AI: Hype or just getting going?
AI rapidly emerged this year, quickly becoming a favorite among startups and funders. Existing technologies are also implementing AI capabilities to meet customers’ demands and improve solutions.
“In the first 6 months of 2023, funding to the space shot up more than 5x compared to full-year 2022, and the space has already seen 18 companies hit unicorn status. Is generative AI just getting started, or is it overhyped?” –CB Insights
Approximately one-third of generative AI startups have yet to raise equity capital, an opportunity for investors looking to cash in on cross-industry applications and interfaces.
Some notable trends this week:
- Domestic deals are funding almost 3:1 compared to U.S. deals
- Security/asset monitoring solutions were evident in funding awards
- Decentralized, cross-border, and web3 startups are bringing in the $
And now, here are this week’s Top 5 VC Deals…
$125M, Series B, Capital| Equity | GA | Wealthtech | General Catalyst, Next47, Ronan de Hooge, Ron Gill, Andy McCall | https://tractian.com/en
“TRACTIAN exists to transform maintenance routines, identifying and bringing real change to outdated methods. We offer a streamlined fusion of hardware-software tools field teams need to operate their machines and become best-in-class…“
$100M, Capital| Debt | UK | Payments | Victory Park Capital | https://www.sumup.com/en-us/
“SumUp is a leading global financial technology company driven by the purpose of levelling the playing field for small businesses. Founded in 2012, SumUp is the financial partner for more than 4 million small merchants in over 35 markets worldwide, helping them start, run and grow their businesses..“
$35M, Capital | Equity | Singapore | Wealthtech | Citi Ventures, MUFG Innovation Partners, UBS Next, EDBI, Prosus Ventures, Lightspeed Venture Partners, Singtel Innov8 | https://endowus.com/
“Endowus is a Singapore-based financial technology company that empowers people to take control of their financial future. The firm’s proprietary systems provide data-driven wealth advice in constructing personalised solutions…”
$15M, Series A, Capital| Equity |SF | FinTech | Blue Lion Global, Renegade Partners, Bain Capital Ventures, Box Group, Kraken Ventures | https://www.rightfoot.com/
“Eliminate drop-off with zero-login financial data.“
$12.5M, Series A, Capital |Equity | NYC | FinTech | Insight Partners, Team8, Citi Ventures, Cardumen Capital | https://www.ivix.ai/
“As the economy democratizes and digitizes, there is an opportunity for tax authorities to harness modern data and algorithms to drive compliance and close the tax gap…”