Industry Insight

The IVP Enterprise AI 55: 2024 Edition

|Karthik Ramakrishnan, Cynthia Kuo

Share

Share on LinkedIn(Link opens in new window)Share on Twitter(Link opens in new window)

Last summer, we published the inaugural IVP Enterprise AI 55, a collection of leading AI startups recommended by operators for operators. Twelve months later, it feels like the AI ecosystem has advanced by twelve years, so we’re excited to share an entirely new version of the list.

When we hit publish last July, ChatGPT was eight months old, Meta’s Llama 2 class of models had only been around for five months, Databricks had just announced its acquisition of MoisacML for $1.3Bn, and Firefly, Adobe’s ambitious foray into creative generative AI, was four months into its beta launch. While there was already a frenzy around GenAI, we observed then that most AI products with breakout adoption were aimed at consumers or prosumers. And while Enterprises were beginning to see results from initial pilots, most were in the initial stages of figuring out their AI strategy.

Fast forward to today: it’s hard to find one public company earnings call that doesn’t include a discussion of how leadership teams have implemented generative AI solutions, primarily for efficiency gains and increasingly for revenue generation.

Our conversations with Enterprise leaders highlighted growing GenAI budgets, both in terms of dollar value and permanence, as hesitation and uncertainty have waned. According to ISG’s survey of Enterprise IT leaders, the share of an organization’s total IT budget devoted to GenAI is projected to almost triple between 2023 and 2025, from 1.5% to 4.3%. Departmental budgets, including sales and marketing, product and service development, are also allocating more spend to functional GenAI products. This implies billions of budget creation and reallocation of opportunity for generative AI startups. We do think some of this budgetary shift is experimental, given how fast the ecosystem is moving and how much pressure executives are under to successfully implement GenAI offerings. This helps to explain why churn rates are higher for GenAI startups compared to the broader SaaS ecosystem, across consumer and Enterprise.

It’s also worth noting that, while this post is focused on software applications, the AI infrastructure layer has, too, come a long way over the past year, which has helped drive AI adoption. Enterprises often need to customize their GenAI solutions, meaning they can’t deploy a closed-source LLM out-of-the-box into production. The explosion in AI-focused developer tools has enabled rapid iteration in fine-tuning, inference, hosting, model evaluations, data governance, and security. Functional leaders can now collaborate with tech and engineering teams, leveraging all of this available infrastructure to quickly develop customized GenAI capabilities.

The IVP Enterprise AI 55: 2024 Edition

Introducing the 2024 IVP Enterprise AI 55, a new cohort of leading AI startups and products recommended by enterprise operators for operators. We have no doubt that many of the companies mentioned in 2023 will continue to be successful, but with so much innovation underway in AI, we’ve decided to feature a fresh set of companies this year — application layer startups that have introduced compelling new GenAI products with Enterprise traction or those that have successfully kickstarted an Enterprise GTM motion in the past year. A special shoutout to IVP portfolio companies, Brex, Kittl, Perplexity and Superhuman.

As the list came together this year, we observed:

The 2024 companies are on average, “earlier” in their lifecycle compared to those from last year. This is no accident. Since Enterprises now have more experience piloting and implementing GenAI, they’ve become more willing to trust younger startups with potentially game-changing products.

The emergence of AI agents, autonomous systems that can perform multi-step tasks — analyzing data, making decisions, and improving over time is notable. The implications for functions with repetitive, time-consuming tasks are obvious and early Enterprise use cases have spanned around-the-clock, personalized customer support, automated outbound campaigns, and summarization of key trends from customer data to drive business decisions. We expect to see rapid advancements in agentic capabilities in the coming months.

When looking at the startups featured in our 2024 list vs the prior year, their geographic distribution did not change much. As we expected, the Bay Area continues to be the center of generative AI activity and company formation: 51% of the companies featured, along with 45% of venture funding are based in the Bay Area (compared to 55% of companies and 78% of funding in 2023). New York is the second largest metro area, with 13% of companies featured this year. Europe and Israel combined represent 18% of companies. While the Bay Area is the leader of GenAI innovation, we expect generational startups to be found and built in an increasingly globalized way.

What hasn’t changed is the criteria for the IVP Enterprise AI 55. To be considered, a company must:

  • Be recommended and implemented by many Enterprise C-suite executives and organizations.
  • Have strong Enterprise buyer intent signals.
  • Have best-in-class user or revenue growth and traction.
  • Have raised $5M or more in venture funding (disclosed or undisclosed).
  • Be based in the U.S. or Europe.

Once again, we’ve segmented the list for each functional buyer to help you assess new GenAI products.

  • Chief Revenue Officer
  • Chief Marketing Officer
  • Chief Financial Officer
  • Chief Customer Officer
  • Chief People / L&D Officer
  • Chief Information Officer (Cross-Functional)
  • Chief Legal or Compliance Officer

The Inaugural IVP Enterprise AI 55

Many of the companies we featured last year have grown impressively in just the last twelve months. Collectively, these startups have raised $1.4Bn since July 2023, driven by Enterprise demand. Many have been featured on other industry lists, including The Cloud 100, Forbes AI 50, and The Information 50. Two companies (Lexion and Ultimate AI) even announced acquisitions.

What we’ve been most impressed by with this crop of companies is their rate of product velocity and shipping new features to market. Just a few examples include Framer’s support of 3D layer editing on a freeform canvas with their 3D Transforms announcement last spring, Apollo’s AI-powered unification of the deal funnel with their announcement of Apollo 3.0 last fall, and Runway’s (very) recent introduction of Gen-3 Alpha, their newest high-fidelity video creation model.

IVP is fortunate to partner with some of the most compelling companies highlighted in last year’s list, including Eightfold, DeepL, Glean, Grammarly, Jasper, and Pigment. And we’ve seen impressive category leadership from many others: For Chief Product Officers, ElevenLabs has continued to gain mindshare as a robust, enterprise-ready audio platform, expanding beyond its initial core text-to-speech product. For Chief Legal Officers, Harvey has continued to garner trust among leading law firms, in-house legal teams, and professional service providers more broadly. And for Chief Information Officers, Glean has continued to transform how knowledge workers find and leverage enterprise information.

If you are building a game-changing genAI platform for the Enterprise or have a perspective to share, reach out to us at [email protected] and [email protected]

Chief Revenue Officer

Historically, sales teams have spent an enormous amount of time and money identifying new leads, reaching out to prospect customers, and submitting proposals. Now, AI tools are making all of that much easier.

"We landed a fairly substantial deal through [X AI tool]. For us, it really comes down to conversion: who is responding, are we setting up calls, are those calls leading to sales? With [X AI tool], we were able to land an opportunity that puts us in front of 70 million people, so the ROI is substantial." - VP of Sales at a public software company

  • 11x
    • CEO: Hasan Sukkar
    • Location: London, GB
    • Funding: $2M
    • Description: 11x is an AI-powered SDR that helps GTM teams automate sales, from outreach to finding and researching prospects, to personalizing messages and booking meetings.
  • Attio
    • CEO: Nicolas Sharp
    • Location: London, GB
    • Funding: $54M
    • Description: Attio is a flexible CRM that is modeled around specific business processes and workflows and allows for multiplayer, real-time collaboration.
  • AutogenAI
    • CEO: Sean Williams
    • Location: London, GB
    • Funding: $65M
    • Description: AutogenAI is an AI platform that helps streamline bid and proposal writing workflows, increases the efficiency of bid-writing teams, and improves the quality of responses.
  • Clay
    • CEO: Kareem Amin
    • Location: New York, NY
    • Funding: $3M
    • Description: Clay is a data enrichment platform that helps GTM teams build lead lists, enrich leads with data from multiple providers, and craft hyper-personalized emails.
  • Docket
    • CEO: Arjun Pillai
    • Location: Camas, WA
    • Funding: $5M
    • Description: Docket is an AI platform that provides virtual sales engineers for AEs by training on company knowledge and creating a dynamic knowledge graph to ask discovery questions and answer product questions.
  • Instantly
    • CEO: Nils Schneider
    • Location: Sheridan, WY
    • Funding: N/A
    • Description: Instantly is a sales automation platform that helps companies turn leads into clients with its Automated Outreach, Deliverability Network, Sales Engagement, B2B Lead Database, and AI-Powered CRM.
  • Nooks
    • CEO: Dan Lee
    • Location: San Francisco, CA
    • Funding: $27M
    • Description: Nooks is an AI dialer platform that helps sales organizations boost volume by automatically invalidating wrong numbers and finding alternatives and offers AI coaching and analytics based on calls.
  • Poggio
    • CEO: Matt Slotnick
    • Location: San Francisco, CA
    • Funding: $6M
    • Description: Poggio is an AI workspace for enterprise sellers that builds real-time, dynamic account plans for all of a company's customers, helping sellers efficiently identify customer pain and position their solutions accordingly.
  • Regal
    • CEO: Alex Levin
    • Location: New York, NY
    • Funding: $42M
    • Description: Regal is an outbound cloud contact center software that turns customer data into real-time outbound campaigns across phone, SMS, email, chat, and AI agents.
  • Regie.ai
    • CEO: Srinath Sridhar
    • Location: San Francisco, CA
    • Funding: $21M
    • Description: Regie.ai is a prospecting platform for GTM teams that automatically prospects and books meetings for sales reps by discovering new target accounts, prioritizing tailored outreach, and driving buyer engagement.
  • Rohirrim AI
    • CEO: Steven Aberle
    • Location: Reston, VA
    • Funding: $20M
    • Description: Rohirrim AI is an RFP AI automation platform that helps create more accurate and thorough RFP responses in a fraction of the time for B2B enterprises, government procurement, defense contracting, and higher education.
  • Unify
    • CEO: Austin Hughes
    • Location: San Francisco, CA
    • Funding: $7M
    • Description: Unify is an end-to-end solution for GTM warm outbound that analyzes intent signals, provides 120+ million contacts for prospecting, and sends AI-powered email sequences.

Chief Marketing Officer

As AI tools get better at generating content and even studio-quality videos, they’re helping CMOs reduce costs and create more personalized marketing campaigns.

"Video is more engaging for audiences but creating video is traditionally cost-prohibitive and takes a long time. We’re currently doing video a lot less vs. copy-based marketing...over time, cost and time needed will both go down…we’re actively experimenting with these AI tools. These tools can create content that will enhance and personalize our sales experience and alleviate some of the dry selling upfront." — Senior Director of Digital Marketing at a Fortune 500 company

“With a marketing agency, it took ~1 month to ship a video and costs built up quickly...it required a lot of manual work and back and forth. With [X AI tool], it takes ~1 week to ship a video and we cut costs by ~1/3 vs. working with a marketing agency.” – Regional CISO at a Top 5 auto manufacturer

  • Captions
    • CEO: Gaurav Misra
    • Location: New York, NY
    • Funding: $40M
    • Description: Captions is an AI-powered creative studio that allows users to easily create videos through a script writer, recording or AI voiceover and cloning, speech enhancement, and video editing.
  • Creatify
    • CEO: Yinan (Steven) Na
    • Location: Mountain View, CA
    • Funding: $3M
    • Description: Creatify is an AI-powered app that generates high-quality marketing videos from a product link or description, allowing teams to test more ads with less effort.
  • HeyGen
    • CEO: Joshua Xu
    • Location: Los Angeles, CA
    • Funding: $66M
    • Description: HeyGen is an AI video platform that enables studio-quality videos with AI-generated avatars and voices, allowing teams to create engaging video content for sales outreach, product marketing, content marketing, and L&D.
  • Kittl
    • CEO: Nicolas Heymann
    • Location: Berlin, Germany
    • Funding: $50M
    • Description: Kittl is an AI-powered design platform that enables easy graphic generation through professional templates and direct access to illustrations, fonts, photos, icons, and more.
  • Krea
    • CEO: Victor Perez
    • Location: San Francisco, CA
    • Funding: N/A
    • Description: Krea is a generative AI design platform that allows users to easily generate and enhance images and videos based on their own unique styles, concepts, or products.
  • Riverside.fm
    • CEO: Nadav Keyson
    • Location: Tel Aviv, Israel
    • Funding: $47M
    • Description: Riverside.fm is an all-in-one online podcast and video studio that enables easy recording and editing of video content through recording, editing, and publishing features.
  • Tofu
    • CEO: Eunjoon Cho
    • Location: San Mateo, CA
    • Funding: $5M
    • Description: Tofu is an AI sidekick for B2B marketing that helps GTM teams personalize campaigns for target personas, industries, and accounts and automatically repurpose content across all their channels.

Chief Financial Officer

For CFOs, it’s all about efficiency. AI tools are helping companies automate accounting, perform detailed financial planning and analysis, and manage suppliers faster and more easily.

"[X AI tool] brought down our monthly close time from four weeks to two weeks. I used to work with two accountants who were completely focused on this. Now they have extra capacity to deal with other things as well. It’s saved us about 25% of individual time, which is a huge boost for our team’s productivity." — VP of Finance at a pre-IPO fintech company

  • Brex
    • CEO: Henrique Dubugras; Pedro Franceschi
    • Location: San Francisco, CA
    • Funding: $1.2B
    • Description: Brex is an AI-powered spend management platform that provides corporate cards, expense management, travel management, and bill pay for businesses.
  • DataSnipper
    • CEO: Vidya Peters
    • Location: Amsterdam, Netherlands
    • Funding: $101M
    • Description: DataSnipper is an Excel plug-in tool that automates audit workflows with OCR by matching Excel outputs with reference documents.
  • Levelpath
    • CEO: Alex Yakubovich
    • Location: San Francisco, CA
    • Funding: $45M
    • Description: Levelpath is a procurement platform that enables centralized workflows & approvals with an AI-powered reasoning engine that unifies disparate data streams and workflows into a unified data set.
  • Numeric
    • CEO: Anthony Alvernaz
    • Location: San Francisco, CA
    • Funding: $10M
    • Description: Numeric is an AI-powered close automation platform that helps finance teams organize their close, streamline reconciliations, and draft flux analysis and reporting.
  • Omnea
    • CEO: Ben Freeman
    • Location: London, GB
    • Funding: $5M
    • Description: Omnea is a procurement platform that helps teams manage new purchases, renewals, and ongoing supplier management.
  • Orb
    • CEO: Alvaro Morales
    • Location: San Francisco, CA
    • Funding: $24M
    • Description: Orb is a usage-based billing platform that helps companies collect raw billing data and automate centralization, billing calculation, invoice creation, and internal reporting.
  • Payflows
    • CEO: Pauline Glikman
    • Location: Paris, France
    • Funding: $32M
    • Description: Payflows is a finance and procurement platform that helps customers streamline operations through treasury management, intake-to-procure, intake-to-pay, and order-to-cash products.
  • Ramp
    • CEO: Eric Glyman
    • Location: New York, NY
    • Funding: $1.8
    • Description: Ramp is a spend management platform that offers corporate cards, approval flow management, and vendor payments management for businesses.

Chief Customer Officer

As AI agents get better, more companies are using them to automate customer and field service support — combining real-time and historical data to create more accurate and personalized responses.

"When I'm using [X AI tool], a human agent doesn't have to do it. Say you have 100 calls — 30% are handled by [X AI tool]. For us, that's 150 calls a week, 600 a month, and 8,000 a year. If you save five minutes per call, that's already 40,000 minutes of workers' time saved." — Project & IT Lead at one of the largest life insurance companies in Europe

  • Decagon
    • CEO: Jesse Zhang
    • Location: San Francisco, CA
    • Funding: $35M
    • Description: Decagon is an AI support platform that offers agents that automatically generate responses and actions based on customer interactions and identifies themes and anomalies to provide insights on customer conversations.
  • Maven AGI
    • CEO: Jonathan Corbin
    • Location: Boston, MA
    • Funding: $28M
    • Description: Maven AGI is an AI platform with AI agents that automatically answer customer questions to deflect tickets and reporting that proactively analyzes customer interactions.
  • Neuron7
    • CEO: Niken Patel
    • Location: San Jose, CA
    • Funding: $14M
    • Description: Neuron7 is a service resolution intelligence platform that offers turn-by-turn guidance for complex enterprise service organizations to resolve customer issues faster.
  • Parloa
    • CEO: Malte Kosub
    • Location: Berlin, Germany
    • Funding: $92M
    • Description: Parloa is a contact center platform that helps enterprises automate phone, chat, and messenger conversations to support agents and enhance the customer experience.
  • Sierra
    • CEO: Brett Taylor
    • Location: San Francisco, CA
    • Funding: $110M
    • Description: Sierra is a conversational AI platform that offers AI agents that use language processing and human-level reasoning to create conversational interactions and take action to solve customers' problems.

Chief People / L&D Officer

Chief People Officers are using AI tools to create more learning and development opportunities for employees and more personalized coaching for executives and managers.

“Because of [X AI tool], we’re able to onboard more contractors more quickly, and reduce a lot of manual process.  Before, when we were on paper and were emailing back and forth, it was a 7- to 10-day process. Now, I can completely onboard a contractor in 48 hours and get them inside a facility in 48 hours. I like the automation because it frees up my staff to be a part of meetings, be a part of anything that’s happening at the facility, and to be more available for the client. It’s given us visibility into what contractor numbers are, how much payroll will be, and where contractors are at all times." – Vice President at a large staffing agency

  • Ashby
    • CEO: Benjamin Encz
    • Location: San Francisco, CA
    • Funding: $68M
    • Description: Ashby is a recruiting platform that helps hiring teams through an integrated ATS, scheduling, sourcing & CRM, and analytics & RecOps solution.
  • Simpplr
    • CEO: Dhiraj Sharma
    • Location: Redwood City, CA
    • Funding: $131M
    • Description: Simpplr is an employee experience platform that gives employees access to the right information, tools, and people and helps employee engagement and recognition through a digital intranet.
  • Teambridge
    • CEO: Tito Goldstein
    • Location: San Francisco, CA
    • Funding: $13M
    • Description: Teambridge is a workforce management platform that helps teams automate and manage onboarding, scheduling, communication, time & attendance, pay, and more.

Chief Information Officer (Cross-Functional)

In the past, CIOs have struggled to connect Enterprise data and make it easily accessible for employees. Now more companies are using AI agents to perform low-code or no-code data analysis and offer crisp, personalized answers.

"Before we started using [X AI tool], we had information everywhere. People would be asking in Slack, ‘Hey, do you remember where this file was?’ Now we have a single entry point that pulls everything together and allows you to search through all of it. That saves a lot of time. And [X AI tool] respects permissions in each of the respective tools.” — Head of IT at a pre-IPO software company

"It’s hard to measure ROI scientifically, but my instinct tells me the money we pay every year is less than we’d pay for a single engineer’s salary. And given the popularity of the product, if we help our ~1,000 team members save 10 minutes of browsing and doom scrolling, it’s very significant." – VP Platform Engineering at a $10Bn+ software company

  • Ema
    • CEO: Surojit Chatterjee
    • Location: San Francisco, CA
    • Funding: $25M
    • Description: Universal AI agents that pull context from hundreds of enterprise apps and real-time web data to execute complex tasks
  • Gamma
    • CEO: Grant Lee
    • Location: San Francisco, CA
    • Funding: $22M
    • Description: Gamma is an AI-powered design platform that allows users to easily create presentations, documents, and websites.
  • Julius AI
    • CEO: Rahul Sonwalkar
    • Location: San Francisco, CA
    • Funding: $0.5M
    • Description: No-code data analytics and visualization tool for business users, including features such as data preparation, animations, and statistical modeling
  • Kognitos
    • CEO: Binny Gill
    • Location: San Jose, CA
    • Funding: $29M
    • Description: Kognitos is a workflow automation platform that helps customers resolve complex and repetitive business processes across logistics, manufacturing, financial services, and more.
  • Mimica
    • CEO: Tuhin Chakraborty
    • Location: London, GB
    • Funding: $12M
    • Description: Mimica is an AI-powered task mining platform that mines employee click and keystroke data to discover high-quality automation opportunities and generate accurate process documentation.
  • Orby AI
    • CEO: Bella Liu
    • Location: Sunnyvale, CA
    • Funding: $35M
    • Description: Orby AI is an AI platform that helps enterprises automate repetitive and complex tasks that cannot be easily automated with existing technology.
  • Perplexity
    • CEO: Aravind Srinivas
    • Location: San Francisco, CA
    • Funding: $174M
    • Description: Perplexity is an AI search engine that helps users discover information online by summarizing complex sources into concise, digestible answers, bolstered by supportive citations and custom follow-up questions to help clarify the results.
  • Polycam
    • CEO: Chris Heinrich
    • Location: Los Angeles, CA
    • Funding: $22M
    • Description: Polycam is a high fidelity 3D capture and modeling tools using smartphone LiDAR sensors
  • Seek AI
    • CEO: Sarah Nagy
    • Location: New York, NY
    • Funding: $10M
    • Description: Seek AI is a data analytics platform that allows business users to get answers to their data questions with generative AI-powered database queries.
  • Sema4.ai
    • CEO: Rob Bearden
    • Location: San Francisco, CA
    • Funding: $54M
    • Description: Sema4.ai is a platform that helps enterprise customers build, run, and manage intelligent AI agents that combine actions, intelligence, and enterprise context to close the automation gap across business use cases.
  • Superhuman
    • CEO: Rahul Vohra
    • Location: San Francisco, CA
    • Funding: $139M
    • Description: Superhuman is an AI-powered email that allows teams to more quickly process emails, be more responsive to high-priority tasks, and automate email drafting and follow-ups.
  • Sundial
    • CEO: Julie Zhuo
    • Location: Palo Alto, CA
    • Funding: N/A
    • Description: Sundial is a data analytics platform that allows teams to convert raw data into entities, metrics, and visualizations in just a few clicks, without having to write pipelines and SQL.

“We’re now in the process of switching from buzz to real-life expectations. Most law firms have not adopted a GenAI product yet because they’re afraid of leakage. But everyone’s aware of it. Basically, [X AI tool] can produce in 30 seconds what it would take a junior associate three days to do. That means you can do the same work with fewer junior associates or paralegal hours." - Chief Knowledge & Innovation Officer at a major white-shoe law firm

“We use [X AI too] to help combat counterfeiting issues around our products. Counterfeiting is a massive problem for us because it leads to lost revenue and hurts our brand perception. [X AI tool] automatically removes 13,000+ listings per year. Previously, my team could only achieve a fraction of this, as it’s cumbersome to scroll through individual listings across different ecommerce marketplaces. This platform saved us the equivalent of hiring new  5-7 FTEs, no brainer, while also increasing the effectiveness of our team.” - General Counsel at a ~$1Bn annual revenue ecommerce brand

  • Altana
    • CEO: Evan Smith
    • Location: New York, NY
    • Funding: $123M
    • Description: Altana is a supply chain compliance platform that provides businesses with visibility into supplier and customer networks by applying AI to public and private data networks.
  • Doppel
    • CEO: Kevin Tian
    • Location: San Francisco, CA
    • Funding: $19M
    • Description: Doppel is a digital risk protection platform that helps brands detect phishing and brand cyber attacks on emerging channels through an auto-generated audit trail.
  • Eve
    • CEO: Jayanth Madheswaran
    • Location: Palo Alto, CA
    • Funding: $13M
    • Description: Eve is an AI-powered legal AI solution that helps lawyers increase case throughput, from intake and evaluation to drafting and discovery.
  • Greenlite
    • CEO: Will Lawrence
    • Location: San Francisco, CA
    • Funding: $5M
    • Description: Greenlite is an AI platform that automates compliance operations to onboard customers and complete KYC/KYB reviews more efficiently and perform due diligence on businesses.
  • Leya
    • CEO: Max Junestrand
    • Location: Stockholm, Sweden
    • Funding: $11M
    • Description: Leya is an AI-powered legal assistant that aggregates knowledge and simplifies legal workflows for law firms and legal professionals.
  • MarqVision
    • CEO: Mark Lee
    • Location: Los Angeles, CA
    • Funding: $31M
    • Description: MarqVision is a protection platform that helps brands safeguard from online counterfeits, unauthorized sales, and pirated content.
  • Modulate
    • CEO: Mike Pappas
    • Location: Somerville, MA
    • Funding: $36M
    • Description: Modulate is a content moderation platform that helps Trust & Safety teams navigate regulations and compliance needs to proactively moderate voice chat.
  • Norm AI
    • CEO: John Nay
    • Location: New York, NY
    • Funding: $12M
    • Description: Norm AI is an AI compliance platform that offers regulation-aware AI agents purpose-built for compliance teams, providing access to comprehensive, up-to-date understanding of regulations, making immediate compliance determinations, and handling complex multi-step compliance tasks.

Meet The Contributors

Portrait

Karthik Ramakrishnan

Portrait

Cynthia Kuo