Generative AI Project Funding Hits Record High in 2024, Raising a Total of $56 Billion

BlockBeats News, January 5th, according to financial tracker PitchBook's data compiled for TechCrunch, in 2024, global generative artificial intelligence companies raised $56 billion from venture capital, involving 885 transactions. This cash total set a new record for the field. This represented a 192% increase from 2023 when investors put $29.1 billion into 691 transactions in generative AI startups.

In particular, the transaction value in the fourth quarter of 2024 soared to $31 billion, largely driven by the completion of some mega-financing rounds, such as Databricks' $10 billion Series J funding, xAI's $6 billion Series C funding, Anthropic's $4 billion strategic investment from Amazon, and OpenAI's $6.6 billion funding.

PitchBook's lead frontier technology analyst, Ali Javaheri, said in an interview, "We have not seen a slowdown in generative AI financing as prominent companies like OpenAI, Anthropic, and xAI continue to secure significant funding and launch new competitive products."