全球人工智能风险投资的开放举措

1Global AI venture capital2Generative AI3A closer look at Europe Page/ 3AI venturecapital hit an alltime highin 2024$110B was invested in AI-firstcompanies in 2024.AI investment wasup 62%year on year. Page/ 4Dealroom.coAI venture capitalgrew by 62%between 2023and 2024Investment inthe rest of tech fell12% year on yearSource: Page/ 5Within AI,investment inthe foundationallayer has drivenoverall growththe most in thelast two years “Foundational models have absorbed the lionʼsshare of venture capital funding in 2024, but webelieve investment in application layer businesseswill skyrocket in 2025.“If Europeʼs leading AI clusters - London, Paris, Munich and Zurich - areto produce global category winners then ʻnew economyʼ founders mustwork with ʻold economyʼ industrial businesses to solve real-worldproblems.” Page/ 6Robert LacherFounding Partner Page/ 7Source:Dealroom.coSeven of the top ninefunding rounds of2024 were for AIcompaniesSource:Dealroom.co *Vantage is considered as adjacent to the AI industry but not included in this analysis Page/ 8Source:Dealroom.coSelected AI venturecapital rounds of2025Source:Dealroom.co $260MSeries B - Jan 2025AI video platformLondon$180MSeries D - Jan 2025 Page/ 9AI now makes upa third of globalventure capital,more thandouble the shareof two years ago Page/ 10The US is evenmore AI focussedthan the globalaverage; 42% ofUS VC was raisedby AI startups in202425% of venture capital raisedin Europe was raised by AIstartups. The share in the restof the world in 18%. Page/ 11US startupsraised 74% ofglobal AI venturecapital in 2024China was the second mostfunded AI country in 2024,followed by the UK andFrance.Europe combined raised$12.8B, or 12% of global AIventure capital.The US has raised more than10x any other country in AIventure capital. “While US investment in AI still outstrips Europe's,the gap is closing and as the cost of inference andreasoning models it is talent and innovation thatwill define where these companies are built morethan anything.“With the talent and market demand here, we're confident 2025 will beanother banner year for European AI and increasingly we will see agreater share of funding going into companies building applications onAI.” Page/ 12James WiseGeneral Partner Page/ 13Global corporate R&D is now dominated by the Magnificent 7 and other US techcompanies, mostly venture backed, and heavily focused on AITop R&D spendersMerck & Co, Johnson &Johnson, Pfizer, Eli Lilly,Bristol-Myers Squibb,AbbVie, Gilead Sciences,Kolon TissueGene,Moderna, AmgenTop R&D spendersSAP, Nokia, ASMLTop R&D spendersAlphabet, Meta, Apple,Microsoft, Intel,Broadcom, Oracle,Qualcomm, NVIDIA, CiscoTop R&D spendersRoche, AstraZeneca,Novartis, GSK, Sanofi,Siemens, Mercedes-Benz,Stellantis, Bayer,Continental Page/ 14Top globalinvestors in AI in2024 1Global AI venture capital2Generative AI3A closer look at Europe Page/ 16Generative AIhas been thebiggest driver ofAI investmentgrowth Page/ 17SeedSeries ASeries BAverage round size in Europe▊Generative AI▊Rest of AI▊Rest of Tech▊Generative AI▊Rest of AI▊Rest of Tech▊Generative AI▊Rest of AI▊Rest of TechGenerative AI sees unprecedented growth in average round size, outpacingconventional AI and the rest of tech. Page/ 18The US has raisedover 16x more inGenAI than anyother countryThe UK is theleading country inEurope, followedby France andGermany 1Global AI venture capital2Generative AI3A closer look at Europe Page/ 20Every major country shifted to AI, led in 2024 by France - largely due to Mistral. TheUK and Germany are also ahead of the European curveAI share of total VC funding by country Page/ 21The UK andFrance aredominating AIinvesting inEurope in 2024 Page/ 22AI VC investment by layer and region (2023-2024)Europe has the highest share of AI VC at the application layer in the last two years “Weʼre excited about AIʼs potential to transformindustries and supercharge knowledge workers.“US investment in foundational models is hefty but Europe continues tohave a talent advantage which presents a window of opportunity onwhich we must act. Founders across Europe are galvanised to build thebiggest companies leading the next wave of innovation to transformindustries and bring meaningful productivity gains which will havewidespread benefits across society, particularly in areas like education,healthcare and the energy transition.” Page/ 23Ziv ReichertPartner Page/ 24Europe has aper-capitaconcentration of AIexperts amongsoftware engineers30% higher than theUS and almost threetimes as high asChina. “AI gives companies the ability to supercharge theirknowledge workers by automating their repetitivetasks. In future, this technology will helpcompanies increase their output and quality whilefreeing up teams to take on more complex andsatisfying tasks.“Itʼs a huge economic opportunity and weʼre excited for the potential forcompanies like ours to build on breakthrough foundational models todeliver impact.” Page/ 25 Page/ 26London has nea