Venture capital (VC) and private equity (PE) funding for Indian startups in the artificial intelligence (AI) sector has seen a dramatic decrease with deal sizes shrinking, notwithstanding the buzz around the country's potential as a major AI hub.
Data from research agency Traxcn, which tracks PE/VC investments, shows that total funding for AI startups in India, which started with a bang in 2022 at $599 million, dropped sharply in 2023 to $168.4 million - a decrease of over 71 per cent. Since January this year, startups have only managed to garner $31.9 million in three rounds.
However, that's not the case globally. According to Crunchbase, AI startups worldwide raised $50 billion in 2023, up from $45.8 billion in 2022. In the first quarter of 2024, total Al funding stood at $12.2 billion.
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