Number of $100M+ rounds in AI / ML, 2014 to 2023 $1B+ $250M-$1B 150 $100M-$250M 125 100 s d n u o 75 r f o # 50 25 0 e S e S e S e S e S e S e S e S e S e S p U p U p U p U p U p U p U p U p U p U o o o o o o o o o o ur ur ur ur ur ur ur ur ur ur E E E E E E E E E E 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Notes: 2023 data is based on data to Sources: Powered by September 2023. Excludes the following: biotech, secondary transactions, debt, lending capital, and grants. Generative AI sector rises in Europe’s tech scene The most remarkable subset within the AI space this year has undoubtedly been Generative AI. Generative AI companies focus on developing and applying arti昀椀cial intelligence technologies, particularly machine learning techniques, to generate new content, data, or media. This category features companies like Mistral AI and Aleph Alpha in Europe, alongside OpenAI (the makers of ChatGPT) and In昀氀ection AI in the United States. While Generative AI companies may represent a relatively small fraction of overall tech fundraising activity on an absolute count basis, they have swiftly had an outsized impact on work昀氀ows, regulatory discourse, and society at large. | 52