France Leads in Generative AI Funding Race in Europe
By Jace Dela Cruz
Jun 20, 2024 01:41 AM EDT
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Jun 20, 2024 01:41 AM EDT
France is leading in the generative AI funding race in Europe, according to a new report by venture capital firm Accel and analysts at Dealroom.
TechCrunch, citing the report, reported that French startups in the generative AI sector have collectively raised $2.29 billion, surpassing all other European countries and Israel.
This influx of capital includes notable contributions from companies like Mistral AI, which recently secured $640 million, and "H," which raised $220 million in a seed round. Additionally, Poolside is reportedly in the process of gaining a substantial round.
Paris, a burgeoning hub for AI development, has seen significant activity with Hugging Face, an open-source machine learning model repository, raising $235 million in August 2023.
Another key player is Kyutai, a research-focused organization with substantial funding for developing open-source AI models.
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While Paris ranks mid-tier among European cities for AI startup creation, with London leading at 27%, followed by Tel Aviv at 13%, Berlin at 12%, and Amsterdam at 5%, France's funding dominance is clear.
France's $2.29 billion in funding almost matches the combined total of the next three countries: the UK at $1.15 billion, Israel at $1.04 billion, and Germany at $636 million. Other countries in the region have raised considerably less, often only in the seven-digit range.
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