The years 2020 and 2021 have had their fair share of ups and downs. But if there’s anything these years have given us, it is a fresh perspective on what we want and should do. The pandemic has been a reminder of the fact that life is short, and there’s no point spending it the way we don’t want to. Due to COVID, many were vulnerable to tragedy and grief in the form of unemployment. However, on the bright side, it gave a new outlook to people and forced them to focus on what they wanted. Their determination was driven by the urgency of the situation. As a result, the years 2020 and 2021 saw a tremendous increase in the number of start-ups.
The scope for start-ups to bloom is endless. However, the major areas of influence currently can be summed into the following categories:
- AI Start-ups
- FinTech Start-ups
- Blockchain Start-ups
- Healthcare Start-ups
- Food and Beverage Start-ups
- E-commerce Start-ups
Artificial Intelligence (AI) Start-ups
Artificial intelligence is man’s best innovation and, as a field, has one of the brightest futures. Major companies have invested in AI acknowledging the power it possesses. It has brought every imaginable activity, including navigation, e-payments, texting, searching, social networking, and many more, to an online platform. AI has essentially become everyone’s Guy Friday.
Due to the huge demand produced by the lockdown, AI start-ups anticipated an exponential rise between 2020 and 2021. Payment of bills, shopping, and developing new habits through online browsing have all become much easier with the usage of AI in our daily life.
The following are the most laudable and well-received AI start-ups:
An extraordinary stroke of genius that has immensely aided corporations in developing sustainable infrastructure that may help companies thrive while reducing environmental damage is Spacemaker. It has worked hard to deliver the greatest ways to optimize the value of a company’s real-estate structure, having earned a stunning 25 million dollars in financing from Atomico.
SurveyAuto, the brainchild of a Pakistani entrepreneur named Dr. Umer Saif (Founder and CEO), is used to survey individuals using geolocation, hyperspectral images, call records, and open street maps. It has been in business for about two years and is the first Pakistani start-up to be funded by the Bill and Melinda Gates Foundation.
Eyewear Tech is a game-changing start-up in the camera and recognition industries. It is intended to discover a person’s motivations by tracking their eye movements. Eyewear Tech has been known to be used in areas such as security, consumer choice, human contact, and so on after obtaining an unknown amount of financing from High Tech Grunderfords. It employs patent-pending algorithms to improve human-machine interactions and overall user experience.
Financial technology, also known as FinTech, is a modern financial approach that strives to compete with the conventional by providing quick, efficient, and time-efficient means to carry out various financial courses of action. Smartphones for mobile banking, investments and loans, and cryptocurrencies are examples of technology aimed at making financial services more accessible to the general public.
Some successful FinTech start-ups are:
The London-based Hastee is a modern financial approach that strives to compete with the conventional by providing quick, efficient, and time-efficient means to carry out various financial courses of action. Hastee has had tremendous early growth, with CEO and co-founder James Herbert informing Crunchbase News via email that the company’s sales increased by 1100% between December 2018 and November 2019. Its workforce has increased from 19 to 48 in a year, and it now works with approximately 400 companies.
This start-up intends to protect device leasing and support hardware as a service so that those without credit can own a mobile phone. With its unique device locking software, NuovoPay enables device leasing firms, financial institutions, and carriers to secure their leased devices against non-payment. This is an important aspect of the empowerment provided by mobility, and leasing is a crucial component in bridging the digital gap. Bootstrapped provides an undisclosed amount of financing.
It is a start-up that delivers the luxury of a car without the need to buy one. The user has a variety of automobiles to pick from based on the subscription they have chosen. Hz Holtzbrink Ventures has invested 8.8 million pounds in this start-up.
Blockchain is a method of storing data in such a way that it is difficult or impossible to update, hack, or trick the system. A Blockchain is simply a digital record of transactions that is replicated and distributed throughout the blockchain’s complete network of computer systems.
Even though it is a fairly niche concept, some start-ups have witnessed massive success in this field. Some of them include:
With its blockchain-based games, Mythical Games is setting new standards for the gaming industry. The company’s goal is to connect game developers and content producers with the games they like. It is producing world-class products with a team of professional game and platform specialists to assist customers in adopting distributed ledger technology through gaming. Javelin Ventures, recognizing its abundant talent, has invested $35 million in it.
With a grand total of 17.7 million dollars invested by Bitcoin, Eligma intends to make cryptocurrencies usable without the intervention of public demand. The company intends to employ blockchain technology to create communication standards for crypto payments.
This is a new firm that creates cryptocurrency-based games. They employ blockchain technology to maintain their security. They have been instrumental in popularizing blockchain. Andreessen Horowitz has invested 38.9 million dollars in it.
With the current condition of the world, we can really use all the help we can get. Owing to the urgent need for healthcare, healthcare start-ups have been growing exponentially. This is also because they allow the consumer to play an active role in the process of their own healthcare.
These start-ups have made immeasurable contributions to society:
This is a start-up that offers items that primarily focus on tracking one’s respiratory performance. This start-up, funded by Industrifonden with around 5.2 million dollars, allows the data acquired to be directly kept in the individual’s smartphone, which has been a source of comfort for both the doctor and the patient.
It is a start-up created by a collaboration of local entrepreneurs and orthodontists. Zenyum offers personalized invisible braces that may be delivered right to your house. In addition, the start-up has risen to remarkable heights since its inception, thanks to RTP Global’s investment of more than $15.1 million.
iRise Mechanics a start-up focused on next-generation technologies, such as intelligent bots. This start-up, which has received over $332 thousand in funding from Deutsche Bank, delivers an AI solution for health safety and enhancement.
Food and Beverage Start-ups
When confronted with a lockdown and having to subsist on what was left in the fridge, food became a prized commodity to many. Not just fast food, but also groceries and ordinary veggies and fruits were in great demand. Several start-ups began to develop around this time, offering not just quick food but also everyday veggies and fruits and other similar items.
Practically learning the importance of nutritious food, people, especially families, are willing to go to any extent to provide their loved ones with healthy food. But finding trustworthy brands and stores is a challenge for all. Here are some start-ups that make access to such foods easier:
FIG (Meals Is Good)
This app was created to address the issue of ordering food for persons who have dietary restrictions. Users build a profile that includes their dietary limitations, and the algorithm allows them to order meals without difficulty.
Foodvisor, as the name suggests, is an app that evaluates the nutrients in the food delivered to the user in real-time, allowing for healthier, better, and wiser eating habits. Series Unknown contributed 5.7 million dollars to the app’s development.
It is a start-up that delivers fresh meat and poultry right to your home. Their selling pitch is that they exclusively sell lab-grown meat because they feel that at the present pace of production versus consumption, the capacity to satisfy future demands does not appear positive. This project was supported with 1.6 million dollars from Golden Angel Investors.
Out of all the fields discussed in this list, e-commerce is probably the oldest, ignited by demonetization in India. It also made a quantum leap during the pandemic. Companies like Amazon, Flipkart, Jio, and others made a lot of money. This, however, prompted numerous start-ups to follow suit, including:
It is an e-commerce site that offers a market for rare, one-of-a-kind, and desired items such as furniture, clothing, fine jewelry, art, fashion, and so on. It links dealers and manufacturers with intelligent buyers. This start-up has received 253 million dollars from an undisclosed investor.
Meesho is an e-commerce start-up that allows local businesses and stay-at-home parents an opportunity to make a career in the cutthroat world of e-commerce. It is a site that offers cheap rates for fashion, jewelry, and numerous other items in an attempt to link the creator directly with the client. Soft Bank Vision Fund funded $300 million in this start-up, which is now valued at more than 2.1 billion dollars in 2021.
With a $25.5 million investment from Trip Advisor, Eatigo is a start-up that provides a platform for making reservations at nearby restaurants from your phone. It offers not just bookings but also intriguing deals, restaurant ratings, and exclusive savings.
It is safe to say that the pandemic has grown and nurtured genuinely driven and strategic start-ups. Many other industries, including education, fashion, transportation, and mobile, are experiencing a surge in start-ups. Slowly but steadily, hitherto unseen requirements are being addressed, and this encouragement will help us to properly establish ourselves in the twenty-first century. Also, with the widespread influence of social media, marketing has become fairly easier, catering to the advertising needs of aspiring entrepreneurs.
Written by: Samiksha