CB Insights - Artificial Intelligence Report Q1 2024

State of AI
Global | Q1 2024
Global data and analysis on dealmaking, funding,
and exits by private market ai companies
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2
State of AI
TLDR Your rundown on

AI in Q1’24
$13.1B $23.1M 6 -36% 52%

Global AI funding Average deal size AI unicorn births Decrease in AI Increase in US AI
in Q1’24. in 2024 so far, up in Q1’24. M&A exits. funding QoQ.
Global AI funding 21% from 2023. AI unicorn births (private There were 69 M&A deals Funding to US-based AI
increased 24% QoQ to At $23.1M in 2024 YTD, companies reaching $1B+ for AI companies in Q1’24, startups climbed by 52%
reach $13.1B — its highest average AI deal size is up valuations) remained marking a 36% decrease QoQ to hit $9.3B in Q1’24.
quarterly level since Q1’23. 21% vs. $19.1M in full-year steady at 6 QoQ in Q1’24. from Q4’23. Asia was the only other
This outpaced the growth 2023. Three of these new Amid the downturn, Europe major global region to see
in broader venture funding unicorns are generative AI saw its share of broader a funding increase (+6%) in
(+11%). A couple of generative AI
infrastructure players have model developers: global exits rise by 12 Q1’24.
Meanwhile, AI deals had an outsized impact on Moonshot AI, Together AI, percentage points QoQ, Funding totals for both
slipped for the fourth this upward trend, raising and Krutrim all reached while Asia experienced a regions were heavily
consecutive quarter, hitting massive $1B+ deals: $1B+ valuations in Q1’24. 15-point drop. Meanwhile, buoyed by the $1B+ rounds
their lowest quarterly count Anthropic ($2.8B Series D) See the data → the US’ share remained to genAI infrastructure
since 2018 (739 deals). and Moonshot AI ($1B steady at 41%. startups Anthropic (US)
See the data → Series B). See the data → and Moonshot AI (China).
See the data → See the data →
3
State of AI
Contents
Global Trends 5 Europe 91

Investment Trends 6 United Kingdom 97
Germany 101
Unicorns 29
France 105
Exit Trends 35
Investors 40
Geographic Trends 44
US 45
Silicon Valley 51
New York 55
Los Angeles 59
Boston 63
Philadelphia 67
Canada 71
Asia 77
China 83
Japan 87
4
Global Trends
5
Investment Trends
6
State of AI | Global Trends | Investment Trends
Annual equity funding & deals
$90.0B 6,000
$80.0B
5,000
$70.0B
4,168
3,901
$60.0B 3,760 4,000
3,356
$50.0B
3,000
$40.0B
$30.0B 2,000
$20.0B
Funding
$13.1B 1,000
$10.0B Deals
$39.2B $89.6B $58.7B $52.1B 739
$0.0 B 0
2020 2021 2022 2023 2024
YTD
7
Quarterly equity funding & deals
$25.0B 1,600
1,400
$20.0B
1,151 1,162
1,200
1,066
1,028
1,000 997
951 960
$15.0B 898 896
925 Funding 1,000
873 878
831 815 $13.1B
754
800
Deals
739
$10.0B
600
400
$5.0 B
200
$8.1B $7.8B $9.6B $13.7B $22.2B $22.8B $22.0B $22.5B $19.8B $16.5B $10.6B $11.7B $17.5B $12.1B $11.8B $10.6B
$0.0 B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022 2023 2024
8
Funding & deals by global region in Q1’24
Canada
$0.2B
18 Deals
Asia
$1.9B
Europe 166 Deals
$1.6B
150 Deals
US
$9.3B
389 Deals
Africa
$16M
4 Deals
LatAm
$22M
9 Deals
Oceania
$19M
3 Deals
9
Percent of quarterly deals by global region
Canada, 2%
All Other Regions, 2%
22% 23% 21% 22% 22%

17%
20% 21% 20%
22%
Europe, 20%
21% 24% 23% 26% 22%
28%
24% Asia, 22%

34% 19% 23%
28% 30% 30% 31% 32% 33% 27%
33% 33% 28% 29%
24%
49% 49% 51% US, 53%

44% 42% 43% 43% 42% 45%
40% 39% 41% 41% 41% 41% 41%
2020 2021 2022 2023 2024
10
Percent of quarterly deals by investor group
6% 7% 8% 7% 8% 7% 7% 7% 6% 5% Private Equity, 4%
6% 6% 7% 7% Asset/Investment Management, 8%
7% 7% 10% 8% 8%
8% 10% 10% 8% 8%
11% 9%
8%
11% 10% 11% 8% 9% CVC, 9%
11% 10% 10% 10% 9% 9%
10% 10% 10%
10% 8%
9% 10% 9% 10%
9% 11% Corp, 10%
9% 9% 9% 10%
10% 10% 10% 9% 9%
9%
9% 10%
7%
9%
10% 12% 11% 11% Angel, 11%
8% 10% 11% 10%
9% 10% 10%
13% 7% 8% 6% 15% 10%
6% 6% 6%
8% 6% 6% 8% 6% 8% Incubator/Accelerator, 13%
7%
15% 16% 14%
13% 14% 18% 16% 17% 17%
15% 15% 13% 17% 16% 16%
14% Other, 15%
35% 37% 36% 37% 34% 35%

33% 33% 34% 33% 34% 33%
32% 32% 32% 32% VC, 30%
2020 2021 2022 2023 2024
11
Annual average & median deal size
Average Deal Size Median Deal Size
$29.7M
$23.1M
$20.1M
$19.1M
$16.4M
$6.0M
$4.8M
$4.1M $3.7M $3.4M
2020 2022 2024 2020 2022 2024

YTD YTD
12
Annual median deal size by global region
US Asia Europe Canada
$8.7M
$7.7M
$6.0M
$5.3M
$5.0M
$4.7M
$4.1M $4.0M $4.0M $4.0M $4.1M $4.0M
$3.7M $3.8M
$3.0M $3.0M $3.2M
$2.9M
$2.5M
$2.2M
2020 2022 2024 2020 2022 2024 2020 2022 2024 2020 2022 2024
YTD YTD YTD YTD
13
Annual median deal size by investor group
Angel Asset/Investment CVC Corp Private Equity VC

Management
$25.5M
$20.0M
$20.9M
$17.5M
$15.4M $15.0M
$14.2M $14.0M
$12.0M $10.0M
$11.8M $9.9M $10.0M $9.9M
$5.2M $8.0M
$5.0M
$4.5M
2020 2022 2024 2020 2022 2024 2020 2022 2024 2020 2022 2024 2020 2022 2024 2020 2022 2024
YTD YTD YTD YTD YTD YTD
14
Quarterly funding & deals from mega-rounds (deals worth $100m+)
$18.0B 80
$16.0B 70
63
60
$14.0B 58
55 60
52
$12.0B
50
44
$10.0B Funding
$8.1B 40
33
$8.0 B
30
27 27 30
$6.0 B 24 23
20 Deals
$4.0 B
16 15 22
20
11
$2.0 B 10
$0.0 B 0
2020 2021 2022 2023 2024
15
Mega-round funding & deals by global region in Q1’24
Asia
$1.2B
Europe 2 Deals
$0.5B
4 Deals
US
$6.4B
16 Deals
16
Quarterly mega-round deals by global region
19
18
13 US, 16
9
4 Europe, 4
6
3
4
5 Asia, 2
2
2
1
2 Canada, 0
LatAm, 0
2020 2021 2022 2023 2024
17
Quarterly mega-rounds as percent of funding
31% 31%
42% Non-mega-rounds, 39%
44%
47% 50% 50% 51% 49%
53% 51%
55% 56%
61% 62%
73%
69% 69%
58% Mega-rounds, 61%
56%
53% 50% 50% 51%
47% 49% 49%
45% 44%
39% 38%
27%
2020 2021 2022 2023 2024
18
Global: Top equity deals in Q1’24

Round % of Total
Company Round Amount Round Valuation Select Investors Country
Date Funding
Series D
1 Anthropic $2.8B 2024-03-27
$18.4B Amazon United States 20.9%
Series B Alibaba Cloud, HongShan, China Merchants China Direct

2 Moonshot AI $1.0B 2024-02-19
$2.5B
Investments, Meituan, Xiaohongshu
China 7.6%
Series D
3 Anthropic $750M 2024-02-22
$18.4B Menlo Ventures United States 5.7%
Series B
4 Figure $675M 2024-02-23
$2.7B M12, OpenAI Startup Fund, Intel Capital, Parkway VC United States 5.1%
Series C US Innovative Technology Fund, 1517 Fund, Bloomberg

5 Lambda $320M 2024-02-15
$1.5B
Beta, Crescent Cove Advisors, Gradient Ventures
United States 2.4%
Series F Roche, Andreessen Horowitz, Artis Ventures, DCVC,

6 Freenome $254M 2024-02-15
$2.0B
Perceptive Advisors
United States 1.9%
Series E Elad Gil, Lux Capital, Andreessen Horowitz, General

7 Applied Intuition $250M 2024-03-12
$6.0B
Catalyst, Bond
United States 1.9%
Series D
8 PATEO $208M 2024-03-25
N/A Undisclosed Investors China 1.6%
Kleiner Perkins Caufield & Byers, Lightspeed Venture

Series D
9 Glean $200M 2024-02-27
$2.2B Partners, General Catalyst, Institutional Venture Partners, United States 1.5%
Sequoia Capital
US Innovative Technology Fund, IAG Capital Partners, Koch
Series C
10 Celestial AI $175M 2024-03-27
N/A Disruptive Technologies, M Ventures, Porsche Automobil United States 1.3%
Holding
19
Annual percent of deals by deal stage
6% 6% 7% 7% Other, 8%
7% 9% 8% 6% Late-stage, 6%
18% 17%
13% Mid-stage, 15%
20%
73% Early-stage, 71%

68% 66% 69%
2020 2021 2022 2023 2024

YTD
20
Regional deal share by deal stage in Q1’24
US Asia Europe Canada All Other Regions
Early-stag e 52% 20% 22%
Mid-stage 47% 35% 16%
Late-stage 44% 39% 15%
Other 74% 9% 14%
21
Annual median funding by deal stage
Early-stage Mid-stage Late-stage
$87.0M
$69.0M
$46.1M
$40.0M $40.0M
$35.0M
$30.0M
$25.9M
$22.0M $21.6M
$2.4M $3.0M $3.0M $2.4M $2.3M
2020 2022 2024 2020 2022 2024 2020 2022 2024

YTD YTD YTD
22
Global: Top seed/angel deals in Q1’24

Round
Company Round Amount Select Investors Country
Date
Seed VC Thrive Capital, Sequoia Capital, Greenoaks, Khosla Ventures, Lux

1 Physical Intelligence $70M 2024-03-12 Capital
United States
Seed VC DCVC, NVentures, Jonathan Milner, Khosla Ventures, Magnetic

2 Relation Therapeutics $35M 2024-01-19 Ventures
United Kingdom
Seed VC Khosla Ventures, Lux Capital, 500 Global, Basis Set, Geodesic
3 Sakana AI $30M 2024-01-17 Capital
Japan
Seed VC
4 Borderless AI $27M 2024-03-21
Aglae Ventures, Susquehanna International Group Canada
Seed VC Index Ventures, Databricks Ventures, Factorial Capital, ICONIQ

5 Adaptive ML $20M 2024-03-11 Capital, IRIS
United States
Seed VC A&E investments, Walden Catalyst Ventures, EDBI, Prosperity7

5 ArteraAI $20M 2024-02-01 Ventures, Trium Venture
United States
Seed VC
7 Dandelion $16M 2024-03-15
Primary Venture Partners United States
Seed VC 468 Capital, Green Generation Fund, session.vc, Promus Ventures,

7 Jua $16M 2024-02-05 Kadmos Capital
Switzerland
Seed VC
9 Haiper $14M 2024-03-05
Octopus Ventures, 5Y Capital United Kingdom
Angel
10 Monumo $13M 2024-02-20
Undisclosed Angel Investors United Kingdom
Clean Growth Fund, Dorilton Capital, UCL Technology Fund, XTX

Seed VC
10 Oriole Networks $13M 2024-03-27
Ventures, Innovate UK Future Economy Investor Partnership United Kingdom
Programme
23
Global: Top Series A deals in Q1’24

Round
Date
Series A EPIQ Capital Group, Eli Lilly and Company, Red Cell Partners,
1 Zephyr AI $111M 2024-03-13 Revolution
United States
Series A Neurone Ventures, Rimac Automobili, SiteGround, Elaf Auto, Tasaru

2 Project 3 Mobility $107M 2024-02-06 Holding
Croatia
Series A Salesforce Ventures, Kleiner Perkins Caufield & Byers, New

3 Together AI $106M 2024-03-13 Enterprise Associates, Definition Capital, Emergence Capital
United States
Series A Lightspeed Venture Partners, Sequoia Capital, New Enterprise

4 Foundry $80M 2024-03-21 Associates, Redpoint Ventures, Conviction Capital
United States
Series A Andreessen Horowitz, Index Ventures, Redpoint Ventures, Pear VC,

4 Ideogram AI $80M 2024-02-28 SV Angel
Canada
Series A Greenfield Partners, Zeev Ventures, 10D Ventures, National Grid

6 Exodigo $75M 2024-02-27 Partners, Square Peg Capital
Israel
Series A Multicoin Capital, Protocol Labs, Metaplanet, Stake Capital,

7 Zama $73M 2024-03-07 Vsquared Ventures
France
Series A General Catalyst, Premji Invest, Andreessen Horowitz, Memorial

8 Hippocratic AI $53M 2024-03-18 Hermann Health System, Cincinnati Children's
United States
Series A Amplitude Ventures, BDC Capital, Driehaus Capital Management,

9 Congruence Therapeutics $50M 2024-02-01 Fonds de Solidarite FTQ, Investissement Quebec
Canada
Series A
9 Krutrim $50M 2024-01-26
Matrix Partners India India
24
Global: Top Series B deals in Q1’24

Round
Date
Series B Alibaba Cloud, HongShan, China Merchants China Direct Investments,

1 Moonshot AI $1.0B 2024-02-19 Meituan, Xiaohongshu
China
Series B
2 Figure $675M 2024-02-23
M12, OpenAI Startup Fund, Intel Capital, Parkway VC United States
Series B Durable Capital Partners, Baillie Gifford, Cox Enterprises, NB

3 Bending Spoons $155M 2024-02-15 Renaissance Partners, NUO Capital
Italy
Series B
4 Magic $117M 2024-02-16
Daniel Gross, Nat Friedman, CapitalG, Elad Gil United States
Series B EQT Ventures, Sandwater, Skagerak Capital, Nistad Group, Samsung

5 1X $100M 2024-01-11 NEXT
Norway
Series B
6 Sierra $85M 2024-02-13
Sequoia Capital, Benchmark United States
Series B Andreessen Horowitz, Sequoia Capital, Credo Ventures, Daniel Gross,

7 ElevenLabs $80M 2024-01-22 Nat Friedman
United States
Series B Kleiner Perkins Caufield & Byers, OpenAI Startup Fund, Andreessen
8 Ambience $70M 2024-02-06 Horowitz, Optum Ventures
United States
Series B Kleiner Perkins Caufield & Byers, General Catalyst, Greenoaks Capital
9 Codeium $65M 2024-01-30 Management
United States
Series B Deerfield Management, Define Ventures, Flare Capital Partners,

10 Cohere Health $50M 2024-02-01 Longitude Capital, Polaris Partners
United States
Series B EQT Ventures, Union Square Ventures, Comcast Ventures, LG

10 Hume AI $50M 2024-03-20 Technology Ventures, Northwell Holdings & Ventures
United States
25
Global: Top Series C deals in Q1’24

Round
Date
Series C US Innovative Technology Fund, 1517 Fund, Bloomberg Beta,

1 Lambda $320M 2024-02-15 Crescent Cove Advisors, Gradient Ventures
United States

Series C
2 Celestial AI $175M 2024-03-27
Disruptive Technologies, M Ventures, Porsche Automobil United States
Holding
Series C Lightspeed Venture Partners, Redpoint Ventures, Bessemer

3 Abridge $150M 2024-02-23 Venture Partners, Institutional Venture Partners, Spark Capital
United States
Series C
4 Medical Micro Instruments $110M 2024-02-21
Fidelity Investments Italy
Series C Euclidean Capital, Hamilton Lane, Key1 Capital, Blumberg

5 FundGuard $100M 2024-03-25 Capital, Team8
United States
Series C
6 Starship $90M 2024-01-29
Iconical, Plural United States
Series C DROIA Ventures, Deerfield Management, Galapagos, MPM

7 Frontier Medicines $80M 2024-02-22 Capital, RA Capital Management
United States
Series C
8 DEEPX $68M 2024-02-25
TIMEFOLIO Asset Management, Skylake Equity Partners South Korea
Series C
9 Bear Robotics $60M 2024-03-11
LG Technology Ventures United States
Series C March Capital, General Catalyst, Insight Partners, American

10 Overjet $53M 2024-03-05 Dental Association, Crosslink Capital
United States
26
Global: Top Series D deals in Q1’24

Round
Date
Series D
1 Anthropic $2.8B 2024-03-27
$18.4B Amazon United States
Series D
2 Anthropic $750M 2024-02-22
$18.4B Menlo Ventures United States
Series D
3 PATEO $208M 2024-03-25
N/A Undisclosed Investors China
Kleiner Perkins Caufield & Byers, Lightspeed Venture Partners,

Series D
4 Glean $200M 2024-02-27
$2.2B General Catalyst, Institutional Venture Partners, Sequoia United States
Capital
Series D Sofinnova Ventures, Andreessen Horowitz, Amgen Ventures,

5 BioAge Labs $170M 2024-02-13
$424M
Cormorant Asset Management, Lilly Ventures
United States
Series D FTV Capital, Beedie Capital Partners, NextEquity, Nicola

6 Kore.ai $150M 2024-01-30
N/A
Wealth, Vistara Growth
United States
Series D
7 Huimei Healthcare $10M 2024-01-24
N/A Niuerli Capital China
Series D
7 TIFIN $10M 2024-02-01
N/A SEI Investments, Sopris Venture Capital United States
Series D
9 TIFIN $4M 2024-02-26
N/A Undisclosed Investors United States
27
Global: Top Series E+ deals in Q1’24
Round
Date

1 Freenome $254M 2024-02-15
$2.0B
Perceptive Advisors
United States
Series E Elad Gil, Lux Capital, Andreessen Horowitz, General Catalyst,

$6.0B
Bond
United States
Series F CPP Investments, Flagship Pioneering, Hanwha Impact, NGS

3 Inari $103M 2024-01-30
$1.7B
Super, Rivas Capital
United States
Series G
4 AISpeech $28M 2024-01-10
N/A Undisclosed Investors China
28
Unicorns
29
State of AI | Global Trends | Unicorns
Quarterly new & total unicorns (private companies valued at $1b+)
210 212 214

205 Total Unicorns, 219
5 7 4 6
New Unicorns, 6
2020 2021 2022 2023 2024
30
New & total unicorns by global region in Q1’24
Canada
5
0 New
Asia
40
Europe 2 New
32
1 New
US
139
3 New
All Other Regions

1
LatAm 0 New
2
0 New
31
Quarterly new unicorns by global region
US, 3
5 Asia, 2
2 Europe, 1
3
2
2 2 Canada, 0
1 1 2 LatAm, 0
1 1
All Other Regions, 0
2020 2021 2022 2023 2024
32
Global: Top unicorn births in Q1’24
Company Latest Valuation Country
1 Figure $2.7B United States
2 Bending Spoons $2.6B Italy
3 Moonshot AI $2.5B China
4 Together AI $1.3B United States
5 ElevenLabs $1.1B United States
6 Krutrim $1.0B India
33
Global: Top unicorns by valuation in Q1’24

Company Latest Valuation Country
1 ByteDance $225.0B China
2 OpenAI $80.0B United States
3 Databricks $43.0B United States
4 Anthropic $18.4B United States
5 Grammarly $13.0B United States
6 Faire $12.6B United States
7 Talkdesk $10.0B United States
8 Tanium $9.0B United States
9 Nuro $8.6B United States
9 Pony.ai $8.6B United States
34
Exit Trends
35
State of AI | Global Trends | Exit Trends
Quarterly exits
107
104
91
86
M&A, 69
9
3 5
4 1 1 1 IPO, 5
SPAC, 1
2020 2021 2022 2023 2024
36
Percent of quarterly exits by global region
7% 6% 7% 7% 6% All Other Regions, 3%

9% 5%
8% 9% 5% Canada, 9%
5% 5%
19%
26% 22% 32% 28%
29% 25% 28%
33% 25% 35% 32%
31%
36% Europe, 40%
43% 47%
19% 10%
11% 20%
9%
7% 19%
26% 23%
15%
17% 20%
13% Asia, 8%
12% 12%
63%
55% 58%
53% 51% 53%
49%
43% 46%
40% 38% 37% 40% 41% US, 41%
33% 32%
2020 2021 2022 2023 2024
37
Global: Top M&A exits in Q1’24
Company Round Valuation Acquirer Country
1 Onfido $650M Entrust United Kingdom
2 Good Chemistry $75M SandboxAQ Canada
38
Global: Top IPOs in Q1’24
Company Round Valuation Country
1 Astera Labs $5.5B United States
2 SigmaStar $941M China
39
Investors
40
State of AI | Global Trends | Investors
Global: Top investors by company count in Q1’24

Investor Company Count Investor Group Country
1 Khosla Ventures 12 VC United States
2 Andreessen Horowitz 11 VC United States
3 NVentures 8 CVC United States
3 Sequoia Capital 8 VC United States
5 General Catalyst 7 VC United States
5 Lightspeed Venture Partners 7 VC United States
7 Samsung NEXT 6 CVC United States
8 Accel 5 VC United States
8 Databricks Ventures 5 CVC United States
8 Greycroft 5 VC United States
8 IAG Capital Partners 5 VC United States
8 Kleiner Perkins Caufield & Byers 5 VC United States
41
Global: Top VCs by company count in Q1’24
Investor Company Count Country
1 Khosla Ventures 12 United States
2 Andreessen Horowitz 11 United States
3 Sequoia Capital 8 United States
4 General Catalyst 7 United States
4 Lightspeed Venture Partners 7 United States
6 Accel 5 United States
6 Greycroft 5 United States
6 IAG Capital Partners 5 United States
6 Kleiner Perkins Caufield & Byers 5 United States
42
Global: Top corporate VCs (CVCs) by company count in Q1’24
Investor Company Count Country
1 NVentures 8 United States
2 Samsung NEXT 6 United States
3 Databricks Ventures 5 United States
4 Mitsubishi UFJ Capital 4 Japan
5 Comcast Ventures 3 United States
5 Intel Capital 3 United States
5 LG Technology Ventures 3 United States
5 M12 3 United States
5 OpenAI Startup Fund 3 United States
43
Geographic Trends
44
US Trends
45
State of AI | Geographic Trends | US Trends
Quarterly funding & deals
$16.0B 700
$14.0B
600
$12.0B 491 485 489

470 470 500
429 437 Funding
425
$10.0B
392 393 $9.3B
369 366 Deals
400
351 353
333 389
$8.0 B 315
300
$6.0 B
200
$4.0 B
100
$2.0 B
$0.0 B 0
2020 2021 2022 2023 2024
46
8% 8% 11% 9% Other, 11%

7% 6%
11%
8%
Late-stage, 5%
12%
Mid-stage, 14%
19%
21% 17%

65% 64%
60%
2020 2021 2022 2023 2024

YTD
47
US: Top equity deals in Q1’24

Round % of Total
Date Funding
Series D
1 Anthropic $2.8B 2024-03-27
$18.4B Amazon United States 29.4%
Series D
2 Anthropic $750M 2024-02-22
$18.4B Menlo Ventures United States 8.0%
Series B
3 Figure $675M 2024-02-23
$2.7B M12, OpenAI Startup Fund, Intel Capital, Parkway VC United States 7.2%
Series C US Innovative Technology Fund, 1517 Fund, Bloomberg

4 Lambda $320M 2024-02-15
$1.5B
Beta, Crescent Cove Advisors, Gradient Ventures
United States 3.4%

5 Freenome $254M 2024-02-15
$2.0B
Perceptive Advisors
United States 2.7%
Series E Elad Gil, Lux Capital, Andreessen Horowitz, General

$6.0B
Catalyst, Bond
United States 2.7%
Kleiner Perkins Caufield & Byers, Lightspeed Venture

Series D
7 Glean $200M 2024-02-27
$2.2B Partners, General Catalyst, Institutional Venture Partners, United States 2.1%
Sequoia Capital
Series C
8 Celestial AI $175M 2024-03-27
N/A Disruptive Technologies, M Ventures, Porsche Automobil United States 1.9%
Holding
Series D Sofinnova Ventures, Andreessen Horowitz, Amgen

9 BioAge Labs $170M 2024-02-13
$424M
Ventures, Cormorant Asset Management, Lilly Ventures
United States 1.8%
Lightspeed Venture Partners, Redpoint Ventures, Bessemer

Series C
10 Abridge $150M 2024-02-23
$850M Venture Partners, Institutional Venture Partners, Spark United States 1.6%
Capital
Series D FTV Capital, Beedie Capital Partners, NextEquity, Nicola

10 Kore.ai $150M 2024-01-30
N/A
Wealth, Vistara Growth
United States 1.6%
48
Quarterly exits
46
40
35 36
M&A, 27
2
1 1 1 IPO, 3
SPAC, 1
2020 2021 2022 2023 2024
49
US: Top investors by company count in Q1’24

1 Khosla Ventures 12 VC United States
2 Andreessen Horowitz 11 VC United States
3 NVentures 8 CVC United States
3 Sequoia Capital 8 VC United States
5 General Catalyst 7 VC United States
5 Lightspeed Venture Partners 7 VC United States
7 Samsung NEXT 6 CVC United States
8 Accel 5 VC United States
8 Databricks Ventures 5 CVC United States
8 Greycroft 5 VC United States
8 IAG Capital Partners 5 VC United States
8 Kleiner Perkins Caufield & Byers 5 VC United States
50
Silicon Valley
51
State of AI | Geographic Trends | Silicon Valley
$14.0B 199
200
Deals
$12.0B 173 172
165 168 166
163 164 162
145
$10.0B 137 140 150
132 130 128
121 Funding
$8.0 B 110
$7.2B
100
$6.0 B
$4.0 B
50
$2.0 B
$0.0 B 0
2020 2021 2022 2023 2024
52
9% Other, 3%
6%
14%
6% Late-stage, 5%
10%
14% Mid-stage, 16%
25%
26% 23%

65%
57% 59%
2020 2021 2022 2023 2024

YTD
53
Silicon Valley: Top equity deals in Q1’24
Round
Company Round Amount Round Valuation Select Investors % of Total Funding
Date
Series D
1 Anthropic $2.8B 2024-03-27
$18.4B Amazon 38.1%
Series D
2 Anthropic $750M 2024-02-22
$18.4B Menlo Ventures 10.4%
Series B
3 Figure $675M 2024-02-23
$2.7B M12, OpenAI Startup Fund, Intel Capital, Parkway VC 9.3%
Series C US Innovative Technology Fund, 1517 Fund, Bloomberg Beta,

4 Lambda $320M 2024-02-15
$1.5B
Crescent Cove Advisors, Gradient Ventures
4.4%
Series F Roche, Andreessen Horowitz, Artis Ventures, DCVC, Perceptive

5 Freenome $254M 2024-02-15
$2.0B
Advisors
3.5%
54
New York
55
State of AI | Geographic Trends | New York
$3.0 B 90
75 80
$2.5 B 70
68
70
64
62 61
$2.0 B 60
53 53
50 51 50 Deals
48 48 47
46 53 50
$1.5 B
37 40
$1.0 B 30
Funding
20
$0.5B
$0.5 B
10
$0.0 B 0
2020 2021 2022 2023 2024
56
5% 6%
10% 9% Other, 8%
8% 8% Late-stage, 0%
5% 6% Mid-stage, 9%
8%
20% 12%
23%
Early-stage, 83%
76%
72%
67% 64%
2020 2021 2022 2023 2024

YTD
57
New York: Top equity deals in Q1’24
Round
Date
Series C Euclidean Capital, Hamilton Lane, Key1 Capital, Blumberg

1 FundGuard $100M 2024-03-25
N/A
Capital, Team8
21.7%
Series B Andreessen Horowitz, Sequoia Capital, Credo Ventures, Daniel

2 ElevenLabs $80M 2024-01-22
$1.1B
Gross, Nat Friedman
17.3%
Series B EQT Ventures, Union Square Ventures, Comcast Ventures, LG

3 Hume AI $50M 2024-03-20
$219M
Technology Ventures, Northwell Holdings & Ventures
10.8%
Series A
4 Healthee $32M 2024-03-04
N/A Fin Capital, Glilot Capital Partners, Group 11, TriNet 6.9%
Series C AI Fund, AXA Venture Partners, Eldridge Industries, Moderne

5 Qloo $25M 2024-02-21
$195M
Ventures
5.4%
58
Los Angeles
59
State of AI | Geographic Trends | Los Angeles
$1,800M 45
$1,600M 40
35
$1,400M 35
$1,200M 28 30
26
25
24 24
$1,000M 23 25
22 22 22
19 19
$800M 18 18 20
Deals
$600M 13 13 17 15
$400M 10
Funding
$200M 5
$83M $54M $61M
$88M
$123M $375M $565M $1,512M $439M $222M $159M $304M $829M $1,709M $169M $188M $216M
$0M 0
2020 2021 2022 2023 2024
60
8% 8% 9%
7% Other, 18%
12% 11% 11%
Late-stage, 0%
19%
13% 12% 11%
Mid-stage, 24%
69% 68% 69% 69%

Early-stage, 59%
2020 2021 2022 2023 2024

YTD
61
Los Angeles: Top equity deals in Q1’24
Round
Date
Series B
1 rabbit $29M 2024-03-14
N/A Undisclosed Investors 32.6%
Seed VC Two Bear Capital, Acrobator Ventures, WestWave

2 Binarly $11M 2024-03-26
$12M
Capital, Blu Venture Investors, Canaan Partners
11.9%
Series A Com2uS, Andreessen Horowitz, BITKRAFT, Cypher

2 Carbonated $11M 2024-03-15
N/A
Capital, Goal Ventures
12.5%
Series A
4 rabbit $10M 2024-01-02
N/A Khosla Ventures 11.3%
Series B
5 Athos Therapeutics $8M 2024-02-06
62
Boston
63
State of AI | Geographic Trends | Boston
$1.6 B 45
42 42 42
40 40
$1.4 B 40
36
34 34
33 33 35
$1.2 B 32
30
27
$1.0 B 26
24
25
21
$0.8 B 21
20
Deals
$0.6 B 18
15
Funding
$0.4 B $0.3B 10
$0.2 B 5
$0.0 B 0
2020 2021 2022 2023 2024
64
10% 13% 12%

10% Other, 17%
9% 6% 7%
Late-stage, 11%
27% 20% 17%
22%
Mid-stage, 22%
61% 64%
59% 58%
Early-stage, 50%
2020 2021 2022 2023 2024

YTD
65
Boston: Top equity deals in Q1’24
Round
Date
Series F CPP Investments, Flagship Pioneering, Hanwha Impact, NGS Super,

1 Inari $103M 2024-01-30
$1.7B
Rivas Capital
31.9%
Series C March Capital, General Catalyst, Insight Partners, American Dental

2 Overjet $53M 2024-03-05
$550M
Association, Crosslink Capital
16.5%
Series B Deerfield Management, Define Ventures, Flare Capital Partners,

3 Cohere Health $50M 2024-02-01
$221M
Longitude Capital, Polaris Partners
15.5%
Series B
4 CodaMetrix $40M 2024-03-12
N/A Transformation Capital, Frist Cressey Ventures, SignalFire 12.4%
Series A Riverside Acceleration Capital, Audeo Capital, BlueIO, Sage Hill

5 CyberSaint $21M 2024-03-20
N/A
Investors
6.5%
66
Philadelphia
67
State of AI | Geographic Trends | Philadelphia
$300M 45
40
$250M 35
35
$200M 30
25
Funding
$150M
$132M
18 18 18 20
15
Deals
14 14 17
$100M 13 15
11
10 10 10 10
9
10
7
$50M 6
$52M $59M $32M $88M $34M $274M $113M $158M $267M $92M $63M $84M $55M $20M $84M $110M
$0M 0
2020 2021 2022 2023 2024
68
5% 6% 6%
9%
7%
Other, 18%
13%
15%
11% Late-stage, 0%
Mid-stage, 12%
86%
83%
78% 77%
Early-stage, 71%
2020 2021 2022 2023 2024

YTD
69
Philadelphia: Top equity deals in Q1’24
Round
Date
Undisclosed
1 LifeBrand $27M 2024-01-26
Series C
2 Cornelis Networks $25M 2024-03-12
N/A IAG Capital Partners 18.9%
Series A Bessemer Venture Partners, Amplo, Inspired Capital,

3 Axion Ray $18M 2024-03-12
$100M
RTX Ventures
13.3%
Series A Mosaic Ventures, AI Fund, Point Nine Capital, RTP

4 Podcastle $14M 2024-02-01
$28M
Global, Sierra Ventures
10.2%
Series A
5 Partium $11M 2024-02-14
$36M Anzu Partners, Trestle Partners 8.2%
70
Canada Trends
71
State of AI | Geographic Trends | Canada Trends
45
$1.0 B
40
36 36 36
33 35
32
$0.8 B 31
30
29 29
28 28 30
27 27
25
$0.6 B 25
20
19
20
Deals
$0.4 B 18
15
Funding
$224M 10
$0.2 B
$196M $279M $113M $59M $103M $1,003M $488M $221M $376M $420M $118M $209M $83M $738M $285M $230M
$0.0 B 0
2020 2021 2022 2023 2024
72
8% 8% 9%
10% Other, 11%
6% 6% Late-stage, 0%
11% Mid-stage, 11%
16% 10% 10%
75% 78%
74%
Early-stage, 78%
71%
2020 2021 2022 2023 2024

YTD
73
Canada: Top equity deals in Q1’24

Round % of Total
Company Round Amount Round Valuation Select Investors
Date Funding
Series A Andreessen Horowitz, Index Ventures, Redpoint Ventures, Pear

1 Ideogram AI $80M 2024-02-28
N/A
VC, SV Angel
35.8%
Series A Amplitude Ventures, BDC Capital, Driehaus Capital

2 Congruence Therapeutics $50M 2024-02-01
N/A
Management, Fonds de Solidarite FTQ, Investissement Quebec
22.4%
Seed VC
3 Borderless AI $27M 2024-03-21
N/A Aglae Ventures, Susquehanna International Group 12.1%
Series A Inovia Capital, Bling Capital, The LegalTech Fund, Thomson

4 Spellbook $20M 2024-01-24
N/A
Reuters Ventures
8.9%
Seed VC Dragonfly, Bankless Ventures, Delphi Ventures, Maven 11

5 MyShell $11M 2024-03-27
N/A
Capital, Nascent
4.9%
Series A Information Venture Partners, ManchesterStory Group,

6 Wisedocs $10M 2024-01-30
N/A
Thomson Reuters Ventures
4.2%
Series C
7 Swift Medical $8M 2024-01-25
N/A BDC Capital, Virgo Investment Group 3.6%
Seed VC Framework Ventures, FunPlus, Moore Strategic Ventures,

8 ArenaX Labs $6M 2024-01-09
N/A
SevenX Ventures
2.7%
Seed VC Mistral Venture Partners, Y Combinator, Greenlight Re

9 Armilla AI $3M 2024-01-09
N/A
Innovations, MS&AD Ventures, Morgan Creek Digital
1.5%
Venture Capital ArcTern Ventures, BDC Capital, Tokio Marine HCC, Longbow
9 Clir Renewables $3M 2024-01-25
N/A
Capital
1.4%
74
Quarterly exits
M&A, 7
5 5
IPO, 0
2020 2021 2022 2023 2024
75
Canada: Top investors by company count in Q1’24
Investor Company Count Investor Group
1 BDC Capital 4 VC
1 Radical Ventures 4 VC
3 Vistara Growth 3 VC
4 Inovia Capital 2 VC
4 Thomson Reuters Ventures 2 CVC
4 Wittington Ventures 2 VC
76
Asia Trends
77
State of AI | Geographic Trends | Asia Trends
500
$5.0 B 450
396
400
$4.0 B 344
326 350
295 301 293 294 296
285
300
$3.0 B
230 238
226 218 222 250
199 192
Funding
$1.9B 200
$2.0 B Deals
166
150
100
$1.0 B
50
$0.0 B 0
2020 2021 2022 2023 2024
78
6% Other, 3%
9% 9% 8%
8%
Late-stage, 10%
21% 23% 24% 20% Mid-stage, 24%
67% 66% 67%

2020 2021 2022 2023 2024

YTD
79
Asia: Top equity deals in Q1’24

Round % of Total
Date Funding
Alibaba Cloud, HongShan, China Merchants

Series B
1 Moonshot AI $1.0B 2024-02-19
$2.5B China Direct Investments, Meituan, China 53.4%
Xiaohongshu
Series D
2 PATEO $208M 2024-03-25
Series C TIMEFOLIO Asset Management, Skylake

3 DEEPX $68M 2024-02-25
N/A
Equity Partners
South Korea 3.6%
Series A
4 Krutrim $50M 2024-01-26
$1.0B Matrix Partners India India 2.7%
Corporate Minority
5 Tier IV $40M 2024-03-05
N/A ISUZU Motors Japan 2.1%
Series B 360 ONE, Cornerstone Venture Partners,

6 NewSpace Research and Technologies $33M 2024-03-01
N/A
Volrado Venture Partners
India 1.8%
Seed VC Khosla Ventures, Lux Capital, 500 Global,

7 Sakana AI $30M 2024-01-17
$200M
Basis Set, Geodesic Capital
Japan 1.6%
Series G
8 AISpeech $28M 2024-01-10
Series B China Capital Investment Group, Kexing

8 Deptrum $28M 2024-01-04
N/A
Kechuang, Yicun Songling
China 1.5%
Series C
8 Guozi Robotics $28M 2024-01-02
N/A Astronergy China 1.5%
80
Quarterly exits
22
18 18
11
5
4 M&A, 5
3
2
1 1
IPO, 1
SPAC, 0
2020 2021 2022 2023 2024
81
Asia: Top investors by company count in Q1’24
1 Mitsubishi UFJ Capital 4 CVC Japan
2 Headline 3 VC Japan
2 InterVest 3 VC South Korea
2 Kae Capital 3 VC India
2 Stassets Investment 3 VC South Korea
82
China
83
State of AI | Geographic Trends | China
$4.5 B 300
$4.0 B
250
$3.5 B 218
$3.0 B 200
172
163 163
$2.5 B 153
145 143
150
$2.0 B 116 121
101 Funding
97 93
$1.5 B 83 86 $1.4B 100
78
67
$1.0 B Deals
50
55
$0.5 B
$0.0 B 0
2020 2021 2022 2023 2024
84
Other, 2%
8%
Late-stage, 7%
9% 8%
10%
31% Mid-stage, 29%

30%
27% 37%
58% 59% 60% Early-stage, 62%

53%
2020 2021 2022 2023 2024

YTD
85
China: Top equity deals in Q1’24
Round
Date
Series B Alibaba Cloud, HongShan, China Merchants China Direct

1 Moonshot AI $1.0B 2024-02-19
$2.5B
Investments, Meituan, Xiaohongshu
72.4%
Series D
2 PATEO $208M 2024-03-25
Series G
3 AISpeech $28M 2024-01-10
Series B China Capital Investment Group, Kexing Kechuang, Yicun

3 Deptrum $28M 2024-01-04
N/A
Songling
2.0%
Series C
3 Guozi Robotics $28M 2024-01-02
N/A Astronergy 2.0%
86
Japan
87
State of AI | Geographic Trends | Japan
$0.4 B
50
$0.4 B
43
42
41 41
40
$0.3 B
40
36
35
33
34 Deals
$0.3 B 32
30
31 35
29
30
$0.2 B 24
23
$0.2 B
16 Funding 20
$103M
$0.1 B
10
$0.1 B
$0.0 B 0
2020 2021 2022 2023 2024
88
6% Other, 3%
10% 11%
20% 16%
Late-stage, 29%
21% 16%
25%
28% 23%
21%
Mid-stage, 34%
54%
47% 48% 49%
Early-stage, 34%
2020 2021 2022 2023 2024

YTD
89
Japan: Top equity deals in Q1’24
Round
Date
Corporate Minority
1 Tier IV $40M 2024-03-05
N/A ISUZU Motors 38.8%
Seed VC Khosla Ventures, Lux Capital, 500 Global, Basis Set, Geodesic
2 Sakana AI $30M 2024-01-17
$200M
Capital
29.0%
Series B Mitsubishi UFJ Capital, NTT DoCoMo Ventures, Harima

3 Ugo $6M 2024-01-31
N/A
Bistem, MLC Ventures, Mizuho Capital
5.5%
Series B Miyako Capital, Tokyo Kantei, Mizuho Bank, Resona Bank,

4 LocationMind $5M 2024-01-17
N/A
Shoko Chukin Bank
5.2%
Series C Azusa Research Institute, KAKUICHI, RICOH LEASING, RKB

5 desamis $4M 2024-03-18
N/A
Mainichi Broadcasting, Robot Home
4.0%
90
Europe Trends
91
State of AI | Geographic Trends | Europe Trends
$4.0 B
350
$3.5 B
300
$3.0 B 274
257
240
232 250
$2.5 B
215 217
210
198 203 200 197
184 187 188 186
$2.0 B 174 Funding 200
$1.6B
Deals
$1.5 B 150
150
$1.0 B 100
$0.5 B 50
$0.0 B 0
2020 2021 2022 2023 2024
92
6% 6% Other, 5%
7%
7% 7% 6% Late-stage, 4%
11% 10% Mid-stage, 12%
13% 14%
74%
78% 79% Early-stage, 79%
74%
2020 2021 2022 2023 2024

YTD
93
Europe: Top equity deals in Q1’24

Round % of Total
Date Funding
Durable Capital Partners, Baillie Gifford, Cox

Series B
1 Bending Spoons $155M 2024-02-15
$2.6B Enterprises, NB Renaissance Partners, NUO Italy 9.5%
Capital
Series C
2 Medical Micro Instruments $110M 2024-02-21
N/A Fidelity Investments Italy 6.7%
Series A Neurone Ventures, Rimac Automobili,

3 Project 3 Mobility $107M 2024-02-06
N/A
SiteGround, Elaf Auto, Tasaru Holding
Croatia 6.6%
Series B EQT Ventures, Sandwater, Skagerak Capital,

4 1X $100M 2024-01-11
N/A
Nistad Group, Samsung NEXT
Norway 6.1%
Greenfield Partners, Zeev Ventures, 10D

Series A
5 Exodigo $75M 2024-02-27
N/A Ventures, National Grid Partners, Square Peg Israel 4.6%
Capital
Series A Multicoin Capital, Protocol Labs, Metaplanet,

6 Zama $73M 2024-03-07
$400M
Stake Capital, Vsquared Ventures
France 4.5%
Series B
7 PhotoRoom $43M 2024-02-27
$500M Balderton Capital, Y Combinator, Aglae Ventures France 2.6%
Series B Lightspeed Venture Partners, Sequoia Capital,

8 RobCo $42M 2024-02-26
N/A
Kindred Capital, Promus Ventures
Germany 2.6%
Series A
8 Robovision $42M 2024-03-28
N/A Astanor Ventures, Target Global, Red River West Belgium 2.6%
Growth Equity
10 Xensam $40M 2024-02-09
$143M Expedition Growth Capital Sweden 2.4%
94
Quarterly exits
35
33
30
26 M&A, 28
1 1 IPO, 1
SPAC, 0
2020 2021 2022 2023 2024
95
Europe: Top investors by company count in Q1’24
1 Index Ventures 3 VC United Kingdom
1 Kima Ventures 3 Angel France
1 MMC Ventures 3 VC United Kingdom
1 Metaplanet 3 VC Estonia
96
United Kingdom
97
State of AI | Geographic Trends | United Kingdom
$2.0 B 100
$1.8 B 84 90
$1.6 B 80
$1.4 B 65 66 70
62 63
61
57 57
$1.2 B 55 60
53 53 53
$1.0 B 50
42 43 43 Deals
$0.8 B
37 45 40
$0.6 B 30
Funding
$0.4 B 20
$0.3B
$0.2 B 10
$0.0 B 0
2020 2021 2022 2023 2024
98
8% 7% 7% Other, 4%
7% 6%
Late-stage, 7%
7%
12%
11% Mid-stage, 11%
11% 12%

74% 74% 76%
2020 2021 2022 2023 2024

YTD
99
United Kingdom: Top equity deals in Q1’24
Round % of Total
Company Round Amount Round Valuation Select Investors
Date Funding
Seed VC DCVC, NVentures, Jonathan Milner, Khosla Ventures,

1 Relation Therapeutics $35M 2024-01-19
N/A
Magnetic Ventures
12.6%
Series C Morgan Stanley Expansion Capital, Communitas Capital, FJ

2 Vortexa $34M 2024-01-08
N/A
Labs, Metaplanet, Monashees+
12.3%
Series B
3 Robin AI $26M 2024-01-02
N/A Temasek, AFG Partners, Plural VC, QuantumLight 9.4%
Series A Lakestar, Day One Capital, Emerge Education, Oktogon

4 Colossyan $22M 2024-02-06
N/A
Ventures, LAUNCHub Ventures
7.9%
Series A Radical Ventures, Character, Compound, Fly Ventures, Flying

5 Orbital Materials $16M 2024-02-21
N/A
Fish Venture Partners
5.8%
100
Germany
101
State of AI | Geographic Trends | Germany
$0.9 B 40
$0.8 B 33 35
32
30 30
$0.7 B 29
28 30
27 27
$0.6 B 25 25
24
25
22 22
$0.5 B 20
19
20
$0.4 B 16
Deals
16 15
$0.3 B
Funding
$188M 10
$0.2 B
$0.1 B 5
$0.0 B 0
2020 2021 2022 2023 2024
102
Other, 0%
7%
8% 7%
Late-stage, 0%
11%
6% Mid-stage, 13%
12%
16% 12%
16%
Early-stage, 88%
76% 78%
72% 73%
2020 2021 2022 2023 2024

YTD
103
Germany: Top equity deals in Q1’24
Round
Date
Series B Lightspeed Venture Partners, Sequoia Capital, Kindred Capital,

1 RobCo $42M 2024-02-26
N/A
Promus Ventures
22.5%
Series B
2 Kittl $36M 2024-01-23
N/A Institutional Venture Partners 19.1%
Series A
3 Qdrant $28M 2024-01-23
N/A Spark Capital, 42CAP, Unusual Ventures 14.9%
Series A
4 Daedalus $21M 2024-02-08
N/A NGP Capital, Addition, Khosla Ventures 11.2%
Series A Felicis, Betaworks, Clem Delangue, Factorial Capital, First Spark

5 Flower $20M 2024-02-15
$100M
Ventures
10.6%
104
France
105
State of AI | Geographic Trends | France
$700M 50
45
$600M
40
$500M 34
32 35
30
$400M 26
24 24
23 25
21 Funding
$300M 19 19
17
18 $238M 20
16 16
Deals
$200M 12 15
15
9
8 10
$100M
$36M 5
$74M $149M $112M $142M $125M $403M $214M $486M $362M $171M $190M $252M $216M $555M $654M
$0M 0
2020 2021 2022 2023 2024
106
Other, 0%
7% Late-stage, 0%
Mid-stage, 20%
14% 15% 11%
14%
79% 76% 77% 79% Early-stage, 80%
2020 2021 2022 2023 2024

YTD
107
France: Top equity deals in Q1’24
Round
Date
Series A Multicoin Capital, Protocol Labs, Metaplanet, Stake Capital, Vsquared

1 Zama $73M 2024-03-07
$400M
Ventures
30.6%
Series B
2 PhotoRoom $43M 2024-02-27
$500M Balderton Capital, Y Combinator, Aglae Ventures 18.0%
Series A
3 Aqemia $32M 2024-01-30
N/A Wendel 13.6%
Series B
4 Nabla $24M 2024-01-05
N/A Cathay Innovation, Zebox 10.1%
Series A
5 AZmed $16M 2024-02-20
N/A Maison Worms, Teampact Ventures, Techstars 6.8%
Series C AGIR à dom, Cemag Invest, Centre d'Etudes et de Recherches pour

5 Diabeloop $16M 2024-03-04
N/A
l'Intensification du Traitement du Diabete, Innovacom, Kreaxi
6.8%
Series A
5 Mistral AI $16M 2024-02-26
N/A Microsoft 6.8%
108
State of AI
Report Methodology No buyouts, consolidations, or recapitalizations. All three of
these transaction types are commonly employed by private
Geography notes: Israel funding figures are classified in Europe;
You can download the underlying data found in this report here: funding to Oceania, LatAm, and Africa is included in global equity firms and are tracked by CB Insights. However, they are
https://www.cbinsights.com/reports/CB-Insights_AI-Report-Q1- figures but not spotlighted in this report. excluded for the purposes of this report.
2024.xlsx No private placements. These investments, also known as PIPEs
Rounds to private companies that may be majority- or minority-
If you have questions about the definitions or methodological owned subsidiaries of other private companies. (Private Investment in Public Equities), are not included even if
principles used, or if you feel that your firm has been made by a venture capital firm.
Valuation data includes estimates to calibrate median and
underrepresented, please reach out to [email protected]. No debt/loans of any kind (except convertible notes). Venture
average valuations based on current and previous quarter
disclosed valuations gathered from the aforementioned four debt or any kind of debt/loan issued to emerging, startup
companies, even if included as an additional part of an equity
What is included: sources. The estimating method will control for the over-
sampling of large rounds that are reported quickly versus a financing, is not included. If a company receives $3M with $2M
Equity financings into private companies only. Funding rounds comparative lag in valuations obtained from other sources. from venture investors and $1M in debt, only the $2M is included
raised by public companies of any kind on any exchange Valuation data reflects post-money valuations. in these statistics.
(including Pink Sheets) are excluded from our numbers, even if Exits include IPOs, SPACs, publicly announced M&A deals, and No non-equity government funding. Grants or loans by the
they received investment from a venture firm. other liquidity events; only first exits are counted. federal government, state agencies, or public-private
Only includes the investment made in the quarter for tranched partnerships to emerging, startup companies are not included.
Headquarters are determined by publicly available sources
investments. If a company does a second closing of its Series B including company-owned websites and profiles, legal filings, No fundings to subsidiaries of a larger parent corporation unless
round for $5M and previously had closed $2M in a prior quarter, and press releases. that subsidiary is a private entity and meets other criteria for
only the $5M is reflected. inclusion.
All figures in the report are in USD.
Round numbers reflect what has closed, not what is intended. If Accelerators, incubators, business-plan competitions, economic-
US financing trends follow the combined statistical area (CSA)
a company indicates the closing of $5M out of a desired raise of development entities are excluded from rankings of most active
methodology. Silicon Valley refers to the San Jose-San investors, even if making equity financings.
$15M, our numbers reflect only the amount which has closed.
Francisco-Oakland CSA.
Only verifiable fundings are included. Fundings are verified via Rankings for top investors are calculated according to “company
(1) various federal and state regulatory filings; (2) direct count,” or the number of unique companies an investor funds in
confirmation with firm or investor; (3) press release; or (4) What is excluded: a quarter, and so excludes follow-on deals.
credible media sources.
No contingent funding. If a company receives a commitment for
Equity fundings to joint ventures and spinoffs/spinouts are
$20M subject to hitting certain milestones but first gets $8M,
included.
only the $8M is included in our data.
Unicorn data includes private companies valued at $1B or more No business development/R&D arrangements, whether
in the private markets globally, per the same 4 sources listed
transferable into equity now, later, or never. If a company signs a
above and relied on for funding events, which include valuations
$300M R&D partnership with a larger corporation, this is not
disclosed in credible media sources. The list is maintained
equity financing nor is it from venture capital firms. As a result, it
publicly and updated in real time at
is not included.
https://www.cbinsights.com/research-unicorn-companies.
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CB Insights - Artificial Intelligence Report Q1 2024

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State of AI

TLDR Your rundown on

$13.1B $23.1M 6 -36% 52%

Global Trends 5 Europe 91

Annual equity funding & deals

Quarterly equity funding & deals

Funding & deals by global region in Q1’24

Percent of quarterly deals by global region

22% 23% 21% 22% 22%

24% Asia, 22%

49% 49% 51% US, 53%

Percent of quarterly deals by investor group

35% 37% 36% 37% 34% 35%

Annual average & median deal size

Average Deal Size Median Deal Size

2020 2022 2024 2020 2022 2024

Annual median deal size by global region

US Asia Europe Canada

Annual median deal size by investor group

Angel Asset/Investment CVC Corp Private Equity VC

Quarterly funding & deals from mega-rounds (deals worth $100m+)

Mega-round funding & deals by global region in Q1’24

Quarterly mega-round deals by global region

Quarterly mega-rounds as percent of funding

Global: Top equity deals in Q1’24

Series B Alibaba Cloud, HongShan, China Merchants China Direct

Series C US Innovative Technology Fund, 1517 Fund, Bloomberg

Series F Roche, Andreessen Horowitz, Artis Ventures, DCVC,

Series E Elad Gil, Lux Capital, Andreessen Horowitz, General

Kleiner Perkins Caufield & Byers, Lightspeed Venture

Annual percent of deals by deal stage

73% Early-stage, 71%

2020 2021 2022 2023 2024

Regional deal share by deal stage in Q1’24

US Asia Europe Canada All Other Regions

Early-stag e 52% 20% 22%

Mid-stage 47% 35% 16%

Late-stage 44% 39% 15%

Other 74% 9% 14%

Annual median funding by deal stage

Early-stage Mid-stage Late-stage

$2.4M $3.0M $3.0M $2.4M $2.3M

2020 2022 2024 2020 2022 2024 2020 2022 2024

Global: Top seed/angel deals in Q1’24

Seed VC Thrive Capital, Sequoia Capital, Greenoaks, Khosla Ventures, Lux

Seed VC DCVC, NVentures, Jonathan Milner, Khosla Ventures, Magnetic

Seed VC Index Ventures, Databricks Ventures, Factorial Capital, ICONIQ

Seed VC A&E investments, Walden Catalyst Ventures, EDBI, Prosperity7

Seed VC 468 Capital, Green Generation Fund, session.vc, Promus Ventures,

Clean Growth Fund, Dorilton Capital, UCL Technology Fund, XTX

Global: Top Series A deals in Q1’24

Series A Neurone Ventures, Rimac Automobili, SiteGround, Elaf Auto, Tasaru

Series A Salesforce Ventures, Kleiner Perkins Caufield & Byers, New

Series A Lightspeed Venture Partners, Sequoia Capital, New Enterprise

Series A Andreessen Horowitz, Index Ventures, Redpoint Ventures, Pear VC,

Series A Greenfield Partners, Zeev Ventures, 10D Ventures, National Grid

Series A Multicoin Capital, Protocol Labs, Metaplanet, Stake Capital,

Series A General Catalyst, Premji Invest, Andreessen Horowitz, Memorial

Series A Amplitude Ventures, BDC Capital, Driehaus Capital Management,