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Laxman Pai, Opalesque Asia: Global venture capital investment in Generative AI continues to grow and is expected to reach $45 billion in 2024, said a study. This is almost double the figure for 2023 ($24 billion) and more than five times the total VC investment in 2022 ($8.7 billion).
According to EY Ireland's Generative AI Key Deals and Insights Report, the majority of GenAI investment to date is in North America, but there is a growing number of European unicorns and an opportunity for Ireland to establish itself as a GenAI hub.
The report also finds that the majority of GenAI investment to date continues to be located in North America, however, there is a growing number of European Unicorns and a significant opportunity for Ireland to establish itself as a GenAI hub.
VC activity in GenAI has been growing exponentially since the release of OpenAI's ChatGPT in late 2022 and this year has seen a record surge in funds invested. EY Ireland now forecasts that this will exceed $45 billion globally for the year, with more than 1,050 separate investments to the end of November.
A significant trend in the market during 2024 has been the degree to which established technology companies and hyperscalers are increasingly partnering with leading Large Language Model startups such as Mistral AI, alongside AI companies like Waymo and xAI.
Notable transactions in 2024 include Open AI's $6.6 billion funding round in October, Mistral AI's $651 million round in June, and x...................... To view our full article Click here
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