What is also notable is that whilst generative AI companies have leapt into the public consciousness in 2023, they have been quietly being started and funded in greater numbers for many years, both in Europe and the US. Count of rounds in GenAI in respective regions, 2019 to 2023 Europe US 125 100 s 75 d n u o r f o # 50 25 0 2019 2020 2021 2022 2023YTD Notes: Data is as of 30 September 2023. Sources: Excludes the following: biotech, secondary transactions, debt, lending capital, and grants. A decade of growth in Europe’s AI talent pool The fact that AI is 昀氀ourishing under the radar in Europe should not be a surprise. Europe has a strong tech- nical talent pool, owing its strength to world-class scienti昀椀c and technical institutions and the depth of its engineering talent. This strength extends into the 昀椀eld of AI. Over the past decade, Europe has not only witnessed a greater than 10x increase in the number of people working in AI roles but also claims a larger resident population of high- ly-skilled AI professionals compared to the US. 53 | Executive summary