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    Home » AI Funding Reaches Record $53 Billion
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    AI Funding Reaches Record $53 Billion

    Helen BarklamBy Helen Barklam9th October 2024No Comments3 Mins Read
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    AI startups raised an impressive $11.8 billion in the third quarter of 2024, despite market turbulence caused by US restrictions on AI chip exports to China and concerns over tech valuations.

    New figures from Stocklytics.com highlight that while venture capital (VC) funding has slowed overall, artificial intelligence remains the top sector for investors, with total funding in 2024 reaching a record $53 billion so far.

    AI Startups Make Up 30% of Total VC Funding in Q3

    The AI sector remains a key growth area for venture capital investors, despite some recent market volatility. Although investors have become more selective in backing AI companies, their enthusiasm for the sector has remained robust, as shown by data from Crunchbase.

    While overall VC funding fell by 13% year-on-year in Q3, AI startups still secured a significant $11.8 billion. This makes it the sixth-largest quarterly figure in the industry’s history. The figure is in line with the quarterly totals seen throughout 2023 and 2024, except for the record-breaking $29.6 billion raised in Q2 2024.

    However, the number of deals completed in Q3 decreased, with just 79 deals made – a 28% drop compared to the 110 deals seen in the same period last year. Despite the decline, large-scale investments have kept optimism alive within the sector. Notable transactions included a $1 billion investment in Safe Superintelligence, a California-based early-stage AI company focused on developing safe AI systems.

    These substantial funding rounds have ensured that AI remains the most highly funded sector globally. Crunchbase data reveals that AI companies accounted for roughly 30% of all venture capital investments in the third quarter, significantly outperforming other sectors.

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    Year-to-Date Funding Hits Record $53 Billion

    Despite the slight slowdown in Q3, 2024 has already set a new record for AI investments. According to Crunchbase, nearly $53 billion in capital has flowed into AI startups year-to-date, a 35% increase compared to the total for 2023. This also surpasses the previous record of $49.4 billion raised in 2021.

    With $53 billion raised so far this year, the cumulative funding in the AI sector has now reached over $241 billion. US companies have attracted nearly 65% of this total, with $155 billion raised, particularly in California. Asian firms secured around $53 billion in funding, while European AI startups followed with $30.2 billion raised to date.

    AI continues to dominate the global tech investment landscape, showing that despite short-term market fluctuations, the sector remains a long-term bet for venture capitalists.

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    Helen Barklam

    Helen Barklam is Editor of Investment Guide. Helen is a journalist and writer with more than 25 years experience. Helen has worked in a wide range of different sectors, including health and wellness, sport, digital marketing, home design and finance. Helen aims to ensure our community have a wealth of quality content to read and enjoy.

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