10 AI And SaaS Scale-Ups That Raised Funds In Q2 2024

Each year, the scale-up landscape evolves at a breakneck pace – with innovation pushing emerging and fast-growing ventures to the forefront of their respective industries. 2024 has been no exception, and Q2 has been particularly successful.

In the year that’s been dubbed the ‘AI revolution’, numerous AI and SaaS brands have been accelerating their growth and expanding their influence, attracting substantial funding in the process. In this round-up, we’ll talk you through the biggest players – exploring the market’s confidence in these new technologies and the transformative potential they hold.

CuspAI

Cambridge-based CuspAI is setting a new standard in sustainability and clean energy with its state-of-the-art platform for next-generation materials. In an exciting leap forward, the company secured $30 million in seed funding this June led by Hoxton Ventures. At the helm of this venture are co-founders Max Welling, a visionary AI professor, and Alyn Chad Edwards, an experienced chemist with deep tech commercialisation experience at Google and BASF. “Godfather of AI” Geoffrey Hinton joins the board as an advisor, while CuspAI’s recent partnership with Meta is set to accelerate the discovery of new materials to combat climate change.

Definely

Definely, a breakthrough legal venture, was co-founded by two former Magic Circle lawyers – one of whom is registered blind. Backed by tech giants Microsoft and Google, this company is transforming the way lawyers read, edit, and understand legal documents. With a mission to streamline legal processes, Definely is already working alongside major law firms across Europe, North America, Africa, Australia, and Asia. Its impressive growth trajectory was recently underscored by a $7 million Series A funding round led by Octopus Ventures, cementing its position as a leader in the legaltech space.

Jigsaw

Founded in 2019, Jigsaw is envisioning a new future for the corporate landscape with its leading data and AI-driven solutions. The software changes the way businesses visualise, design, and manage their corporate structures – with the ability to create diagrams at 40 times the speed of traditional tools like PowerPoint. Founders Stephen Scanlan and Travis Leon are no strangers to success, having already co-founded, scaled, and sold proofreading company XRef in 2016. Jigsaw’s goal is to establish a visual-first system of record, and with an impressive $15 million Series A funding round led by EXOR Ventures, it might just be on its way.

Luminance

Next up, we’re shining the spotlight on Luminance, a revolutionary software company operating out of Cambridge and London. Spearheaded by CEO Eleanor Lightbody, Luminance has developed technology to negotiate, create, and manage legal contracts. The legaltech is trusted by 600 organisations throughout 70 countries and has made history as the first AI ever used at London’s highest criminal court, the Old Bailey – successfully slashing evidence review time by an astounding four weeks. Luminance’s remarkable growth trajectory was accelerated in April when it secured a staggering $40 million in a Series B funding round. This fresh capital will fuel its US expansion – where it already garners over a third of its revenue.

Nivoda

Alternative diamond and gemstone marketplace Nivoda is driving a new vision for the jewellery industry with its natural and lab-grown diamond solutions that boost profits, streamline operations, and drive rapid growth. Fresh off a stellar $30 million Series B funding round in May, Nivoda is poised to catapult its expansion plans into high gear. Its goals include enhancing customer acquisition, broadening market presence, and scaling globally – with aims to double its team within the year.

PolyAI

A University of Cambridge spinout, PolyAI has been transforming the landscape of customer service since its inception in 2017. It delivers seamless, human-like interactions that elevate the customer experience through AI-generated voice technology for call centres. Trusted by industry giants like FedEx and Marriott, PolyAI has rapidly expanded its reach and now serves nearly 100 enterprise clients globally. This May, the scale-up made headlines following its $50 million Series C funding round – which boosted its total capital raised to an incredible $120 million and simultaneously brought its valuation close to $500 million.

Sona

This next one has us feeling like a proud parent. Capsule client Sona is reimagining the possibilities of workforce management for frontline employees across sectors like care homes, restaurants, and hotels. The dynamic platform recently attracted significant attention after raising $27.5 million in its Series A. With this influx of capital, Sona is set to enhance its advanced AI capabilities and fast-track its ambitious international expansion – with a particular focus on the US market.

StabilityAI

Another standout Capsule client, Stability AI is a true trailblazer in the AI revolution. Its flagship model, Stable Diffusion, has 150 million downloads (and counting!) – making it a cornerstone in the world of AI-generated imagery. This June, the company raised $80 million in its first investment round. Alongside this financial boost, Stability AI welcomed Prem Akkaraju, the visionary former CEO of visual effects company Weta Digital, as its new CEO. Adding to the excitement, renowned entrepreneur and former President of Facebook Sean Parker has joined the Stability AI board as executive chairman.

Wayve

Wayve began heralding the dawn of autonomous driving back in 2017, introducing the first end-to-end deep learning autonomous driving system tested on public roads. Seven years on, it has advanced to develop foundational models for autonomy. Akin to a “GPT for driving”, these models are designed to enable any vehicle to perceive, reason, and navigate through diverse environments with ease. In a landmark achievement this May, Wayve completed a record-breaking $1 billion Series C investment from tech giants SoftBank, NVIDIA, and Microsoft. The largest-ever venture investment for a European AI firm, this unprecedented funding will power the launch of its innovative AI products.

Zen Educate

Another member of the Capsule community, Zen Educate is writing the next chapter of education with its premier platform designed to directly connect schools with teachers and teaching assistants. By streamlining the hiring process, Zen Educate not only boosts teachers’ earnings but also delivers significant cost savings to schools. Recently, the company soared to new heights with a remarkable $37 million Series B funding round destined to fuel its ambitious expansion across the US and UK. Zen Educate has also expanded its reach through the acquisition of Aquinas Education, a leading teacher staffing agency, in addition to welcoming former football star and TV presenter Jermaine Jenas as an official brand ambassador.

Ready to scale confidently?

As you can see, it’s a great time for AI and SaaS brands to make their mark – with plenty of VCs on the lookout for intriguing opportunities to enrich their portfolios. But it’s also important to remember that the intersection of innovation and risk is often where the most exciting opportunities lie.

At Capsule, our unique expertise enables you to focus on expanding your horizons while we manage the complexities of risk. Whether you’re scaling rapidly or venturing into new markets, count on us to build an insurance programme that facilitates your every move.