Six tech startups to watch for in 2023
With over 305 million start-ups being created every year globally, it is a big challenge to stand out from the crowd. Only companies with cutting-edge concepts and crystal-clear marketing strategies have a chance to survive the first year, let alone make a profit.
We’ve scoured the startup scene to find out which burgeoning businesses have made big waves in 2022 – and whose growth shows no signs of slowing down. From state-of-the-art clean energy solutions to cutting-edge podcasting platforms, here are six tech startups to keep an eye on in 2023 and beyond.
With a proactive approach to dealing with the climate crisis, Reverion is a Munich-based startup that is gaining momentum at a rapid pace. As the clean energy market grows exponentially, Rerverion aims to solve some major challenges plaguing the sector by rethinking the way biogas is extracted.
After researching the field for seven years, the brains behind the company have figured out a way to optimize the efficiency of the process by using fuel cells. According to Reverion CEO Stephan Herrmann, this new strategy is capable of improving the efficiency of biogas extraction from 60% to 80%, far from the 0.2% jump in efficiency that occurs annually.
And in addition to streamlining biofuel production, Reversion is also developing ways to improve energy storage for when supply exceeds demand, taking a multi-pronged approach to sustainable power generation.
The Bavarian start-up has already secured itself €7 million in June this year and has landed a place on Tech Crunch’s Top 20 Startup Battlefield. With Reverion currently piloting 10 modular power plant units – enough capacity to power 100 households each – needless to say, we’re eagerly following the company’s next step.
Another startup dedicated to changing the world for the better is Valar labs. The Palo Alto-based company uses emerging artificial intelligence (AI) technology to tackle pressing questions in cancer treatment.
Founded in 2021 by researchers from Harvard and Stanford, the company has invested in clinical-grade deep learning to unlock the potential of imaging data, helping oncologists make much more informed decisions about their patients.
By using cutting-edge technology to solve one of the world’s most long-standing problems, Valar Labs has the potential to advance cancer treatment by leaps and bounds. In a medical field where current tools do not go far enough to reduce uncertainty, this breakthrough is quite large.
In April, the startup raised a staggering $4 million in a seed funding round. The company’s founders, Damir Vrabac, Anirudh Joshi and Viswesh Krishna, intend to use these funds to expand their operations and development efforts, so we expect big things from the biotech company going forward.
Also founded in 2021, Wander is a short-term rental startup that works similarly to apps like Airbnb and Vrbo. Unlike its competitors, Wander owns every property it lists and explicitly caters to digital nomads — a growing population of workers who can work anywhere with a stable internet connection.
Tapping into the US market of 16.9 million strong digital nomads (up nearly 10 million from 2019) has proven to be a smart move for the Austin-based company. The startup accumulated 30,000 users on its waiting list in less than a year, as well as over 2,000 founding members, each of whom agreed to pledge $100 during the company’s beta phase.
“We want to create the infrastructure to experience the world. With the pandemic, you understand [digital nomads] is your banker, your lawyer. Everyone is, really.” – Wander CEO John Andrew Entwhistle
However, Wander’s peak came in 2022. In October, the company launched Altas, an initiative that gives Wander customers the opportunity to invest in the homes they order. The startup expects this scheme to double the number of rental cars available by 2023, and with Credit Suisse just pledging to invest $100 million in the company, it looks like Wander’s dream could soon become a reality.
While the e-commerce industry has cooled slightly since the pandemic, it’s still estimated to be worth $905 billion in the US alone, and companies like Skio are riding this wave.
Founded in 2021, Skio is a software startup that makes it easier for brands to Shopify to sell subscriptions. Bridging the gap between fintech and infrastructure, the New York-based startup helps brands achieve this in various ways, from scheduling payments to managing consumer processes.
By using modern solutions such as password-free logins and one-click checkout to provide a seamless experience to its customers, Skio has been able to grow much faster than similar services. And in addition to attracting high-profile clients like Bev, Kave Beauty and Muddy Bites, the company boasts an impressive near-zero churn rate — and investors are taking notice.
Throughout its short life, Skio has already been able to attract a total of $7.4 million in funding through investors such as Combinator and Adjacent. And as the company continues to cash in on disgruntled ReCharge customers — its software rival — we think we’ll start hearing the name even more in 2023.
NFTs and other types of blockchains are quickly entering the mainstream, but financial and crypto literacy gaps still create barriers to entry for average Joes looking to invest. Phantom aims to solve this problem by providing people with an easy-to-use digital wallet for storing and managing NFTs.
Founded in 2021 in Silicon Valley, the startup originally ran on the Solana blockchain platform to host its activities. However, the software recently expanded support for Ethereum and Polygon to bring communities together from across the web3 space and to further expand user access.
And its supported assets aren’t the only thing expanding. In just six months after its launch, the app welcomed 2 million active users, and the current user base is estimated to be in excess of 3 million. However, this is just a drop in the ocean for Phantom’s co-founder and CEO, who sees the platform helping anywhere from 10 to 50 billion users in the near future.
While these numbers may sound unrealistic to some, the Phantom’s upward trajectory is undeniable. The crypto company has already achieved unicorn status this year, securing $109 million in Series B funding to support its transition to Ethereum and Polygon. Needless to say, we expect to see a lot more of this app in 2023.
The podcasting and multimedia market is notoriously difficult to break into. Callin looks to break that mold, a podcasting app that allows users to create and enjoy live audio content from one streamlined platform.
Launched in 2021, the new silicon valley startup looks to combine the best aspects of social audio with a brand new concept called “social podcasting”. According to David Sacks, the startup’s founder, this idea combines the best aspects of social audio, such as live conversations and social discoverability, with podcasting, creating an industry first.
Right off the ball, Callin was able to raise $12 million in funding from investors including LAUNCH and Goldcrest Capital. It currently boasts over 10,000 downloads on the Play Store alone, and as the podcasting industry continues to boom – with ad revenue following suit – 2023 is set to be a very good year for the disruptive platform.