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Laxman Pai, Opalesque Asia:

Despite a significant drop in venture capital (VC) deal volume during the first half (H1) of 2024, the US market showcased resilience with 2,373 deals worth $61.4 billion, said a study.

According to GlobalData, this marks a 5.9% decline in funding value and a 44.8% drop in deal volume year-on-year (YoY), highlighting a strategic focus on high-potential startups.

The US continued to dominate global VC funding activity both in terms of deal volume and value. It accounted for a 29% share of the total number of VC funding deals announced globally during H1 2024 while its share of the corresponding disclosed funding value stood at 49.2%.

GlobalData's Deals Database revealed that a total of 4,300 VC funding deals worth $65.3 billion were announced in the US during H1 2023.

Some of the notable VC funding deals announced in the US during H1 2024 include: $6 billion worth of fundraising by X.AI, $1.1 billion secured by CoreWeave, $1 billion by Scale AI, $1 billion raised by Wiz, and $1 billion raised by Xaira Therapeutics.

"The decline in funding value appears marginal despite the number of deals nearly halving. This signals a cautious approach by VC firms but they are still willing to place significant bets on startups they find promising. The announcement of several billion-dollar VC deals (deals valued more than or equal to $1 billion) in the US during H1 2024 attests to this trend," said Aurojyoti Bose, Lead Analyst at GlobalData.

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