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1、State of AIGlobal|2023 recapGlobal data and analysis on dealmaking,funding,and exits by private market AI companiesState of AI2 2Make smartertech decisions.Our platform will help you discover,understand,and manage your response to emerging tech.Make confident tech decisions that drive growth,improve

2、 operations,and beat the competition with CB Insights.IIIITry our platform free!Sign up for a free trialContentsGlobal Trends5Investment Trends6Unicorns29Exit Trends35Geographic Trends41US42Silicon Valley50New York54Boston58Asia62China70Japan74Europe78United Kingdom86Germany90France943State of AISta

3、te of AI4 4“Steal”our data.Download the underlying data in this report.If you create any analysis or visualizations with this data,send it our way and you could be featured in the CBI newsletter.us on social LinkedIn X(Twitter)InstagramIIIIDownload the raw dataSign up for a free trialGlobal Trends5I

4、nvestment Trends6Annual equity funding&deals7State of AI|Global Trends|Investment Trends$32.5B$33.7B$74.6B$47.3BFunding$42.5B3,0552,9343,5853,292Deals2,50005001,0001,5002,0002,5003,0003,5004,0004,500$0.0B$10.0B$20.0B$30.0B$40.0B$50.0B$60.0B$70.0B$80.0B20192020202120222023Quarterly equity funding&dea

5、ls8State of AI|Global Trends|Investment Trends$7.0B$8.6B$8.7B$8.2B$7.1B$7.1B$7.9B$11.7B$19.6B$17.8B$18.8B$18.4B$16.0B$13.1B$8.5B$9.7B$15.9B$10.0B$9.5BFunding$7.1B7377578097527296527518028528051,019909971875759687677669600Deals55402004006008001,000$0.0B$5.0B$10.0B$15.0B$20.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q

6、1Q2Q3Q4Q1Q2Q3Q4201920202021202220239State of AI|Global Trends|Investment TrendsUS$3.8B240 DealsAsia$1.2B167 DealsEurope$1.8B121 DealsCanada$0.1B12 DealsAfrica$7M5 DealsLatAm$3M5 DealsOceania$53M4 DealsFunding&deals by global region in Q423Percent of quarterly deals by global region10State of AI|Glob

7、al Trends|Investment Trends43%45%43%39%43%40%39%38%43%40%40%39%40%40%40%40%46%45%49%US,43%28%28%33%31%29%30%33%34%30%31%35%34%29%29%34%25%20%24%26%Asia,30%21%22%20%24%23%23%22%23%21%21%19%21%24%24%21%29%27%25%20%Europe,22%7%6%6%6%6%5%5%5%7%6%6%7%7%6%6%6%All Other Regions,5%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

8、Q2Q3Q4Q1Q2Q3Q420192020202120222023Percent of quarterly deals by investor group11State of AI|Global Trends|Investment Trends36%37%34%35%35%37%35%37%33%35%32%33%33%32%31%33%32%33%32%VC,32%15%16%15%16%13%15%17%14%16%14%14%14%13%17%16%18%17%17%18%Other,17%9%11%10%9%9%9%10%9%10%9%10%10%9%9%10%9%9%11%10%C

9、orp,11%7%8%7%10%8%8%9%9%8%9%10%10%10%12%10%12%10%11%9%Angel,10%11%11%12%11%11%11%10%11%9%10%9%10%10%10%9%9%9%11%9%CVC,10%6%6%6%7%5%7%6%7%8%10%9%10%10%8%8%10%7%8%8%Asset/Investment Management,8%5%6%6%8%7%8%6%7%6%7%5%5%Private Equity,6%12%7%12%8%13%6%8%6%8%7%8%6%8%6%8%6%12%5%8%Incubator/Accelerator,5%

10、Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual average&median deal size12State of AI|Global Trends|Investment Trends$15.2M$16.1M$28.9M$19.3M$23.4M201920212023Average Deal Size$3.4M$4.0M$5.5M$4.4M$4.4M201920212023Median Deal SizeAnnual median deal size by global region13State of A

11、I|Global Trends|Investment Trends$4.5M$5.0M$8.0M$6.0M$5.3M201920212023US$3.2M$3.7M$5.7M$3.4M$3.0M201920212023Asia$2.8M$2.8M$3.6M$4.0M$3.3M201920212023EuropeAnnual median deal size by investor group14State of AI|Global Trends|Investment Trends$2.8M$4.2M$4.9M201920212023Angel$16.8M$17.0M$16.0M20192021

12、2023Asset/Investment Management$12.0M$17.0M$15.7M201920212023CVC$9.0M$14.0M$9.0M201920212023Corp$20.0M$26.0M$20.0M201920212023Private Equity$8.0M$10.1M$8.4M201920212023VCAnnual funding&deals from mega-rounds(deals worth$100M+)15State of AI|Global Trends|Investment Trends$14.3B$14.9B$44.9B$21.9BFundi

13、ng$25.5B5881198115Deals73050100150200$0.0B$5.0B$10.0B$15.0B$20.0B$25.0B$30.0B$35.0B$40.0B$45.0B$50.0B20192020202120222023Quarterly mega-round funding&deals16State of AI|Global Trends|Investment Trends$3.1B$3.7B$4.3B$3.2B$3.0B$2.1B$3.9B$5.9B$14.2B$10.2B$10.2B$10.3B$8.1B$5.7B$3.1B$5.0B$11.9B$5.0B$5.2B

14、Funding$3.4B816211315152229564748474335172092225Deals17010203040506070$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B$14.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022202317State of AI|Global Trends|Investment TrendsUS$1.7B11 DealsEurope$0.9B2 DealsAsia$0.8B4 DealsMega-round funding&deals by globa

15、l region in Q423Quarterly mega-round deals by global region18State of AI|Global Trends|Investment Trends1171716US,1143Asia,44235Europe,2121All Other Regions,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Quarterly mega-rounds as percent of funding19State of AI|Global Trends|Investment

16、Trends44%43%49%38%42%29%50%51%72%57%54%56%50%44%36%51%75%50%55%Mega-rounds,48%56%57%51%62%58%71%50%49%28%43%46%44%50%56%64%49%25%50%45%Non-mega-rounds,52%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Global:Top equity deals in Q42320State of AI|Global Trends|Investment TrendsCompanyRou

17、nd AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Aleph Alpha$500MSeries B2023-11-06N/AInnovation Park Artificial Intelligence,Robert Bosch Venture Capital,Schwarz Group,Burda Principal Investments,Christ&Company ConsultingGermany7.1%1Anthropic$500MCorporate Minority2023-10-

18、27N/A GoogleUnited States7.1%3Mistral AI$415MSeries A2023-12-10$2.0BAndreessen Horowitz,General Catalyst,Lightspeed Venture PartnersFrance5.9%4Alpheya$300MUndisclosed2023-11-21N/A BNY Mellon,LunateUnited Arab Emirates4.3%4Baichuan AI$300MSeries A2023-10-17$1.0B Alibaba Cloud,Shunwei Capital,Tencent,

19、XiaomiChina4.3%6Lightmatter$155MSeries C2023-12-19$1.2B Google Ventures,Viking Global InvestorsUnited States2.2%7GreyOrange$135MSeries D2023-11-24$462MAnthelion Capital,Blume Ventures,Mithril Capital Management,3State VenturesUnited States1.9%7xAI$135MUndisclosed2023-12-05N/A Undisclosed InvestorsUn

20、ited States1.9%9Rebellions$129MSeries B2023-12-08$599MIMM Investment,KT Corporation,Korea Development Bank,Pavilion Capital,SV InvestmentSouth Korea1.8%10Seismic Therapeutics$121MSeries B2023-12-04N/ABessemer Venture Partners,Lightspeed Venture Partners,Boxer Capital,Google Ventures,Polaris Partners

21、United States1.7%Annual percent of deals by deal stage21State of AI|Global Trends|Investment Trends74%69%66%69%Early-stage,70%14%17%19%17%Mid-stage,15%7%7%9%8%Late-stage,7%7%6%7%Other,8%20192020202120222023Regional deal share by deal stage in Q42322State of AI|Global Trends|Investment Trends40%45%41

22、%65%30%34%35%20%25%15%20%13%5%7%4%Early-stageMid-stageLate-stageOtherUSAsiaEuropeAll Other RegionsAnnual median funding by deal stage23State of AI|Global Trends|Investment Trends$2.2M$2.3M$2.9M$3.0M$2.7M201920212023Early-stage$22.5M$22.0M$35.0M$29.7M$25.0M201920212023Mid-stage$50.0M$50.0M$87.5M$60.0

23、M$41.0M201920212023Late-stageGlobal:Top seed/angel deals in Q42324State of AI|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Liquid AI$38MSeed VC2023-12-06OSS Capital,Pagsgroup,Argean Capital,Automattic,Breyer CapitalUnited States2CentML$27MSeed VC2023-10-25Gradie

24、nt Ventures,Deloitte Ventures,NVIDIA,Thomson Reuters Ventures,Misha BilenkoCanada3Rhythms$26MSeed VC2023-12-07Greenoaks,Madrona Venture Group,Accel,Cercano Management,Founders Co-opUnited States4Codegen$16MSeed VC2023-11-16Thrive Capital,Adam DAngelo,Mike KriegerUnited States5Dandelion$15MSeed VC202

25、3-12-21Primary Venture Partners,Floating Point Ventures,Moxxie Ventures,Phoenix Venture Partners,Sharp HealthCareUnited States6Extropic$14MSeed VC2023-12-05Kindred Ventures,Buckley Ventures,HOF Capital,Julian Capital,Marque VenturesUnited States7Vayu Robotics$13MSeed VC2023-10-03Khosla Ventures,Lock

26、heed Martin Ventures,ReMY Investors&Consultants,Sierra VenturesUnited States8Biocogniv$11MSeed VC2023-10-19The Fund at HulaUnited States8Bonsai Robotics$11MSeed VC2023-10-02Acre Venture Partners,Congruent Ventures,E14 Fund,Fall Line Capital,SNR VenturesUnited States8Distributional$11MSeed VC2023-12-

27、14Andreessen Horowitz,Operator Stack Fund,Point72 Ventures,SV Angel,Two SigmaUnited StatesGlobal:Top Series A deals in Q42325State of AI|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Mistral AI$415MSeries A2023-12-10Andreessen Horowitz,General Catalyst,Lightspeed

28、 Venture PartnersFrance2Baichuan AI$300MSeries A2023-10-17Alibaba Cloud,Shunwei Capital,Tencent,XiaomiChina3Together$103MSeries A2023-11-29Kleiner Perkins Caufield&Byers,New Enterprise Associates,Definition Capital,FactoryHQ,Long Journey VenturesUnited States4Sarvam AI$41MSeries A2023-12-07Lightspee

29、d Venture Partners,Khosla Ventures,Peak XV PartnersIndia5Armada$40MSeries A2023-11-018090 Industries,Contrary,Felicis,Marlinspike,Valor CapitalUnited States6Ingenious.Build$37MSeries A2023-11-08Morpheus Ventures,Navitas Capital,American Family Ventures,Crow Holdings,JLL SparkUnited States7Laza Medic

30、al$36MSeries A2023-12-12The Capital Partnership,GE Healthcare Financial Services,Medtech Ventures,Unorthodox Ventures,Dara HoldingsUnited States8Evident Vascular$35MSeries A2023-10-17Vensana CapitalUnited States8Pika Art$35MSeries A2023-11-28Lightspeed Venture Partners,Bens Bites,Conviction Capital,

31、Homebrew,SV AngelUnited States10Orbem$32MSeries A2023-10-1183North,Possible Ventures,The Venture Collective,La FamigliaGermany10PhysicsX$32MSeries A2023-11-27General Catalyst,NGP Energy Technology Partners,Radius Capital,Henry Kravis,Standard IndustriesUnited KingdomGlobal:Top Series B deals in Q423

32、26State of AI|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Aleph Alpha$500MSeries B2023-11-06Innovation Park Artificial Intelligence,Robert Bosch Venture Capital,Schwarz Group,Burda Principal Investments,Christ&Company ConsultingGermany2Rebellions$129MSeries B20

33、23-12-08IMM Investment,KT Corporation,Korea Development Bank,Pavilion Capital,SV InvestmentSouth Korea3Seismic Therapeutics$121MSeries B2023-12-04Bessemer Venture Partners,Lightspeed Venture Partners,Boxer Capital,Google Ventures,Polaris PartnersUnited States4Iambic Therapeutics$100MSeries B2023-10-

34、03Abingworth,Ascenta Capital,Sequoia Capital,Catalio Capital Management,CoatueUnited States4Prins AI$100MSeries B2023-10-01AAB Venture CapitalUnited States6Braincube$91MSeries B2023-11-29Bpifrance,Scottish Equity PartnersFrance7Harvey$80MSeries B2023-12-19Elad Gil,Kleiner Perkins Caufield&Byers,Open

35、AI Startup Fund,SequoiaUnited States8Perplexity AI$74MSeries B2023-10-24Institutional Venture Partners,Bessemer Venture Partners,New Enterprise Associates,Databricks Ventures,Elad GilUnited States9Intenseye$61MSeries B2023-10-27Lightspeed Venture Partners,Insight Partners,Point Nine CapitalUnited St

36、ates10Hayden AI$53MSeries B2023-10-18Drawdown Fund,Autotech Ventures,BootstrapLabs,MVP Ventures,TYH VenturesUnited StatesGlobal:Top Series C deals in Q42327State of AI|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Lightmatter$155MSeries C2023-12-19Google Ventures

37、,Viking Global InvestorsUnited States2AI21 Labs$53MSeries C2023-11-21Comcast Ventures,Intel CapitalIsrael3AssemblyAI$50MSeries C2023-12-04Accel,Insight Partners,Daniel Gross,Nat Friedman,Y CombinatorUnited States4Alto Neuroscience$45MSeries C2023-11-21InVivium Capital,Alpha Wave Global,Lightswitch C

38、apital,What If Ventures,Windham Venture PartnersUnited States4VideoVerse$45MSeries C2023-12-18Bluestone Equity PartnersUnited States6EndoQuest Robotics$42MSeries C2023-12-04CE-Ventures,McNair Interests,Puma Venture CapitalUnited States6Foretellix$42MSeries C2023-12-05Next Gear Ventures,ISUZU Motors,

39、OurCrowd First,TemasekIsrael8Silo$35MSeries C2023-12-13Koch Disruptive TechnologiesUnited States9Cowbell Cyber$25MSeries C2023-11-01Prosperity7 VenturesUnited States10Yalo$20MSeries C2023-10-09Glisco PartnersUnited StatesGlobal:Top Series D+deals in Q42328State of AI|Global Trends|Investment TrendsC

40、ompanyRound AmountRoundDateRound ValuationSelect InvestorsCountry1GreyOrange$135MSeries D2023-11-24$462M Anthelion Capital,Blume Ventures,Mithril Capital Management,3State VenturesUnited States2May Mobility$105MSeries D2023-11-06$728MNippon Telegraph and Telephone,BMW i Ventures,Cyrus Capital Partne

41、rs,State Farm Ventures,Toyota VenturesUnited States3Pony.ai$100MSeries D2023-10-21$8.6B Abu Dhabi Investment Office,NEOMUnited States3Shield AI$100MSeries F2023-12-29$2.8B Undisclosed InvestorsUnited States5Bowery$85MSeries D2023-11-09$839M GGV Capital,First Round Capital,Google VenturesUnited State

42、s6Twin Health$50MSeries D2023-12-13N/A Temasek,Helena Capital Partners,ICONIQ Growth,Peak XV Partners,SofinaUnited States7DataCanvas$41MSeries D2023-10-08N/AHuamin Investment,Z&Y Capital,Zhejiang Orient Financial Holdings Group,China Electronics,China Pacific InsuranceChina8Aidoc$30MSeries D2023-11-

43、27N/A Undisclosed InvestorsIsrael9Miovision$26MSeries D2023-10-19N/ABDC Capital,Export Development Canada,HarbourVest Partners,Maverix Private Equity,McRock CapitalCanada10Vention$15MSeries D2023-10-10N/A Fonds de Solidarite FTQCanada11Ghost Autonomy$5MSeries E2023-11-08N/A OpenAI Startup FundUnited

44、 StatesUnicorns29Quarterly new&total unicorns(private companies valued at$1B+)30State of AI|Global Trends|Unicorns6574New Unicorns,6170175180182Total Unicorns,186Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022202331State of AI|Global Trends|UnicornsEurope262 NewUS1162 NewAsia362 NewCanada50

45、 NewLatAm20 NewAll Other Regions10 NewNew&total unicorns by global region in Q423Quarterly new unicorns by global region32State of AI|Global Trends|Unicorns2351US,21Asia,23212Europe,211All Other Regions,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Global:Top unicorn births in Q42333S

46、tate of AI|Global Trends|UnicornsCompanyLatest Valuation Country1Mistral AI$2.0BFrance2Lambda Labs$1.5BUnited States3Lightmatter$1.2BUnited States401.AI$1.0BChina4Baichuan AI$1.0BChina4BioCatch$1.0BIsraelGlobal:Top unicorns by valuation in Q42334State of AI|Global Trends|UnicornsCompanyLatest Valuat

47、ion Country1ByteDance$225.0BChina2Databricks$43.0BUnited States3OpenAI$29.0BUnited States4Grammarly$13.0BUnited States5Faire$12.6BUnited States6Tanium$9.0BUnited States7Nuro$8.6BUnited States7Pony.ai$8.6BUnited States9Anduril$8.5BUnited States10Lacework$8.3BUnited StatesExit Trends35Annual exits36St

48、ate of AI|Global Trends|Exit Trends19IPO,16263M&A,3178SPAC,120192020202120222023Quarterly exits37State of AI|Global Trends|Exit Trends3225IPO,769779069M&A,8121SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Percent of quarterly exits by global region38State of AI|Global Trends|Exit

49、 Trends52%45%56%47%53%32%58%52%59%63%51%50%41%42%44%33%36%37%43%US,38%6%16%14%22%8%12%20%8%10%11%19%16%15%19%11%12%18%24%Asia,24%33%33%20%25%28%44%13%33%27%26%26%23%32%35%33%47%41%34%28%Europe,28%9%6%9%6%11%12%10%8%10%12%9%11%7%9%11%11%All Other Regions,10%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4201

50、92020202120222023Global:Top M&A exits in Q42339State of AI|Global Trends|Exit TrendsCompanyRound ValuationAcquirerCountry1Corvus Insurance$435M The Travelers CompaniesUnited States2Gameplanner$200M AirbnbUnited States3Beijing OrionStar$107M Cheetah MobileChina4Semnet$3M GSTechnologiesSingapore5Aiyzy

51、$1M Kong Sun HoldingsChinaGlobal:Top IPOs in Q42340State of AI|Global Trends|Exit TrendsCompanyRound Valuation Country1UBTECH Robotics$4.8BChina2Flex Labs$9MCanada3Kondor AI$7MUnited KingdomGeographic Trends41US Trends42Annual funding&deals43State of AI|Geographic Trends|US Trends$20.8B$20.6B$45.8B$

52、27.3BFunding$31.0B1,2971,1721,4511,316Deals1,15102004006008001,0001,2001,4001,6001,8002,000$0.0B$5.0B$10.0B$15.0B$20.0B$25.0B$30.0B$35.0B$40.0B$45.0B$50.0B20192020202120222023Quarterly funding&deals44State of AI|Geographic Trends|US Trends$4.2B$5.3B$5.5B$5.9B$4.4B$3.8B$4.6B$7.7B$13.5B$9.5B$11.0B$11.

53、8B$9.4B$7.8B$4.8B$5.3B$14.0B$6.9B$6.3BFunding$3.8B320338344295313264293302364320412355389347306274314301296Deals240050100150200250300350400450500$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B$14.0B$16.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage45State o

54、f AI|Geographic Trends|US Trends68%65%60%63%Early-stage,68%18%19%21%17%Mid-stage,16%8%7%11%8%Late-stage,7%6%9%8%11%Other,10%20192020202120222023US:Top equity deals in Q42346State of AI|Geographic Trends|US TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Ant

55、hropic$500MCorporate Minority2023-10-27N/A GoogleUnited States13.0%2Lightmatter$155MSeries C2023-12-19$1.2B Google Ventures,Viking Global InvestorsUnited States4.0%3GreyOrange$135MSeries D2023-11-24$462MAnthelion Capital,Blume Ventures,Mithril Capital Management,3State VenturesUnited States3.5%3xAI$

56、135MUndisclosed2023-12-05N/A Undisclosed InvestorsUnited States3.5%5Seismic Therapeutics$121MSeries B2023-12-04N/ABessemer Venture Partners,Lightspeed Venture Partners,Boxer Capital,Google Ventures,Polaris PartnersUnited States3.1%6May Mobility$105MSeries D2023-11-06$728MNippon Telegraph and Telepho

57、ne,BMW i Ventures,Cyrus Capital Partners,State Farm Ventures,Toyota VenturesUnited States2.7%7Together$103MSeries A2023-11-29$565MKleiner Perkins Caufield&Byers,New Enterprise Associates,Definition Capital,FactoryHQ,Long Journey VenturesUnited States2.7%8Iambic Therapeutics$100MSeries B2023-10-03$26

58、7MAbingworth,Ascenta Capital,Sequoia Capital,Catalio Capital Management,CoatueUnited States2.6%8Pony.ai$100MSeries D2023-10-21$8.6B Abu Dhabi Investment Office,NEOMUnited States2.6%8Prins AI$100MSeries B2023-10-01N/A AAB Venture CapitalUnited States2.6%8Shield AI$100MSeries F2023-12-29$2.8B Undisclo

59、sed InvestorsUnited States2.6%Annual exits47State of AI|Geographic Trends|US Trends2IPO,3110M&A,1244SPAC,020192020202120222023Quarterly exits48State of AI|Geographic Trends|US Trends11IPO,124273431M&A,321SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023US:Top investors by company co

60、unt in Q42349State of AI|Geographic Trends|US TrendsInvestorCompany Count Investor GroupCountry1Plug and Play Ventures8VCUnited States2Lightspeed Venture Partners7VCUnited States3Accel4VCUnited States3Andreessen Horowitz4VCUnited States3General Catalyst4VCUnited States3Khosla Ventures4VCUnited State

61、s3NVIDIA4CorpUnited States3NVentures4CVCUnited States3Point72 Ventures4VCUnited States3SV Angel4VCUnited States3Samsung NEXT4CVCUnited StatesSilicon Valley50Quarterly funding&deals51State of AI|Geographic Trends|Silicon Valley$2.7B$2.5B$3.3B$3.1B$2.3B$1.5B$2.6B$3.9B$8.4B$5.1B$5.7B$6.7B$4.8B$4.4B$1.9

62、B$1.7B$12.5B$4.4B$3.5BFunding$1.8B11213512311411510011411715211613913612913610793125109112Deals79020406080100120140160180$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B$14.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage52State of AI|Geographic Trends|Silicon

63、 Valley65%65%57%58%Early-stage,67%22%24%26%24%Mid-stage,19%10%6%13%9%Late-stage,8%9%Other,7%20192020202120222023Silicon Valley:Top equity deals in Q42353State of AI|Geographic Trends|Silicon ValleyCompanyRound AmountRoundDateRound Valuation Select Investors%of Total Funding1Anthropic$500MCorporate M

64、inority2023-10-27N/A Google27.1%2Lightmatter$155MSeries C2023-12-19$1.2B Google Ventures,Viking Global Investors8.4%3xAI$135MUndisclosed2023-12-05N/A Undisclosed Investors7.3%4Together$103MSeries A2023-11-29$565MKleiner Perkins Caufield&Byers,New Enterprise Associates,Definition Capital,FactoryHQ,Lo

65、ng Journey Ventures5.6%5Pony.ai$100MSeries D2023-10-21$8.6B Abu Dhabi Investment Office,NEOM5.4%New York54Quarterly funding&deals55State of AI|Geographic Trends|New York$0.3B$1.0B$0.4B$1.6B$0.2B$0.8B$0.5B$0.8B$2.5B$1.1B$1.3B$1.5B$0.5B$0.8B$0.4B$0.7B$0.3B$1.2B$0.5BFunding$0.3B543447434147343954476143

66、65444437384234Deals2701020304050607080$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage56State of AI|Geographic Trends|New York72%66%61%72%Early-stage,69%16%20%24%13%Mid-stage,11%7%9%8%6%Late-stage,11%6%6%9%Other,9%20

67、192020202120222023New York:Top equity deals in Q42357State of AI|Geographic Trends|New YorkCompanyRound AmountRoundDateRound Valuation Select Investors%of Total Funding1Bowery$85MSeries D2023-11-09$839M GGV Capital,First Round Capital,Google Ventures29.5%2Intenseye$61MSeries B2023-10-27$300MLightspe

68、ed Venture Partners,Insight Partners,Point Nine Capital21.0%3Cranium$20MSeries A2023-10-30$77M SYN Ventures,Telstra Ventures6.8%4Syrup Tech$18MSeries A2023-12-01$100M Accel6.0%5Dandelion$15MSeed VC2023-12-21N/APrimary Venture Partners,Floating Point Ventures,Moxxie Ventures,Phoenix Venture Partners,

69、Sharp HealthCare5.2%5Reality Defender$15MSeries A2023-10-11$67MDCVC,Rackhouse Ventures,Comcast,Parameter Ventures,Partnership Fund for New York City5.2%Boston58Quarterly funding&deals59State of AI|Geographic Trends|Boston$0.2B$0.3B$0.6B$0.4B$0.9B$0.4B$0.4B$0.7B$0.8B$0.6B$1.0B$1.2B$0.9B$0.8B$0.6B$0.2

70、B$0.1B$0.4B$0.9BFunding$0.3B27252631321425302332212530283117122226Deals220510152025303540$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage60State of AI|Geographic Trends|Boston65%58%58%61%Early-stage,62%17%22%26%

71、20%Mid-stage,15%10%10%10%Late-stage,10%7%10%6%14%Other,13%20192020202120222023Boston:Top equity deals in Q42361State of AI|Geographic Trends|BostonCompanyRound AmountRoundDateRound Valuation Select Investors%of Total Funding1Seismic Therapeutics$121MSeries B2023-12-04N/ABessemer Venture Partners,Lig

72、htspeed Venture Partners,Boxer Capital,Google Ventures,Polaris Partners38.9%2Liquid AI$38MSeed VC2023-12-06$303MOSS Capital,Pagsgroup,Argean Capital,Automattic,Breyer Capital12.1%3Cleanlab$25MSeries A2023-10-10$100MMenlo Ventures,TQ Ventures,Bain Capital Ventures,Databricks Ventures8.0%3OfferFit$25M

73、Series B2023-11-14N/AMenlo Ventures,Alumni Ventures,Canvas Ventures,Carbide Ventures,Burst Capital8.0%5Position Imaging$20MUndisclosed2023-12-20N/A Undisclosed Investors6.5%Asia Trends62Annual funding&deals63State of AI|Geographic Trends|Asia Trends$6.3B$7.0B$16.3B$9.4BFunding$3.7B9179261,170971Deal

74、s62002004006008001,0001,2001,400$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0B$14.0B$16.0B$18.0B20192020202120222023Quarterly funding&deals64State of AI|Geographic Trends|Asia Trends$1.8B$1.9B$1.6B$1.0B$1.3B$1.7B$1.7B$2.3B$4.4B$4.3B$3.9B$3.6B$3.3B$2.1B$1.9B$2.1B$0.5B$0.7B$1.2BFunding$1.2B21020926523320819825

75、0270259251355305286251261173138161154Deals167050100150200250300350$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0B$4.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage65State of AI|Geographic Trends|Asia Trends76%68%67%65%Early-stage,67%14%20%21%24%Mid-s

76、tage,18%8%9%9%8%Late-stage,9%Other,6%20192020202120222023Asia:Top equity deals in Q42366State of AI|Geographic Trends|Asia TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Alpheya$300MUndisclosed2023-11-21N/A BNY Mellon,LunateUnited Arab Emirates24.2%1Baichu

77、an AI$300MSeries A2023-10-17$1.0B Alibaba Cloud,Shunwei Capital,Tencent,XiaomiChina24.2%3Rebellions$129MSeries B2023-12-08$599MIMM Investment,KT Corporation,Korea Development Bank,Pavilion Capital,SV InvestmentSouth Korea10.4%4Open Innovation$100MCorporate Minority2023-12-21N/A World Wide Technology

78、United Arab Emirates8.1%5DataCanvas$41MSeries D2023-10-08N/AHuamin Investment,Z&Y Capital,Zhejiang Orient Financial Holdings Group,China Electronics,China Pacific InsuranceChina3.3%5Sarvam AI$41MSeries A2023-12-07N/ALightspeed Venture Partners,Khosla Ventures,Peak XV PartnersIndia3.3%7Holmusk$30MSer

79、ies B2023-10-03N/A VeradigmSingapore2.4%8CVA Chip$27MSeries B2023-11-13N/AHony Capital,Hongtai Capital Holdings,Jinglin Investment,Lucion Venture Capital GroupChina2.2%9DouXun Technology$21MSeries A2023-11-23$421M Haitong Innovation Private Equity Fund ManagementChina1.7%10Bolt.Earth$20MSeries B2023

80、-10-05N/AUnion Square Ventures,Prime Venture Partners,Investment Trust of IndiaIndia1.6%10Edgecortix$20MSeries B2023-10-04N/ASBI Investment,Monozukuri Ventures,Cycle Group,Global Hands-On VC,Renesas ElectronicsJapan1.6%10Validus$20MGrowth Equity2023-12-14N/A 01FintechSingapore1.6%Annual exits67State

81、 of AI|Geographic Trends|Asia Trends13IPO,1129M&A,541SPAC,120192020202120222023Quarterly exits68State of AI|Geographic Trends|Asia Trends2124IPO,4591513M&A,1711SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Asia:Top investors by company count in Q42369State of AI|Geographic Trends

82、|Asia TrendsInvestorCompany Count Investor GroupCountry1KB Investment5CVCSouth Korea1Peak XV Partners5VCIndia3HongShan4VCChina3KB Securities4Asset/investment managementSouth Korea5Mizuho Capital3CVCJapan5SBI Investment3CVCJapan5Shunwei Capital3VCChina5Xiaomi3CorpChinaChina70Quarterly funding&deals71

83、State of AI|Geographic Trends|China$1.4B$1.7B$0.9B$0.4B$0.9B$1.3B$1.3B$2.0B$3.9B$2.7B$3.0B$2.7B$1.6B$1.0B$1.1B$1.8B$0.2B$0.4B$1.0BFunding$0.4B10411213510386103121143139142195128126988370445961Deals68050100150200$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019

84、2020202120222023Annual percent of deals by deal stage72State of AI|Geographic Trends|China75%59%60%54%Early-stage,64%15%25%27%38%Mid-stage,28%6%11%9%8%Late-stage,8%6%Other,1%20192020202120222023China:Top equity deals in Q42373State of AI|Geographic Trends|ChinaCompanyRound AmountRoundDateRound Valua

85、tion Select Investors%of Total Funding1Baichuan AI$300MSeries A2023-10-17$1.0B Alibaba Cloud,Shunwei Capital,Tencent,Xiaomi73.6%2DataCanvas$41MSeries D2023-10-08N/AHuamin Investment,Z&Y Capital,Zhejiang Orient Financial Holdings Group,China Electronics,China Pacific Insurance10.1%3CVA Chip$27MSeries

86、 B2023-11-13N/AHony Capital,Hongtai Capital Holdings,Jinglin Investment,Lucion Venture Capital Group6.7%4DouXun Technology$21MSeries A2023-11-23$421M Haitong Innovation Private Equity Fund Management5.2%5TIMEZ$7MSeed VC2023-12-19N/A IDG Capital,NIU,Plum Ventures,Capital O1.7%Japan74Quarterly funding

87、&deals75State of AI|Geographic Trends|Japan$52M$103M$375M$277M$118M$114M$181M$84M$191M$56M$355M$69M$126M$253M$233M$60M$26M$64M$46MFunding$48M26344133293027223013192726364024243229Deals3005101520253035404550$0M$50M$100M$150M$200M$250M$300M$350M$400MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4201920202021

88、20222023Annual percent of deals by deal stage76State of AI|Geographic Trends|Japan54%45%52%48%Early-stage,49%22%28%24%20%Mid-stage,20%22%21%19%21%Late-stage,19%6%6%10%Other,12%20192020202120222023Japan:Top equity deals in Q42377State of AI|Geographic Trends|JapanCompanyRound AmountRoundDateRound Val

89、uation Select Investors%of Total Funding1Edgecortix$20MSeries B2023-10-04N/ASBI Investment,Monozukuri Ventures,Cycle Group,Global Hands-On VC,Renesas Electronics42.1%2FastLabel$8MSeries B2023-11-29N/AJAFCO,NTT DoCoMo Ventures,DBJ Capital,MPower Partners,Salesforce Ventures16.4%3Galapagos$7MSeries B2

90、023-11-06N/AArchetype Ventures,Mizuho Capital,STRIVE,AirTrip,Benesse Holdings15.5%4FingerVision$3MSeries A2023-10-18N/AKeio Innovation Initiative,KSP,Monozukuri Ventures,TOHOKU University Venture Partners5.8%5GramEye$2MSeries A2023-10-13N/A NES,SMBC Venture Capital,Senshu Ikeda Capital5.0%5Tokuiten$

91、2MSeed VC2023-10-26N/AXTech Ventures,Central Japan Seed Fund,DEEPCORE,Makeu,Meinan M&A4.6%Europe Trends78Annual funding&deals79State of AI|Geographic Trends|Europe Trends$4.6B$5.1B$9.5B$9.0BFunding$6.4B664672736800Deals59301002003004005006007008009001,000$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0B$8.0B

92、$9.0B$10.0B20192020202120222023Quarterly funding&deals80State of AI|Geographic Trends|Europe Trends$0.8B$1.2B$1.5B$1.1B$1.1B$1.3B$1.2B$1.5B$1.6B$2.8B$2.7B$2.4B$2.8B$2.6B$1.7B$1.9B$1.3B$1.7B$1.7BFunding$1.8B156165164179165153168186183173189191231212156201186165121Deals121050100150200250300$0.0B$0.5B$

93、1.0B$1.5B$2.0B$2.5B$3.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage81State of AI|Geographic Trends|Europe Trends81%76%74%78%Early-stage,76%11%12%14%11%Mid-stage,11%6%7%7%Late-stage,7%6%Other,7%20192020202120222023Europe:Top equity deals in Q42382

94、State of AI|Geographic Trends|Europe TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry%of Total Funding1Aleph Alpha$500MSeries B2023-11-06N/AInnovation Park Artificial Intelligence,Robert Bosch Venture Capital,Schwarz Group,Burda Principal Investments,Christ&Company Consultin

95、gGermany28.1%2Mistral AI$415MSeries A2023-12-10$2.0BAndreessen Horowitz,General Catalyst,Lightspeed Venture PartnersFrance23.3%3Braincube$91MSeries B2023-11-29N/A Bpifrance,Scottish Equity PartnersFrance5.1%4AI21 Labs$53MSeries C2023-11-21$1.4B Comcast Ventures,Intel CapitalIsrael3.0%5Stability AI$5

96、0MConvertible Note2023-10-01N/A Intel,FirestreakUnited Kingdom2.8%6Foretellix$42MSeries C2023-12-05N/A Next Gear Ventures,ISUZU Motors,OurCrowd First,TemasekIsrael2.4%7AutogenAI$40MSeries B2023-12-06N/A Salesforce Ventures,Spark Capital,Blossom CapitalUnited Kingdom2.2%8Orbem$32MSeries A2023-10-11N/

97、A 83North,Possible Ventures,The Venture Collective,La FamigliaGermany1.8%8PhysicsX$32MSeries A2023-11-27N/AGeneral Catalyst,NGP Energy Technology Partners,Radius Capital,Henry Kravis,Standard IndustriesUnited Kingdom1.8%10Vespa$31MVenture Capital2023-11-01N/A Blossom CapitalNorway1.7%Annual exits83S

98、tate of AI|Geographic Trends|Europe Trends3IPO,1102M&A,1083SPAC,020192020202120222023Quarterly exits84State of AI|Geographic Trends|Europe TrendsIPO,134323121M&A,24SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Europe:Top investors by company count in Q42385State of AI|Geographic

99、Trends|Europe TrendsInvestorCompany Count Investor GroupCountry1Blossom Capital3VCUnited Kingdom1Firstminute Capital3VCUnited Kingdom1Point Nine Capital3VCGermany1Seedcamp3VCUnited KingdomUnited Kingdom86Quarterly funding&deals87State of AI|Geographic Trends|United Kingdom$0.2B$0.3B$0.8B$0.4B$0.6B$0

100、.3B$0.5B$0.7B$0.5B$1.2B$1.0B$0.8B$0.9B$0.5B$0.4B$0.9B$0.4B$0.6B$0.3BFunding$0.2B50505051513638585250535175603653464638Deals320102030405060708090$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage88State of AI|Geogr

101、aphic Trends|United Kingdom78%74%76%80%Early-stage,72%13%11%12%12%Mid-stage,12%7%7%Late-stage,7%8%6%Other,9%20192020202120222023United Kingdom:Top equity deals in Q42389State of AI|Geographic Trends|United KingdomCompanyRound AmountRoundDateRound Valuation Select Investors%of Total Funding1Stability

102、 AI$50MConvertible Note2023-10-01N/A Intel,Firestreak20.6%2AutogenAI$40MSeries B2023-12-06N/A Salesforce Ventures,Spark Capital,Blossom Capital16.2%3PhysicsX$32MSeries A2023-11-27N/AGeneral Catalyst,NGP Energy Technology Partners,Radius Capital,Henry Kravis,Standard Industries13.2%4Safi$20MSeries A2

103、023-11-24N/A Nosara Capital,Lowercarbon Capital,Transition8.0%5Secondmind$16MSeries C2023-11-27N/AAmadeus Capital Partners,Atlantic Bridge Capital,Cambridge Innovation Capital,Mazda6.6%Germany90Quarterly funding&deals91State of AI|Geographic Trends|Germany$61M$89M$77M$180M$134M$157M$123M$61M$272M$54

104、3M$324M$353M$74M$405M$142M$194M$214M$214M$381MFunding$620M17172120191724152626222718272019201618Deals1705101520253035$0M$100M$200M$300M$400M$500M$600M$700MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual percent of deals by deal stage92State of AI|Geographic Trends|Germany80%73%70%

105、77%Early-stage,75%9%15%19%10%Mid-stage,14%7%5%8%11%Late-stage,6%7%Other,6%20192020202120222023Germany:Top equity deals in Q42393State of AI|Geographic Trends|GermanyCompanyRound AmountRoundDateRound Valuation Select Investors%of Total Funding1Aleph Alpha$500MSeries B2023-11-06N/AInnovation Park Arti

106、ficial Intelligence,Robert Bosch Venture Capital,Schwarz Group,Burda Principal Investments,Christ&Company Consulting80.6%2Orbem$32MSeries A2023-10-11N/A 83North,Possible Ventures,The Venture Collective,La Famiglia5.1%3NEURA Robotics$16MSeries A2023-10-10N/A InterAlpen Partners2.6%4Oxolo$14MSeries A2

107、023-10-24N/ADN Capital,Axel Taubert,Christian Vollmann,Johannes Plehn,Mischa Ruerup2.2%5LiveEO$10MSeries C2023-11-28N/A Greencode Ventures1.6%5Retorio$10MSeries A2023-11-15N/ASquareOne,Basinghall Partners,Sofia Angel Ventures,Passion Capital,Porsche Ventures1.6%France94Quarterly funding&deals95State

108、 of AI|Geographic Trends|France$144M$285M$88M$132M$58M$101M$22M$129M$117M$372M$36M$199M$106M$249M$147M$138M$203M$205M$496MFunding$596M18212218101581613168131721152024178Deals2105101520253035$0.0B$0.1B$0.2B$0.3B$0.4B$0.5B$0.6B$0.7BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420192020202120222023Annual per

109、cent of deals by deal stage96State of AI|Geographic Trends|France86%82%72%77%Early-stage,77%6%12%16%15%Mid-stage,13%6%Late-stage,6%6%6%Other,4%20192020202120222023France:Top equity deals in Q42397State of AI|Geographic Trends|FranceCompanyRound AmountRoundDateRound Valuation Select Investors%of Tota

110、l Funding1Mistral AI$415MSeries A2023-12-10$2.0BAndreessen Horowitz,General Catalyst,Lightspeed Venture Partners69.6%2Braincube$91MSeries B2023-11-29N/A Bpifrance,Scottish Equity Partners15.3%3HarfangLab$26MSeries A2023-10-09N/A Credit Mutuel Innovation,Elaia Partners,MassMutual Ventures4.4%4Pivot$2

111、2MSeries A2023-12-13N/A Anamcara Capital,Emblem,Oliver Samwer,Visionaries Club3.6%5DoorFeed$8MSeed VC2023-11-23N/A Motive Ventures,Seedcamp,Stride.VC1.3%Report MethodologyYou can download the underlying data found in this report here:https:/ you have questions about the definitions or methodological

112、 principles used,or if you feel that your firm has been underrepresented,please reach out to .What is included:Equity financings into private companies only.Funding rounds raised by public companies of any kind on any exchange(including Pink Sheets)are excluded from our numbers,even if they received

113、 investment from a venture firm.Only includes the investment made in the quarter for tranchedinvestments.If a company does a second closing of its Series B round for$5M and previously had closed$2M in a prior quarter,only the$5M is reflected.Round numbers reflect what has closed,not what is intended

114、.If a company indicates the closing of$5M out of a desired raise of$15M,our numbers reflect only the amount which has closed.Only verifiable fundings are included.Fundings are verified via(1)various federal and state regulatory filings;(2)direct confirmation with firm or investor;(3)press release;or

115、(4)credible media sources.Equity fundings to joint ventures and spinoffs/spinouts are included.Unicorn data includes private companies valued at$1B or more in the private markets globally,per the same 4 sources listed above and relied on for funding events,which include valuations disclosed in credi

116、ble media sources.The list is maintained publicly and updated in real time at https:/ notes:Israel funding figures are classified in Europe.Funding to Canada,Latin America,Oceania,and Africa is included in global figures but not spotlighted in this report.Rounds to private companies that may be majo

117、rity-or minority-owned subsidiaries of other private companies.Valuation data includes estimates to calibrate median and average valuations based on current and previous quarter disclosed valuations gathered from the aforementioned four sources.The estimating method will control for the over-samplin

118、g of large rounds that are reported quickly versus a comparative lag in valuations obtained from other sources.Valuation data reflects post-money valuations.Exits include IPOs,SPACs,publicly announced M&A deals,and other liquidity events;only first exits are counted.Headquarters are determined by pu

119、blicly available sources including company-owned websites and profiles,legal filings,and press releases.All figures in the report are in USD.US financing trends follow the combined statistical area(CSA)methodology.Silicon Valley refers to the San Jose-San Francisco-Oakland CSA.What is excluded:No co

120、ntingent funding.If a company receives a commitment for$20M subject to hitting certain milestones but first gets$8M,only the$8M is included in our data.No business development/R&D arrangements,whether transferable into equity now,later,or never.If a company signs a$300M R&D partnership with a larger

121、 corporation,this is not equity financing nor is it from venture capital firms.As a result,it is not included.No buyouts,consolidations,or recapitalizations.All three of these transaction types are commonly employed by private equity firms and are tracked by CB Insights.However,they are excluded for

122、 the purposes of this report.No private placements.These investments,also known as PIPEs(Private Investment in Public Equities),are not included even if made by a venture capital firm.No debt/loans of any kind(except convertible notes).Venture debt or any kind of debt/loan issued to emerging,startup

123、 companies,even if included as an additional part of an equity financing,is not included.If a company receives$3M with$2M from venture investors and$1M in debt,only the$2M is included in these statistics.No non-equity government funding.Grants or loans by the federal government,state agencies,or pub

124、lic-private partnerships to emerging,startup companies are not included.No fundings to subsidiaries of a larger parent corporation unless that subsidiary is a private entity and meets other criteria for inclusion.Accelerators,incubators,business-plan competitions,economic-development entities are excluded from rankings of most active investors,even if making equity financings.Rankings for top investors are calculated according to“company count,”or the number of unique companies an investor funds in a quarter,and so excludes follow-on deals.98State of AI