PitchBook Survey Finds Majority of Venture Capitalists Betting on AI
PitchBook has released findings from a new survey conducted in partnership with Collision, a Web Summit event and technology conference taking place from Jun 26-29.
Nearly 100 global venture capital investors attending the conference completed the survey.
The survey found that 74% of investors said they have made at least one investment in AI/ML in the past 18 months.
PitchBook, the data provider for the private and public equity markets, has released findings from a new survey conducted in partnership with Collision, a Web Summit event and technology conference taking place on Jun 26-29 at Enercare Centre in Toronto, Ontario.
In their seventh collaborative survey at Web Summit conferences, PitchBook and Collision deliver valuable insights into investment strategies, women’s representation in VC, and evolving sentiments surrounding emerging technologies like artificial intelligence, climate tech, and fintech amidst market unpredictability.
Collecting responses from nearly 100 venture capital (VC) investors worldwide who participated in the conference, the survey found that 64% of respondents indicated AI/ML could potentially be the most disruptive technology in the next five to 10 years. That is an increase of 35% just seven months prior at Web Summit 2022, where AI/ML secured the top spot with just 29% of investor responses.
The optimistic outlook of these investors is substantiated by the fact that 74% of them have already made at least one investment in AI/ML over the past 18 months, with 14% of investors having made more than six investments in the space.
Unsurprisingly, Fintech and blockchain, the top response at Collision 2022 (30%), fell to fourth place with just 6.8% of investors selecting this previously hyped category, continuing the decline seen in the November 2022 Web Summit survey (23%) results.
“For the most part, these findings correspond with what we’re seeing at Collision. There has been a huge pick up in AI startups attending Collision, with an increase of 27% each year, and overall growth of 105% since 2020,”said Ricardo Lima, Head of Startups and Investors at Web Summit.
VCs have been pouring large amounts of capital into AI since the launch of ChatGPT created a generative AI frenzy. Just this month, AI startup Cohere raised $270 million in a Series C round, while Cyera raised $100 million for its AI-powered data security platform. Today, generative AI platform Typeface announced a $100 million Series B raise at a valuation of $1 billion.
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