Fastest Growing AI Chip Startups to Watch in U.S 2024

As artificial intelligence continues to revolutionize industries across the globe, the demand for specialized AI hardware has surged. The AI chip market, valued at $53.6 billion in 2023, is forecast to grow by over 30% to reach $71.3 billion in 2024.

In 2024, several AI chip startups in the United States stood out for their rapid growth, groundbreaking technologies, and substantial funding. These companies are poised to make a significant impact on the AI landscape, offering solutions that cater to a wide range of applications from edge computing to deep learning and robotics.

Here are the fastest-growing AI chip startups to watch in the U.S.in 2024:

Groq

Founder & CEO: Jonathan Ross

Specialty: AI inference chips optimized for speed and executing commands of pre-trained models. 

Funding: Raised $640 million in a Series D round, valued at $2.8 billion.

Groq is known for its high-performance AI accelerators that deliver low latency and high throughput. The company’s chips are designed to handle demanding AI workloads, making them ideal for machine learning and deep learning applications. With substantial funding and innovative technology, Groq is positioned to be a major player in the AI chip market.

Cerebras Systems

Co-Founder & CEO: Andrew Feldman

Specialty: Wafer-Scale Engine (WSE), the largest chip ever built, designed to accelerate deep learning models

Funding: Over $720 million

Cerebras Systems has developed the Wafer-Scale Engine (WSE), a groundbreaking chip that significantly enhances the performance of deep learning models. The company’s CS-2 system, powered by the WSE, offers unparalleled computational power and memory bandwidth, making it a game-changer for AI research and applications.

Skild AI

Co-Founder & CEO: Deepak Pathak

Specialty: General-purpose AI models for robots

Funding: Raised $300 million in a Series A round

Skild AI, founded by former Carnegie Mellon University professors, is pioneering a general-purpose AI model designed to bring human-like adaptability to robots across various environments, from construction sites to homes. Their innovative approach aims to revolutionize the robotics industry by providing a scalable AI “brain” that can be integrated into different robotic platforms, making advanced robotics more accessible and versatile.

Celestial AI

Co-Founder & CEO: David Lazovsky

Specialty: Photonic Fabric optical interconnect technology to enhance AI computing and memory infrastructure

Funding: Raised $175 million in a Series C round

Celestial AI is revolutionizing AI computing with its Photonic Fabric optical interconnect technology, which addresses latency and bandwidth bottlenecks. This innovation aims to significantly improve the performance and efficiency of AI applications, particularly in high-performance computing and data center environments.

SiMa.ai

Founder & CEO: Krishna Rangasayee

Specialty: High-performance, low-power AI chips for edge computing applications

Funding: Raised $270 million, with a recent $70 million Series C round

SiMa.ai focuses on delivering high-performance, low-power AI chips tailored for edge computing. Their Machine Learning System on Chip (MLSoC) platform is designed to handle various machine learning tasks efficiently, making AI more accessible for embedded systems and IoT devices.

Etched

CEO: Gavin Uberti

Specialty: Developing specialized processors optimized for specific AI models, particularly transformers, which are widely used by OpenAI’s ChatGPT and Google’s Gemini.

Funding: Raised $120 million in a Series A round

Etched AI is focused on creating specialized processors tailored for transformer models, which are essential for applications like OpenAI’s ChatGPT and Google’s Gemini. With significant funding, the company aims to develop chips that enhance the performance and efficiency of these advanced AI models.

Blaize

Co-Founder & CEO: Dinakar Munagala

Specialty: AI computing platforms for edge and automotive applications

Funding: Raised $106 million
 
Blaize offers AI computing platforms designed for edge and automotive applications, focusing on delivering high-performance, energy-efficient solutions. Their Graph Streaming Processor (GSP) architecture is optimized for AI workloads, making Blaize a key player in the edge AI market.