The artificial intelligence (AI) sector is experiencing significant growth, demonstrated by the AI 50 list’s fifth year, produced in partnership with Sequoia and Meritech Capital. The 2023 list includes companies that have collectively raised $27.2 billion in funding, a notable portion of which was contributed by Microsoft’s $10 billion investment in OpenAI.
Veteran companies such as Scale AI, AlphaSense, Vectra AI, and Databricks continue to make strides in the field, while newer startups like Adept, Anthropic, and Cohere have attracted significant investments. Interestingly, some companies like Midjourney and Surge AI have managed to build large customer bases without any external funding, showcasing the sector’s diverse success stories.
Why it matters:
The AI 50 list provides an invaluable snapshot of the current state of the AI market, offering technology leaders a strategic lens through which to view the competitive landscape and understand the innovation occurring within it. This can guide decision-making within their own organizations and inform their approach to product development, partnerships, or M&A activity.
- The Forbes AI 50 list recognizes the most promising privately-held companies building businesses out of artificial intelligence.
- A flock of fledgling startups have taken advantage of the investor frenzy to assemble sizable businesses. While the rest of venture capital suffers from the market pullback, the AI sector has boomed.
- The AI 50 can help tech leaders identify potential collaborators, innovators, or even potential hires. Understanding who is leading in the AI space can be valuable for building their own teams.