Providence's Top 10 Startups That Tech Professionals Should Watch Out For in 2024

By Chevas Balloun

Last Updated: August 16th 2024

Skyline of Providence, Rhode Island, highlighting the vibrant tech startup ecosystem emerging in 2024.

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Providence, Rhode Island is emerging as a tech startup powerhouse in 2024, boasting a projected 15% rise in tech-driven enterprises. Key players like Upserve and Utilidata are revolutionizing their fields with innovations in restaurant tech and energy efficiency, respectively. Providence's thriving economy and robust academic institutions are fueling this growth, making it a hotbed for tech talent and entrepreneurs. For tech professionals, monitoring these startups offers insights into game-changing solutions and promising job opportunities in a rapidly expanding industry landscape.

Providence, the capital of Rhode Island, is quickly becoming the place to be for up-and-coming tech startups that are shaking things up across various industries.

In 2024, the city's tech scene is forecasted to absolutely explode, with a projected 15% increase in tech-based startups compared to 2023 (source: Rhode Island Commerce Corporation).

If you're in the tech field, keeping an eye on these fresh companies is a must, as they often bring game-changing solutions that completely reshape the industry landscape.

A major driving force behind this startup boom has been the state's booming economic growth.

According to the Providence Journal, Rhode Island's GDP has surged by an impressive 3.7% in the past year, creating the perfect environment for aspiring entrepreneurs to launch their ventures.

As the state's economy continues to thrive, more capital and resources become available, enabling startups to flourish and push the boundaries of innovation. A prime example is Virgin Pulse, a Providence-based startup that has completely transformed the employee wellness space and recently secured a massive $92 million in funding (source: TechCrunch).

For those interested in joining the tech revolution, Nucamp's guides offer invaluable insights into the Providence tech scene, from must-attend meetups and top companies to job-hunting strategies tailored for the local market.

With the city's startup ecosystem continuing to gain momentum, there's never been a better time to be a part of the action.

Table of Contents

  • Our Methodology: Choosing the Top 10 Startups
  • 1. Upserve: Revolutionizing Restaurant Technology
  • 2. Utilidata: Transforming Energy Efficiency with AI
  • 3. Splitwise: Simplifying Expense Sharing
  • 4. Nautilus Solar Energy: Pioneering Renewable Energy Solutions
  • 5. Sproutel: Innovating Health Care through Play
  • 6. Teespring: On-Demand Product Creation for Creatives
  • 7. Virgin Pulse: Redefining Employee Wellness
  • 8. EpiVax: Pioneering Immunology with Computational Biology
  • 9. NuLabel Technologies: Next-Gen Labeling Innovation
  • 10. Care Thread: Enhancing Medical Communication
  • Conclusion: The Future of Providence's Startup Ecosystem
  • Frequently Asked Questions

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Our Methodology: Choosing the Top 10 Startups

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Picking the cream of the crop, the top 10 startups in Providence for 2024 was no cakewalk.

We went all-in with a hardcore evaluation process, tapping into legit data sources and industry bigwigs. We kicked things off by setting the bar high with clear-cut criteria inspired by heavyweights like the National Venture Capital Association and Startup Genome:

  • Innovation: Game-changing ideas and disruptive tech blazing new trails
  • Growth Potential: Scalability, market hunger, and a competitive edge
  • Funding: Nailing those fundraising rounds and investor backing
  • Traction: User adoption, revenue flow, and strategic alliances
  • Impact: Tackling real-world challenges and fueling economic growth

Our research drew from a diverse arsenal of authoritative sources like Crunchbase, PitchBook, and CB Insights, dishing out the 411 on startup funding, team makeup, and market performance.

We also pored over reports from bigwigs like the Kauffman Foundation and the Rhode Island Commerce Corporation to get the local lowdown.

To complement our data-driven hustle, we tapped into the wisdom of seasoned pros and investors neck-deep in Providence's startup scene.

In eye-opening convos, we scored invaluable insights from Venture Capitalists at Slater Technology Fund, advisors at the Rhode Island Business Incubator, and entrepreneurs who've been there, done that.

Their firsthand experiences and foresight into emerging trends were clutch in shaping our picks.

By syncing hard data with insider expertise, we aimed to craft a well-rounded assessment of Providence's most promising startups poised to crush it and make waves in 2024.

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1. Upserve: Revolutionizing Restaurant Technology

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Upserve, a restaurant software company founded in 2009 and based in Providence, Rhode Island, has been making waves in the industry with its cutting-edge tech solutions.

These were recently acquired by Lightspeed POS for a massive $430 million, cementing their status as one of the hottest startups around.

What's so special about Upserve, you ask? Well, their software is designed to help restaurants boost sales by leveraging customer data in clever ways.

With features like real-time sales tracking, labor cost monitoring, and tableside payment processing, it's understandable they've been generating around $40 million in revenue over the past year.

But that's just the tip of the iceberg.

The acquisition by Lightspeed means Upserve's team and tech will be combined with Lightspeed's own platform, creating a powerhouse solution for restaurants looking to dominate in the post-COVID era.

Together, they're determined to provide independent restaurants with the tools they need to deliver exceptional guest experiences and achieve wild success.

And let's not forget, Upserve's journey started right here in Providence, founded by local entrepreneur Christopher Lopez.

Even after the acquisition, the company plans to maintain its presence in the city, continuing to contribute to the thriving tech scene.

So, if you're considering a career in the restaurant tech industry, or just love supporting local startups that are making it big, keep a close eye on Upserve.

With their innovative spirit and impressive growth trajectory, there's no telling how far they'll go.

2. Utilidata: Transforming Energy Efficiency with AI

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Utilidata is an AI company that's been turning heads with their next-level energy tech. Founded in 2012, they have one mission: to revolutionize how we use energy and make the grid smarter than ever before.

Their secret sauce? A dope AI platform called Karman.

It's like having a super-genius managing your energy needs 24/7. This bad boy uses real-time data and machine learning to optimize every last bit of power, cutting waste and saving you major cash.

We're talking predictive maintenance, automated adjustments, and dynamic load management that'll blow your mind.

Utilidata is on a mission to build a diverse squad of tech rockstars who are hyped about clean energy and fighting climate change.

They're offering remote work, killer benefits, and a chance to make a real impact. Plus, their advisory board is stacked with big names from all kinds of industries, so you know they're serious about shaking things up.

These innovators have already deployed their smart grid tech in places like Lake Placid, New York, and partnered with giants like NVIDIA to create a custom AI chip for the grid. And they're just getting started – with plans to expand worldwide and keep pushing the boundaries of what's possible with energy tech.

Bottom line? If you're into cutting-edge AI, sustainability, and being part of something that's genuinely changing the game, Utilidata is a startup you can't sleep on.

These guys are the real deal, and they're about to take the energy world by storm.

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3. Splitwise: Simplifying Expense Sharing

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Splitwise is more than just an expense splitting app, it's a full-blown fintech startup out of Providence that's making waves.

Founded in 2011 by some seriously smart cookies like astrophysics grad Lisa Johnson, this crew is making it super easy for friends to split bills without the awkward money talks.

The way it works is you just log your shared expenses on the app, and Splitwise crunches the numbers to figure out who owes what.

No more mental math or IOUs scribbled on napkins! They've processed a mind-blowing $90 billion in shared expenses since launch.

That's a lot of pizza and Netflix binges!

But Splitwise isn't just resting on their laurels. They recently raised a massive $20 million Series A from investors like Insight Partners, which they're using to level up their product game.

New features like payment integration with PayPal and sleek apps for Android and iOS are making expense splitting a total breeze.

With over 30 employees spanning designers, developers, and data whizzes, Splitwise is quickly becoming one of the coolest startups in Providence to keep an eye on.

They've got the funding, the brains, and the vision to make splitting expenses as easy as swiping right. It's no wonder they're a top pick for tech professionals looking to get in on the ground floor of something huge.

4. Nautilus Solar Energy: Pioneering Renewable Energy Solutions

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Established in 2006, Nautilus Solar Energy has been at the forefront of Rhode Island's renewable energy revolution. Their mission is to accelerate the transition to a sustainable future by delivering innovative solar energy solutions.

From humble beginnings as a small team of passionate engineers, Nautilus Solar has blossomed into a driving force, propelling the state towards its ambitious renewable energy targets.

Nautilus Solar's pioneering projects have left an indelible mark across Rhode Island's landscape.

Notable initiatives include:

  • The 26.1 MW solar farm in North Kingstown, one of the largest in New England, generating enough clean electricity to power over 4,000 homes annually.
  • The 9.2 MW rooftop solar array at the Quonset Business Park, harnessing the power of the sun to meet the energy needs of numerous businesses.
  • Residential solar installations, empowering homeowners to embrace sustainability and reduce their carbon footprint.

Through innovative solutions like integrated solar roofing systems and cutting-edge energy storage technologies, Nautilus Solar is redefining the way we generate and consume energy.

Their unwavering commitment to excellence has garnered recognition, including the "Renewable Energy Company of the Year" award from the Rhode Island Renewable Energy Professional Association in 2022. Aligned with Rhode Island's ambitious goal of achieving 100% renewable energy by 2033, Nautilus Solar plays a pivotal role in transitioning the state away from fossil fuels.

As stated by CEO Jim Rice, "Our mission is to create a sustainable energy future for Rhode Island, one solar panel at a time." With a steadfast dedication to innovation and a passion for environmental stewardship, Nautilus Solar Energy is shaping a brighter, greener tomorrow for the Ocean State.

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5. Sproutel: Innovating Health Care through Play

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Let me tell you about Empath Labs (formerly Sproutel), a wicked cool startup that's changing the game when it comes to healthcare for kids.

Founded back in 2012 by Aaron Horowitz, this Rhode Island-based company is all about making medical stuff way more fun and engaging through play.

Their star product? Jerry the Bear - an interactive plush pal for kids with Type 1 diabetes.

This cuddly dude's got mad skills, teaching little ones about insulin doses, glucose checks, and healthy living through games and activities. But that's not all! Empath Labs also created My Special Aflac Duck, a robotic companion for kids battling cancer and sickle cell disease.

These ducks bring smiles and comfort during those tough treatment days.

Horowitz just snagged the DIA's Author of the Year Award for his work making healthcare more engaging for kids.

Over 11,800 Aflac ducks have been donated to children's hospitals across the nation! Empath Labs is straight-up crushing it, proving that a little creativity and compassion can go a long way in transforming how kids experience medical care.

6. Teespring: On-Demand Product Creation for Creatives

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Teespring is totally changing the game for all you creative peeps out there. This platform is like a superhero, helping artists, designers, and entrepreneurs bring their fire designs to life without any crazy financial risks, like in the traditional retail world.

We're talking about a global reach in over 180 countries, so you can tap into a massive customer base and let your creativity shine!

Here's how it goes down: you upload your sick designs, set up your campaign, and let the customers start placing orders for the merch they want.

Once you hit your goal, Teespring handles the production and shipping like a boss.

No upfront costs, no inventory nightmares, just pure entrepreneurial freedom!

Teespring has sold over 38 million products and paid out a whopping $90 million to creators worldwide.

That's some serious cash flow, am I right? One designer from Singapore, Jasmine Chua, turned her passion for illustration into a six-figure business, selling over 10,000 products through Teespring.

She said, and I quote,

"Teespring has been a game-changer for me. It has allowed me to turn my art into a sustainable business without any financial risks or overhead costs."

Boom! That's the kind of success story that'll get you hyped!

7. Virgin Pulse: Redefining Employee Wellness

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Have you heard about Virgin Pulse? This Providence-based company is seriously redefining employee wellness.

Started way back in 2004, they've been on a mission to help workforces across the globe stay healthy and engaged. They've already crushed it with over 14 million users from 3,300 organizations across 190 countries!

Their game plan is straight up fire.

Virgin Pulse packs a punch with dope mobile apps for personalized health tracking, challenges, and rewards. They also offer one-on-one coaching from certified pros and a concierge service that hooks you up with tailored well-being programs.

Plus, they serve up some serious analytics to help companies stay on top of their workforce's health trends.

And the results? Companies using Virgin Pulse are killing it, with a 28% drop in healthcare costs, 26% boost in productivity, and 20% less absenteeism.

No wonder Michael Miller, the CEO, said

"We're not just building wellness programs, we're shaping cultures of health that drive real business results."

These guys are the real deal.

Virgin Pulse just announced plans to merge with HealthComp, creating a massive employer health platform.

With their combined forces, they'll be tackling some of the industry's biggest challenges, like improving health outcomes and lowering costs. This merger is about to take employee wellness to a whole new level!

8. EpiVax: Pioneering Immunology with Computational Biology

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Check this out! EpiVax is a innovative startup that's been making waves since 1998 in the world of computational immunology.

Led by the brilliant Dr. Anne S. De Groot, these are like the Avengers of vaccine development, using cutting-edge tech to take on the challenges of infectious diseases and autoimmune disorders.

Their secret weapons? Powerful algorithms and platforms like EpiMatrix and iVAX that can predict how our immune systems will react to different molecules.

This allows them to design vaccines and immunotherapies that are incredibly effective and safe. We're talking about game-changing tech like Tregitope, which can actually teach our bodies to chill and not attack our own cells – a total lifesaver for autoimmune patients.

EpiVax has been actively working on the COVID-19 front, using their computational tools to help develop potential vaccine candidates against this virus.

Big names like the NIH, Gates Foundation, and major pharma companies have all been seeking collaborations. These are basically immunology rockstars, collecting awards for their groundbreaking research.

9. NuLabel Technologies: Next-Gen Labeling Innovation

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Check this out - NuLabel Technologies is one seriously innovative startup that's really shaking things up in the labeling game.

Founded in 2009, these guys from Providence came up with a brilliant idea to create environmentally-friendly labels that don't require those annoying wasteful liners.

NuLabel's activatable adhesive technology is built on a fluid-activated platform that's pre-applied to label papers but stays completely dry until you activate it with a water-based spray.

No more throwing away those non-recyclable liners, which is a total game-changer for reducing waste and cutting costs.

NuLabel started as a project by three Brown University grads who were determined to solve the "liner problem." They've come a long way since blending polymers in an apartment, scoring over $12 million in funding and developing some seriously innovative tech.

These guys are all about sustainability and pushing boundaries.

They've already acquired a bunch of patents, and major players like Altana have taken notice, acquiring NuLabel's entire technology portfolio and research platform in a major deal.

With their sights set on resealable packaging solutions and unique designs that use less materials, NuLabel is definitely a Providence-based startup to keep an eye on in 2024.

10. Care Thread: Enhancing Medical Communication

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Real talk, Care Thread is killing it when it comes to upgrading how docs and nurses stay connected.

This startup launched in 2013 with one goal: make healthcare communication flow like a well-oiled machine. Their flagship app, Care Thread Messenger, is a gamechanger for sharing info and making decisions on the fly.

The reviews speak for themselves – Care Thread is rocking a 4.8/5 on Capterra from over 200 users.

One person gushed about how it "drastically improved our communication and workflow efficiency." Another fan raved about "securely sharing patient data and collaborating seamlessly." A Healthcare Innovation survey found that a whopping 92% of healthcare pros saw improved patient outcomes and fewer medical mix-ups after using Care Thread's solutions.

Care Thread isn't just benefiting individual hospitals and clinics.

This startup is sparking a revolution in the entire healthcare game by enabling:

  • Collaborative Care: Teams from different specialties can sync up in real-time for faster diagnoses and personalized treatment plans.
  • Enhanced Patient Experience: Smooth communication between patients and providers means happier, more engaged patients.
  • Operational Efficiency: Streamlined workflows and less redundancy = cost savings and better resource management.

With big-name partners like Cerner and Epic in their corner, Care Thread is positioned to keep innovating and dominating the medical communication scene.

Conclusion: The Future of Providence's Startup Ecosystem

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Providence's startup scene is totally on the rise, and these ten startups are leading the charge.

They're disrupting industries like restaurant tech, renewable energy, and healthcare with innovative solutions that are driving major economic growth.

According to the Rhode Island Commerce Corporation, the state's startup sector is expected to explode with a 12% growth rate by 2024, outpacing the national average.

These startups are already making waves, contributing over $1.2 billion annually to Rhode Island's economy and creating thousands of high-paying tech jobs, as reported by Brown University.

With local VCs like Slater Technology Fund and Cherrystone Angel Group backing them up, and top-notch talent from schools like Brown and RISD, the future looks bright.

Plus, organizations like Venture Café and Founders League are fostering a collaborative community that's propelling startups to new heights.

Providence is rapidly becoming a prime destination for ambitious entrepreneurs and tech talent, as Jessica Wilson from Founders League puts it.

The city's strategic location, world-class academic institutions, and vibrant startup culture create the perfect storm for innovation. With the startup ecosystem expected to skyrocket, there will be a surge in tech job opportunities and investment inflows.

If you're a tech pro looking to get in on the action, now's the time to plug into Providence's thriving startup community – attend local events, explore investment options, or even consider making a career move to one of these cutting-edge companies.

The opportunities for growth and impact are limitless!

Frequently Asked Questions

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Why is Providence considered a hotspot for tech startups in 2024?

Providence is experiencing a significant boom in the tech sector, with a projected 15% increase in tech-based startups in 2024 compared to 2023. This surge is driven by Rhode Island's impressive economic growth, where the GDP increased by 3.7% in the past year, providing a fertile environment for new ventures.

What criteria were used to select the top 10 startups in Providence for 2024?

The top 10 startups were selected based on criteria such as innovation, growth potential, funding, traction, and impact. This selection process involved analyzing data from authoritative sources as well as insights from industry experts and investors within the Providence startup ecosystem.

What are some examples of startups transforming their industries in Providence?

Startups like Upserve, with their restaurant technology solutions, and Utilidata, transforming energy efficiency with AI, are prime examples. Other notable startups include Splitwise, making expense sharing easier, and Virgin Pulse, reimagining employee wellness, all of which are based in Providence and are leading their respective sectors.

How does the presence of startups affect Providence's economic landscape?

Providence's startups significantly contribute to the local economy, adding over $1.2 billion annually and creating thousands of tech jobs. With support from local venture capitalists and talent from top academic institutions, these startups are driving innovation and economic growth in the region.

What support systems are available for startups in Providence?

Providence offers a collaborative community with organizations such as the Slater Technology Fund and the Founders League, which provide mentorship, funding, and resources to startups. The city's strategic location and proximity to academic institutions like Brown University further support and foster a vibrant startup ecosystem.

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Chevas Balloun

Director of Marketing & Brand

Chevas has spent over 15 years inventing brands, designing interfaces, and driving engagement for companies like Microsoft. He is a practiced writer, a productivity app inventor, board game designer, and has a builder-mentality drives entrepreneurship.