13 startups from London to watch, according to VCs

London has always been the runaway leader for VC funding in UK tech. In 2023, tech companies in the city picked up $12.6bn, according to Dealroom — two-thirds of the total funding for the whole of the UK and more than any other European country.

One of the UK’s 10 largest ever raises has been for a startup outside of the capital — Cambridge-based CMR Surgical’s $600m Series D in 2021. So far in 2024, the capital has seen autonomous driving startup Wayve raise $1bn, neobank Monzo pick up $623m across two rounds and fintech Abound bring in £400m.

But which London-based startups have VCs got their eyes on at the moment? To find out, Sifted asked VCs from Seedcamp, Episode 1, Northzone, Creandum and Atomico to nominate the non-portfolio startups they think could be set for big things.

Kate McGinn, investor at Seedcamp

Cogna

Cogna is an AI startup whose platform uses natural language processing to help businesses build software to automate processes. Typically a company hires expensive consultants or uses low-code tools that can lead to subpar outcomes when building custom software but Cogna’s generative AI platform aims to lower that cost barrier. 

Scarlet 

Scarlet aims to help software-based medical devices get regulated. Today, it takes years for a software medical device to reach the market and is an expensive process — which can mean cash-flow problems before launching. Scarlet has built a framework for manufacturers and regulators to build and surveil software products as they’re being built, speeding up the compliance process.

Treefera

Treefera is an AI-powered data platform which helps organisations analyse, evaluate and report on the impact they are having on the planet. One use case example is it helps landowners have better oversight of their land by delivering detailed insights on things like tree health and carbon sequestration.

Adam Shuaib, partner at Episode 1

11x

11x is building AI-powered sales development representatives to help businesses automate sales. The company has scaled incredibly quickly over the last five to six months — increasing revenue 10x and drawing attention from large US investors in the process. 11x has proven that picking a niche market and sticking to it can be a very auspicious strategy.

Cradle 

Cradle helps pharma companies reduce the time on R&D needed to bring products to clinical tests, using machine learning to design variants of a target protein sequence. Its platform plugs directly into lab workflows and allows fast iteration of experimental rounds, leading to better protein variants each time. The startup has onboarded nine industry-leading research partners over the last year, and by using an in-house wet lab to generate unique training data, it is iterating quickly towards best-in-class protein-centric GenAI models.

Intropy AI

Intropy is building an AI copilot for sales teams in industries like manufacturing and parts engineering.

Deepka Rana, principal at Northzone 

Runna

Founded in 2020, Runna is a consumer app for runners designed to provide personalised coaching and AI-powered workout plans. It caters to runners of all levels, covering everything from ‘couch to 5k’ to training for ultramarathons. Strava may be the leading app for tracking different types of exercise, but by tailoring its product to different types of running, Runna has been able to capture the increasing popularity of casual and competitive running around the world.

KareHero

Founded in 2022 by Stephanie Leung formerly of Uber and Tiney, KareHero is an employee benefits platform that helps people understand, find and fund care for elderly relatives. As populations age, more working adults face the challenge of providing or finding adequate care for their elderly relatives, often leading to stress, burnout and workforce attrition. By making care more accessible, employers can significantly enhance employee well-being, retention and productivity.

Lawhive

Founded in 2021, Lawhive leverages AI to make legal services more accessible and affordable. The platform provides an ‘end-to-end’ suite of tools for lawyers, automating time-consuming tasks, like client onboarding and document collection. Lawhive also acts as a marketplace, connecting lawyers to prospective clients. Given the prevalence of repetitive administrative tasks within the legal industry, it’s a prime target for AI-enabled automation.

Hanel Baveja, principal at Creandum

Apoha

While many new players are using AI to discover new materials, Apoha has developed proprietary technology, which it calls “the Liquid Brain”, to create a machine that can smell, taste and feel like humans do — known as sensory intelligence. Apoha has the potential to be a game-changer in many sectors, from accelerating drug discovery to the creation of new food and cosmetics.

Anam.AI

Anam AI is creating digital personas using GenAI, which acts as a customer or user interface for brands and organisations. Anam AI has potential use cases across many industries — from teaching assistants to sales outreach. 

Irina Haivas, partner at Atomico

Anterior 

Formerly known as CoHelm, and based across the UK and US, Anterior’s platform is using GenAI to address the admin burden of health insurers in the US. Its first product is an AI ‘digital nurse’, which aims to augment and automate high cognitive load and manual tasks of the insurance claims processing workflow — one of the largest cost drivers for insurers. 

PhysicsX

PhysicsX’s simulation software, powered by computer-aided engineering (CAE) simulation and GenAI, looks to help engineers optimise the design and operation of machines and products. It works with industries including space, aerospace, medical devices, additive manufacturing, electric vehicles, motorsport, and renewables. 

Read the orginal article: https://sifted.eu/articles/london-startup-vc-watch-list/