The venture-funded business landscape is rife with far more failures than, well, literally anything else. Those few companies that survive—regardless of the industry—often possess an alchemical mixture of talent, drive, and no small dose of luck that foster the rarest of climates: durable innovation. Here are four businesses that not only have lasted, but they are still delivering boundary-pushing products with as much gusto as ever.
AiDash
For using AI to make power lines safer
At 5 years old, the youngest winner in this category, AiDash aims to build a more reliable, efficient power grid for its customers in critical infrastructure industries like construction, transportation, gas, electric, and wastewater. Its AI-powered platform remotely monitors power lines via satellite imagery on behalf of its customers, allowing for faster response times to potential hazards. In 2023, the company raised $58.5 million in Series C funding, bringing total funding to $101.5 million.
Fulcrum GT
For giving in-house legal teams a new administrative toolkit
This Chicago-based legal-tech company is redefining the tools that law firms have at their disposal to complete administrative responsibilities like risk assessment, compliance, time management, billing, and expenses. Fulcrum made a significant breakthrough in modernizing the legal supply chain with RapidX, released in August 2023, which offered a similar set of tools to in-house legal teams. Now a firm can, for example, identify the most appropriate outside counsel based on a range of adjustable parameters, or invite several outside firms to bid on an assignment.
Hydrostor
For converting surplus energy from the grid into compressed air
Few doubt that solar and wind are the future of clean energy, but one problem persists: reliability at scale. You can’t control the weather, as they say, and the need for long-term energy storage and the consistency it provides is immense. Enter Toronto-based startup Hydrostor, which has developed a means of converting surplus energy from the grid into compressed air that’s stored underground and keeps for up to 50 years, awaiting future reconversion and use—not unlike a giant, buried battery.
WSC Sports
For using AI to boost sports fans’ engagement
When this pioneer in AI-powered sports content technology launched in 2011, scouts were its primary demographic. As social media grew to become a primary means of engagement for many fans, the company pivoted to generating AI-tailored sports clips meant for general consumption. Today, WSC Sports partners with the NBA, ESPN, YouTube, Snap, and hundreds of other organizations across 40 sports, helping them to expand their reach and grow their fan bases. In 2024, to coincide with its next phase of growth, which will focus on deepening user engagement, WSC launched three new products that it hopes will ensure its competitive edge for a long time to come.
The companies behind these technologies are among the honorees in Fast Company’s Next Big Things in Tech awards for 2024. See a full list of all the winners across all categories and read more about the methodology behind the selection process.
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