employing 79 professionals. Born out of 15 years of research at the University of Glasgow, the company uses robotics and AI to digitize chemical processes, raising a substantial $43 million in their Series A funding round.
Based in Zurich, ANYbotics has seen a 100% increase in headcount, now employing 200 professionals. The Swiss startup builds four-legged AI robots for industrial use, serving clients like Petronas, Shell, and Siemens Energy.
Also from Munich, Orbem has seen a 100% growth in headcount, employing 120 professionals. The company has created an MRI technology accelerated by AI and is currently being used in hatcheries to determine the sex of chicks based on egg scans.
Lastly, based in Heidelberg, Aleph Alpha has seen a 93% increase in headcount, employing 147 professionals. The company builds LLMs for enterprises and governments and made headlines after raising $500 million in one of Europe’s biggest AI rounds last year.
As AI continues to dominate the tech scene, Europe is undoubtedly making its mark with these innovative startups leading the way. With their groundbreaking technologies and rapid growth, these companies are definitely ones to watch in the exciting world of AI.
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