New Kids on the Block: London-based startups founded in 2024 that raised €1M or more in their debut year

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London’s startup ecosystem is one of the most vibrant and successful in the world. According to the Global Startup Ecosystem Report 2024, the city is the leading startup hub in Europe and ranks #2 globally (tied with New York City).

Janet Coyle, CBE, MD of Grow London at London & Partners, says, “We’re proud to see London ranked as the #2 ecosystem globally – a testament to our excellent business credentials, exciting investment landscape, and talented people. London is attractive and resilient and the results prove it once more!”

London is a popular destination for startups due to several advantages. These include access to top talent, investment, and community support, as well as easy connections to affluent consumers and major corporations.

The city also offers networking opportunities with leaders and investors, has business-friendly regulations, and benefits from a strong economy with diverse industries. Additionally, the business registration process in the UK is quick and easy. Therefore, several young startups have set up shop in the city, and many of them have already raised big funding rounds. 

Today, we’re spotlighting the London-based startups launched in 2024 that have raised over €1M in funding. 

Check them out below!

Tessl

Tessl is a software development platform specialising in AI Native Development, a method that integrates artificial intelligence into the core of the development process. Targeting tech companies and developers, Tessl offers a subscription-based service with tools and resources for creating AI-driven software solutions. 

The company secured $125M in funding led by Index Ventures with participation from Accel, and GV. (Read more).

Hash AI

Hash AI is a crypto mining company leveraging artificial intelligence to optimise mining efficiency and profitability. Its AI-powered algorithms analyse market conditions in real-time, automatically adjusting mining rigs to focus on the most profitable coins. 

The company provides a comprehensive suite of services, including mining rig supplies, rig hosting, GPU sales, and a facility with over 500 high-performance GPUs. Hash AI aims to deliver a secure, efficient, and data-driven mining experience.

In July, the company raised $10M in funding led by Bolt’s Capital.

Sophon

Sophon is an on-chain entertainment platform aiming to drive mass adoption of blockchain technology through engaging and accessible experiences. By focusing on universally appealing sectors, Sophon bridges the gap between crypto-native users and mainstream audiences. 

The platform offers features such as secure ownership, verifiable scarcity, universal verifiability, and digital asset transfers, leveraging the ZKsync stack and innovative game design. Sophon prioritises immersive experiences to introduce blockchain benefits without the complexity.

According to Dealroom, in March, Sophon raised $10M led by Paper Ventures and Maven11. The funding round also attracted contributions from firms such as Spartan, SevenX, OKX Ventures and Huobi Ventures.

Vlayer

Vlayer is a decentralised data infrastructure platform designed to bridge the gap between blockchain and real-world systems. Founded by experienced tech entrepreneurs, Hubert Rachwalski von Rejchwald and Marek Kirejczyk, the platform draws on their expertise in AI-powered fraud prevention, developer tools, and decentralised solutions. 

Hubert’s experience scaling Nethone highlighted the limitations of centralised systems, inspiring a focus on decentralised alternatives. Marek, a creator of popular blockchain frameworks like useDapp and Waffle, brings extensive knowledge of developer tools and team building. 

Vlayer empowers developers with tools for seamless, verifiable integration between on-chain and off-chain systems, enabling real-world applications.

In November, the company raised $10M to make smart contracts useful for billions.

Neuphonic

Neuphonic is addressing the limitations of traditional Conversational AI by offering a text-to-speech algorithm (patent-pending) that enables real-time speech generation with ultra-low latency of 25 milliseconds, making it the fastest in the world. 

The technology allows for more natural, human-like communication and is compatible with any Large Language Model, regardless of language. Neuphonic’s API is currently available through an exclusive closed beta programme for businesses looking to integrate human-like speech into their products.

In October, Neuphonic raised £3M (€3.58M) in its pre-seed round of funding. The investment was led by Moonfire VC, with participation from Tiny VC, Salica Oryx Fund, and Cur8 Capital.

Human Native AI

Human Native AI is creating a marketplace for AI data that benefits both creators and developers. The company believes creators should be fairly paid for their work, while AI developers need access to high-quality data. 

Human Native AI’s goal is to make it easy for developers to get licensed, ready-to-use data responsibly, helping AI progress and grow.

In June, the company secured £2.8M in a Seed round of funding led by LocalGlobe and Mercuri.

Volter

Volter creates an operating system for commercial solar projects, helping real estate owners and solar installers manage rooftop solar systems profitably. The platform simplifies billing, monitoring, reporting, and customer engagement, enabling users to boost revenue and achieve sustainability goals. 

In November, the company raised $3M led by Transition, with participation from Seedcamp and Neptunia Invest.

Jylo

Jylo.ai provides AI solutions designed to ensure auditability, transparency, and compliance in organisational AI usage. The platform enables businesses to manage ROI with detailed reporting on AI usage and costs while maintaining strict security and privacy standards. 

According to Dealroom, the company raised $3M in seed funding in June 2024.

Rabbitt AI

Rabbitt AI is a generative AI platform enabling businesses to develop and deploy advanced AI applications. It specialises in core generative AI capabilities, custom large language model (LLM) development, retrieval-augmented generation (RAG) fine-tuning, data-centric AI, MLOps integration, and voice bot AI agents. 

With a privacy-first approach, Rabbitt AI also offers data annotation and curation services across sectors such as healthcare, education, marketing, and customer relationship management, driving innovation and enhancing AI performance.

In June, the company raised $2.1M in seed funding. The round included participation from TC Group and various angel investors from NVIDIA, Meta, and Microsoft.

Synthera AI

Synthera is a financial forecasting platform utilising generative AI to overcome limitations in traditional methods like Monte Carlo simulations. By generating synthetic market data, Synthera helps investment teams forecast risks, including rare tail events, identify non-linear correlations for improved diversification, and stress-test portfolios with custom forward-looking scenarios. 

The platform’s AI-driven models simulate realistic market conditions across various financial factors, such as yield curves, equities, and foreign exchange, offering enhanced insights for portfolio optimisation and risk management.

In December, Synthera raised $1.86M (€1.77M) in a pre-seed funding round led by Motive Ventures. The round also saw participation from Entrepreneur First, Transpose Platform, KDX (led by Stanford Professor Ashby Monk), BuenTrip Ventures, Robin Capital, and Angel Invest.

Covecta

Covecta offers a configurable AI platform designed to streamline and enhance financial processes for institutions, enabling faster access to data insights and more efficient decision-making. The platform automates tasks such as content creation and summarisation, including generating fund reviews, credit memos, and investment proposals, guided by an AI-driven relationship manager. 

Covecta’s solution improves productivity by automating manual tasks, allowing financial professionals to focus on strategic activities. Its flexibility and customizability make it adaptable to various financial sectors and regulatory environments, providing tailored solutions that maintain compliance and meet specific product and customer needs.
In November, the company raised £1M in pre-seed funding. (Read more).

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Vishal Singh

Vishal Singh is a News Reporter and Social Media Marketing Lead at Silicon Canals. He covers developments in the European startup ecosystem and oversees the publication's social media presence. Before joining Silicon Canals, Vishal gained experience at the Indian digital media outlet Inc42, contributing to its growth with insightful content. Despite being a college dropout, his passion for writing has driven his career in journalism.

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