individual looking at a board by StartupStockPhotos from Pixabay

55 Fastest Growing Tech Startups in 2023


 

The technology industry is one of the biggest and most invested-in industries in the world. One reason for this is that every other industry is looking for new ways to integrate technology into their operations.

This has led to the development of some industries such as Blockchain, Fintech, Agtech, Edtech, Cybersecurity, Robotics, etc.

This is where startups are born. Startups are the manifestation of ideas by ambitious entrepreneurs. They drive innovation and economic growth.

However, just by the mention of the word ‘startup’, one automatically thinks of billion-dollar success stories. The likes of Facebook, Google, and Apple to name a few.

However, the reality is not as pleasing since around 90% of all startups fail. With a whopping 10% meeting their demise within their first year of operations.

However, this article is in celebration of the 10% that succeed. We will identify and discuss 55 of the fastest-growing startups in the technology industry. Enjoy!

1. CloudTrucks

Red trucks by GREGOR from Pixabay

CloudTrucks is a tech start-up that provides a platform for businesses and individuals to search for available trucks, book a rental, and track the truck’s location during the rental period. It was founded in 2019 by Tobenna Arodiogbu (current CEO), George Ezenna, and Jin Shieh.

With over 110 employees as of 2022, CloudTrucks has seen employee growth of over 200% since 2019. The company is currently valued at $850 million. CloudTrucks has over 20 investors including Caffeinated Capital, Craft Ventures, and Tiger Global.

2. Celona

Named as a tribute to the city of Barcelona, Celona provides a software platform for enterprises to deploy and manage private cellular networks. It was founded in 2019 by Vinay Anneboina, Ravi Mulam, Rajeev Shah (current CEO), and Mehmet Yavuz.

Based in Cupertino, California, Celona has Google and Verizon as some of its leading clients. Its last round of Funding was Series C and the company raised 60M. There are around 130 employees at Celona.

3. Domino Data Lab

Programming by Gerd Altmann from Pixabay

Domino Data Lab is a tech startup that provides research tools. The company has a platform that provides tools and resources for data scientists, engineers, and researchers to develop, collaborate, and deploy machine learning models. It was founded in 2013 by Nick Elprin (current CEO), Chris Yang, and Matthew Granade.

In 2022 Domino raised $223.6 M in their Series F round. They have over 15 investors including Snowflake Ventures and Sequoia Capital. In 2022 Domino Data Lab had $14.6M in revenue. Domino Data Lab has a post-money valuation in the range of $500M to $1B as of Oct 5, 2021.

4. People.ai

A salesman at work by LinkedIn Sales Solutions on Unsplash

People.ai is a company that provides an AI-driven platform to provide solutions for sales and marketing teams. The said platform transforms business activity such as email, meetings, and contacts, into account and opportunity management solutions.

This, therefore, increases sales rep productivity, accelerates revenue growth, and maximizes marketing ROI. The California-based company was founded in 2016 and currently has around 230 employees. As of 2021, the company was valued at $1.1 billion.

5. NiYO

NiYO is an Indian financial technology company. It helps salaried individuals (employees) to access and make the utmost use of company benefits and other financial services.

The company was founded in 2015 by Virender Bisht (CTO) and Vinay Bagri (CEO). NiYO already has over 6 million users globally and is growing at a steady rate. As of 2022, it was valued at $500 million.

6. Alaiko

Alaiko is a German company that provides logistics software to successful e-commerce brands and companies which offer smooth fulfillment. It is already a leader in the market and provides warehouses, software, packing, and delivering solutions to over 150 online businesses.

It was founded in 2020 by Moritz Weisbrodt, Gabriel Thomalla, and Harald Braunstein. In 2020 Alaiko raised $30 million from its Series A round of funding.

7. GoMechanic

A mechanic at work by Ryan McGuire from Pixabay

GoMechanic is an online car servicing platform based in India. They offer a range of services including regular car services, cleaning, and detailing, and also provide pick-up and drop-off services for their customers.

This is through a mobile app and website that allows their customers to book services, track their cars and pay online. They operate with a variety of car brands and have a network of workshops and garages throughout India.

It was founded in 2016 and as of the end of 2021, it was valued at $350 million. GoMechanic has active plans to expand outside India and into parts of Southeast Asia.

8. 6AM City

News article on phone by Daniel Korpai on Unsplash

6AM City is a publishing technology company. It is a hyper-local media company, focused on activating communities through daily email newsletters.

The company operations include aggregating, curating, condensing, and sending various information (news) on several cities or municipalities across the US. The ‘news’ is then sent via e-mail to their subscribers.

The company was co-founded by Ryan Johnston (COO) and Ryan Heafy (CEO). 6AM City is one of the fastest-growing startups catered specifically to local news. They projected a 250-300% increase in revenue in 2022.

9. ID Ward

Blockchain by Hitesh Choudhary on Unsplash

ID Ward is a data privacy startup based in London, England, and Barcelona, Spain. The company provides software that utilizes blockchain enabling marketers (their customers) to reach audiences without collecting and storing user data.

ID Ward was founded by Mattia Fosci in 2019. The company received €1.1M funding in its first round of funding in 2022.

10. LawVu

LawVu is a legal management software company from New Zealand. They provide cloud-based solutions for legal teams and legal departments. Their software is designed to help legal teams manage their work more efficiently and effectively.

This is by providing tools for document management, contract management, matter management, and more. If you’re familiar with Salesforce, LawVu is to legal teams what Salesforce is to salespeople.

It was founded in 2015 by Samuel Robert Kidd, Shaun Plant, and Tim Boyne. From 2020 to 2021, the company tripled its revenue as per reports. As of May 2022, the company was valued at $48 to 71 million. Their 2022 revenue was $10.8M

11. Tiba

Accounting calculator by Steve Buissinne from Pixabay

Tiba is a business management company based in Brazil. It provides a platform for SMBs (Small and Medium-sized Businesses) to simplify management by using their software.

The company’s software takes care of everything from accounting to inventories, accounts payable and receivable, and even payroll. Tiba was founded in 2021 by Diogo Guedes, Juliana Simões, Leandro Moura, Ramires Paiva, and Viviane Ferreira. In 2022, Tiba raised $4 million in seed money.

12. Vero Technologies

Vero Technologies is a commercial software lending startup. It provides its clients with software that supports funding, risk management, portfolio management, and underwriting capabilities.

The startup was founded in 2020 by John Mizzi, the current CEO. As of 2022, the company is valued at $20 million and generated revenue not exceeding 5 million.

13. Wega Labs

Videogaming by OPPO Find X5 Pro on Unsplash

Wega Labs is a Web3 gaming studio. It was founded in 2022 and focuses on the development of web3 games with a strong emphasis on gameplay and utility.

The first game from the company is known as Cricinshots, a cricket game. The company was founded by Harsh Savergaonkar and Aditya Kasibhatla (CTO).

14. Return

Return is an AI software manufacturing company based in Baltimore, Maryland. The company’s software is dedicated to improving sales and marketing management for businesses.

It was founded in 2019 by Greg Dvorken and Tracey Halvorsen. The company raised $1.1 million in 2020 in its last seed round.

15. Cinder

Data by Claudio Schwarz on Unsplash

Cinder is an American company specializing in data storage and management based in Palo Alto, California. They provide a variety of products and services, including data storage software, data backup, and recovery solutions, and data analytics tools.

Cinder was founded in January 2022 by Glen Wise, Chief Operating Officer Phil Brennan, and head of engineering Brian Fishman. In 2022, Cinder raised $4 million in seed funding and a $10 million Series A round.

16. Linguix

Linguix is a company that offers its users online writing software. The software is AI-based and is designed to identify, and correct common English spelling and grammar errors in hand-typed texts. Lingix can simply be described as a combination of Grammarly and Duolingo.

Headquartered in Miami, Florida, Linguix was founded in 2018 by Alex Buchmann (CEO), Alex Lashkov, and Vitaly Kukharenko. Linguix is valued at $1.2 billion and received funding of $1 million in February 2022 during its pre-seed funding.

17. Novo

Novo is a financial technology company based in Miami. The company offers small businesses easy and affordable banking. This includes no monthly fees or minimum balances, refunds on all ATM fees, mobile apps, and exclusive perks.

Since Novo in itself is not a bank, they partner with Middlesex Federal Savings. Novo was founded by Michael Rangel, who is the current CEO in 2016. It is currently valued at $700 million as of 2022.

18. Ocrolus

Ocrolus is a fintech company based in New York City that automizes the analysis of financial documents. The analysis involves capturing key data fields, detecting fraud, and classifying cash flows.

Ocrolus was founded in 2014 by Peter Bobley, Sam Bobley (CEO), John Guerci, and Victoria Meakin. The company is currently valued at over $500 million. Some o its biggest clients include PayPal and SoFit.

19. R-Zero

Ultraviolet by Juliana Tanchak 🇺🇦 on Unsplash

R-Zero is a biosafety technology company based in Salt Lake City. It is recognized as the first of its kind. The company is dedicated to making indoor spaces healthier, safer, and ultimately more productive.

The start-up was formed in 2020 to make ultraviolet disinfecting machines for commercial and institutional customers. Its founders are Grant Morgan (CEO), Ben Boyer (Chairman), and Eli Harris (President). It has a valuation of $256.5 million as of 2022.

20. Secureframe

Cybersecurity by Pete Linforth from Pixabay

Secureframe offers a platform for security compliance automation. Their services help streamline compliance across SOC 2, ISO 27001, HIPAA, and more.

The company was founded by Shrav Mehta in 2020. In 2022, the company recorded revenue of $1.5 million at a $1.1 billion valuation.

21. Settle

Settle is a cashflow management startup that automates B2B (business-to-business) payments and provides working-capital solutions for businesses. It is based in San Francisco and was founded by Aleksander Koenig (CEO) in 2019. It has a valuation of over $600 million.

22. Petal

Petal is a fintech startup that uses machine learning to analyze bank transactions. They also provide credit cards to some people who might have been disqualified.

It offers two no-annual-fee cards that reward on-time payments with cash back starting at 1%—one for people with fair or poor credit and the other for people with thin or no credit.

Petal was founded in 2015 by Jack Arenas, David Ehrich, Andrew Endicott, Jason Gross Rosen (CEO), and Berk Ustun. As of 2022, the company had a valuation of $800 million.

23. LinkSquares

Contract by Leon Seibert on Unsplash

LinkSquares is a Contract Lifecycle Management (CLM) platform. The AI-driven platform enables users to write better contracts and manage and analyze existing ones.

It was founded in 2015 by Chris Combs, and Vishal Sunak (CEO). Over 600 companies including TGI Fridays, Fitbit, and Wayfair use the platform. It is currently valued at $800 million.

24. LeafLink

Cannabis farm by Richard T on Unsplash

LeafLink is a fintech startup that started to fill a niche in the cannabis market. Based in New York, the company provides an online marketplace for retailers to buy products from the many available brands.

With weed already legalized in 21 states and with more on the way, LeafLink’s market will only expand. The company was founded in 2015 by Zach Silverman and Ryan Smith (CEO). The company is currently valued at $1.695 billion.

25. Kin Insurance

Insurance papers by Vlad Deep on Unsplash

Kin insurance is a startup in the fintech industry. It uses AI to offer its customers (homeowners) easy and affordable insurance.

Kin Insurance uses an image-processing algorithm to interpret aerial photos and examine databases like the multiple listing service. This allows them to determine the exact condition of the house that needs insurance.

Kin was funded in 2016 by Sean Harper (CEO), and Lucas Ward. As of March 1, 2022, Kin Insurance has a post-money valuation in the $500M to $1B range.

26. Instawork

Instawork is a startup that provides people and organizations with a platform that makes it easy for them to find flexible gigs or employees. Whether daily, temporary or permanent. Job applicants get access to the platform for free but customers (employers) pay various percentages depending on the type of job posted.

In June 2022, Instawork paid its hired individuals an average hourly wage of $19.68. the company was founded by Sumir Meghani (CEO) and Saureen Shah in 2015. The San Francisco-based startup has a $560 million valuation.

 27. Fountain

Fountain is a San Francisco-based company that uses robotic process automation (RPA) to help businesses find hourly workers. RPA is a software technology that makes it simple to create, use, and manage software robots that mimic human behavior.

The company was founded and launched by Jeremy Cai, Keith Ryu, and Sean Behr (CEO) in 2014. It has a $1 billion valuation.

28. EquityBee

EquityBee is a startup company created to cater to employees in a startup. It provides said employees with the funding necessary to exercise their stock options.

The company, founded in 2018, helps employees understand their options and cash out by connecting them with accredited investors. EquityBee’s valuation is not disclosed but it is estimated to be in the high hundreds of millions.

29. Cowbell Cyber

Cybersecurity by Tumisu from Pixabay

Cowbell Cyber is a startup that provides small and medium-sized businesses with insurance from cyber risks. Founded in 2019, the company has quickly been recognized as a leader in their market niche.

Cowbell Cyber was founded by Trent Cooksley, Rajeev Gupta, Jack Kudale (CEO), and Prab Reddy. It was valued at $9.29 billion in 2021 and is predicted to reach $28.25 billion by 2027.

30. Atmosphere

TV Studio by ThisisEngineering RAEng on Unsplash

The best-streaming TV service in the world for businesses is called Atmosphere. It provides original, audio-optional TV channels. Every type of business and mood has a channel. In a world where linear cable TV tailored for at-home viewing predominates, Atmosphere’s TV channels fill the hole for companies.

Atmosphere was founded in 2018 by Alen Durbuzovic, Michael Grisko, John Resig, Leo Resig (CEO), and Eric Spielman. As of 2022, Atmosphere’s valuation is estimated to be in the range of $320 to 480 million.

31. Astera Labs

Astera Labs is a California-based startup that provides solutions to tackle bandwidth, capacity, and performance bottlenecks in data-centric systems. The company designs its chips on the cloud, speeding up that process, and has them fabricated by TSMC.

Asteras Labs was funded in 2017 by Sanjay Gajendra, Jitendra Mohan (CEO), and Casey Morrison. As of the end of 2022, the startup was valued at 3.15 billion. One of its largest clients is Amazon’s AWS.

32. 0x Labs

Cryptocurrency by Pierre Borthiry – Peiobty on Unsplash

0x Labs is a startup that allows developers and businesses to create new markets for their tokens on major blockchains, including Ethereum, Avalanche, and others.

The company also has a decentralized exchange (DEX) aggregator Matcha. This is an exchange search engine that allows traders to optimize costs by showing the best available prices.

Ox labs were founded in 2016 by Amir Bandeali (co-CEO), and Will Warren (co-CEO). The firm has a valuation of $1.1 billion as of April 2022.

33. Stripe

Stripe is a fintech startup that uses a suite of APIs to power online payments and e-commerce solutions. Founded in 2012, Stripe has headquarters in London and Dublin.

Its founders are Patrick Collison (CEO), and John Collison. In 2022, it lowered its valuation from $95 billion in 2021 to $72.

34. Tempus

Healthcare technology by National Cancer Institute on Unsplash

Tempus is a biotech startup advancing precision medicine through the practical application of artificial intelligence in healthcare. It mostly focuses its efforts on the development of molecules.

Founded in 2015, Tempus has its headquarters in Chicago. Its valuation as of October 2022 was $8.1 billion. Tempus is a fast-growing company due to its ability to leverage AI in drug discovery and genomic sequencing.

35. Lyra Health

Lyra Health is a company in the teletherapy industry. It helps companies to provide effective and high-quality mental health care to their employees.

Members can access a hand-picked network of elite therapists and coaches through Lyra’s revolutionary digital platform and matching technology.

Founded in 2015, Lyra Health has worked with several companies including Palantir, Zoom, and Amgen. It has its headquarters in California and has a valuation of $5.58 billion.

36. Faire

Fair is a startup that provides an online wholesale marketplace. The company uses a data-driven approach to connect over 400,000 independent retailers with the best brands and artisans.

It was founded in 2016 by Max Rhodes (CEO) and has its headquarters in San Francisco. As of the end of 2021, the company was valued at $12.4 billion.

37. Instacart

A delivery guy by Rowan Freeman on Unsplash

Instacart is a supermarket/grocery delivery business that uses human shoppers to buy for you and then brings the products home. It collaborates with a number of significant grocery store chains and provides same-day delivery in numerous cities.

The company was founded in 2012 by Apoorva Mehta, Max Mullen, and Brandon Leonardo. This San Francisco-based organization has a valuation of $24 billion, a value which was reduced from $39 billion in 2021.

38. Arctic Wolf

An actual Arctic Wolf by Dušan veverkolog on Unsplash

Cool name, I know! Artic Wolf is a technology startup that offers cybersecurity protection to organizations. The company provides security monitoring to detect and respond to cyber threats.

Founded in 2012, the Minnesota-based organization was founded by Brian NeSmith, Kim Tremblay, Sam McLane, and Matthew Thurston. It has a valuation of $4.3 billion as of October 2022.

39. Lalamove

A delivery person on a bike by Henrique Hanemann on Unsplash

Lalamove is a company that provides its customers with a platform for courier services and same-day delivery. This service is accessible via their official apps and website.

Shing Chow Shing-yuk established the business in Hong Kong in December 2013. 2014 saw the company change its name from Easyvan to Lalamove. The company has over 10 million customers and as f 2022 its valuation is over $10 billion.

40. Clockify

Timer by Marcelo Leal on Unsplash

Yes, as the name suggests, Clockify company that provides time-tracking software. This software is used by individuals and organizations to track work hours across projects. The platform/service/tool is free and is used effectively by several industry leaders such as Disney, Sony, Amazon, and more.

The Palo Alto (California) startup was established in 2017 by Nenad Milanovic. In 2022, it had a revenue of $2.3 million.

41. Manscaped

Man Grooming by Renee Olmsted from Pixabay

There is a high chance you have already interacted with one of their edgy ads. Manscaped is a California-based startup focused on men’s grooming. The startup develops new and cool gadgets to be used by men for personal grooming.

The company was founded in 2016 by Paul Tran. The company had a difficult market after and during the pandemic but was valued at $1 billion as of the start of 2022.

42. Deeper

Deeper is a Lithuanian company that has taken over the fishing technology market. The company develops revolutionary smart devices for outdoor activities more so fishing.

Fishermen now have a new opportunity to land the big ones because of the availability of sleek sonars combined with an app that provides real-time information about what’s occurring in the water. All this is thanks to Deeper’s technological advancements. Deeper was founded in 2012 by Russell Liu (CEO). The company has grown by over 1200% since its establishment.

43. ShareChat

ShareChat is an Indian social media platform from India. It was founded by Ankush Sachdeva, Bhanu Pratap Singh, and Farid Ahsan in 2015 and is owned by Mohalla Tech Pvt Ltd.

The platform supports 15 languages spoken in India and has amassed over 350 million users since its establishment. ShareChat has a valuation of $5 billion.

44. Adalo

Android by Denny Müller on Unsplash

Adalo is a computer software startup. It specializes in android software development by providing a platform for no-code app development. Without writing a single line of code, app developers may construct their ideal application using Adalo’s simple drag-and-drop interface.

Adalo was founded in 2018 by Ben Haefele, David Adkin, and Jeremy Blalock. It has its headquarters in Missouri and is valued at $32 to $48 million as of early 2022.

45. Elegoo

A 3D printer by NEW DATA SERVICES on Unsplash

Elegoo is a Chinese company dealing in electronics. The business, an official manufacturer, offers robots, 3D printers, and other equipment at reasonable prices to STEM students throughout the world. They gain a foundational understanding of software and hardware setups thanks to this. It was founded in 2015 by Chris Hong in China’s Silicon Valley.

46. OnlyFans

OnlyFans is a company that provides a platform for subscription-based internet content. Based in London, the company’s platform is used mostly by sex workers and celebrities who produce and auction pornography. However, the platform is also used by other content creators such as physical fitness experts, actors, and musicians.

It was founded in 2016 by Tim Stokely and his brother Thomas. Around 1,000 people were employed by OnlyFans as of June 2022, with support and content control as their primary responsibilities. The company surpassed the $1 billion valuation in 2021.

47. AnyFans

AnyFans is a social platform that provides themed hangout rooms. Content creators can build engaging communities for their followers to interact. Unlike OlyFans, this platform’s focus is to provide a “safe, positive social media experience. Founded in 2021, the Arizona-based startup is growing quickly and has a valuation of $3 million.

48. SightGain

SightGain is a cybersecurity startup based in Maryland. The company provides software that allows organizations to assess cyber risk and improve security performance. To do this, real-world attack simulations are used to gauge how well-prepared the existing cybersecurity infrastructure is. SightGain was founded in 2016 by Christian Sorensen.

49. Moonpay

Cryptocurrency by Pete Linforth from Pixabay

MoonPay is a cryptocurrency startup that presents users with a simple and fast way to buy and sell cryptocurrencies. The goal of MoonPay is to promote the use of cryptocurrencies and to develop safe software that would make it possible for individuals all around the world to take part in the digital revolution.

It is based in Miami and was founded in 2019 by CEO Ivan Soto-Wright and Chief Engineer Victor Faramond. The company has a 3.4 billion violation.

50. DeepL Translator

German AI company DeepL Translator aims to use AI to break down language barriers. Its neural networks (NN) can recognize subtleties and translate them accurately. Since its debut, the company has been working on creating a brand-new generation of NN with a cutting-edge design.

DeepL was founded in 2009 by its CEO Gereon Frahling. The company is valued at $1 billion at the moment.

51. Halborn

Halborn is a cybersecurity firm founded in 2019. It develops security products and offers end-to-end cybersecurity advice services.

Both clients using traditional finance and those using blockchain are served by the cybersecurity firm. The company was founded by ethical hacker Steven Walbroehl and growth hacker Rob Behnke.

52. Serve Robotics

A robot, the Mars Rover by WikiImages from Pixabay

Serve Robotics is a company that designs, develops, and operates zero-emission robots that deliver food and supplies. The company was founded in 2017 as a robotics division of Postmates but later spun off as an independent entity in 2021. The company has a valuation of $52 to $78 million.

53. Confluera

Confluera is a cybersecurity startup offering cloud cybersecurity detection and response. The company offers real-time sequencing of various attacks/risks that are rampant in modern computing as well as their solutions. It was founded in 2018 by Abhijit Ghosh, Bipul Sinha, and Niloy Mukherjee and is based in San Francisco.

54. QuEra Computing

QuEra Computing is a neutral-atoms-based quantum computing startup. The startup harnesses the laws of quantum mechanics to solve problems too complex for classical computers.

The goal of the company is to create the “most scalable” quantum computers in the market to solve issues for practical applications in optimization, simulation, materials science, medicine, and other fields. It was founded in 2019 by Mikhail Lukin, Markus Grenier, Vladan Vuletic, Dirk Englund and Nathan Gemelke.

55. So Syncd

So Syncd is a social platform created specifically for online dating. While most similar apps provide matches through swiping, So Syncd has a twist.

So Syncd’s app matches people based on their Myers-Briggs Personality Type, which is derived from a five-minute test. The company has an algorithm (patented) that matches individuals who might hit it off.

The company was founded by Jessica Alderson and Louella Alderson in 2019. It has a valuation of over €1.1 billion.

The tech industry is expansive and this list while long only manages to scratch the surface. There are many other startups that are growing quickly in the industry despite not being on this list. Important to note also the volatility of the industry. While these startups might look like success stories at the moment, their future is not guaranteed.

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