2024年第二季度人工智能与机器学习报告

EMERGINGTECHRESEARCH

ArtificialIntelligence&MachineLearningReport

VCtrendsandinnovationspotlights

Q2

2024

REPORTPREVIEW

ThefullreportisavailablethroughthePitchBookPlatform.

Contents

Verticalupdate3

Q22024timeline4

AI&MLlandscape5

AI&MLVCecosystemmarketmap6

VCactivity7

Innovationspotlights14

Coderetrieval15

GenAIforbanking18

SovereignAI20

Selectcompanyhighlights22

Anthropic23

Databricks26

Q22024AI&MLReport

InstitutionalResearchGroupAnalysis

BrendanBurkeSeniorAnalyst,EmergingTechnologybrendan.burke@

pbinstitutionalresearch@

BenRiccioAssociateAnalyst,EmergingTechnologyben.riccio@

pbinstitutionalresearch@

Data

MatthewNacionalesSeniorDataAnalyst

Publishing

ReportdesignedbyChloeLadwigandJuliaMidkiffPublishedonSeptember19,2024

CONFIDENTIAL.NOTFORREDISTRIBUTION.PG2

VC

VC

Q2VCdealactivity

June11

MistralAIraisesa$640.0millionSeriesB,resultingin

a$6.5billionpost-moneyvaluation.Thecompanyhas

developedacompetitiveopen-sourcemodelatvarioussizesforenterprisefine-tuning.Theroundgainssupportfrominvestorsinthecompany’shomecountryofFrance,aswellasfromglobalAIspecialists.

June15

FoundationmodelchallengerxAIraisesa$6.0billion

SeriesB,resultingina$24.0billionpost-moneyvaluation.ThecompanyispartlyownedbyElonMusk’sX,andthe

roundincludessolelyfinancialVCinvestors,uniqueamongotherleadingfoundationmodelstartups.

Q22024timeline

2,039

totaldeals

$30.8B

totalVCraised

32.8%

dealvaluegrowthQoQ

Apr1

May1

Jun1

Jun30

IPO

News

June14

TempusAI,amedicalsoftwarecompany,listsonthe

Nasdaqata$6.1billionpost-moneyvaluationbasedona10.9xenterprisevalue(EV)/trailingrevenuemultiple.

June20

AnthropiclaunchesClaude3.5Sonnet,amodel

exceedingtheaccuracyofthecompany’sfrontier

model,Opus,whilerunningatalowercost.Themodelrisestothetopofmodelbenchmarksandmaintains

best-in-classstatusinadvancedcodingexerciseswhileminimizinghallucinations.

2024YTDsummary

4,117

totaldeals

$54.0B

totalVCraised

-5.2%

dealvaluegrowthYoY

Q22024AI&MLReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG4

AI&MLlandscape

$

HorizontalplatformsVerticalapplications

Semiconductors

Autonomousmachines

CONFIDENTIAL.NOTFORREDISTRIBUTION.PG5

10,4259,852

7,758

4,117

20202021202220232024*

Dealvalue($B)Dealcount

VCactivity

VCactivitysurgedinthesecondquarterof2024,fueledbythreebillion-dollarrounds.Wetracked$30.8billioninQ2VCfundingforAI&MLcompanies,includingxAI’s$6.0billionround.xAI’s

SeriesBmegadealincludessolelyfinancialVCinvestors,whichisuniqueamongotherleading

foundationmodelstartups.FinancialVCThriveCapitalisalsosteppingintosupportOpenAI.

AsidefromxAI’soutlier,othertopdealscontinuedtobedominatedbytechgiantinvestment.

NVIDIAparticipatedinfourofthetopfivedealsthisquarter:CoreWeave’s$1.1billionround,

MistralAI’sSeriesB,ScaleAI’sSeriesFwithAmazonandMeta,andWayve’sbillion-dollarroundalongsideMicrosoft.DespitecorporateVCinvestment,dealcountremainssignificantlylowerthanpredownturncounts,stayingconsistentoverthepastsevenquarters.However,forstartupsthatcanraise,valuationscontinuetorise,withmedianpre-moneyvaluationsforbothearly-andlate-stagedealsreachingnewhighsof$28.2millionand$50.0million,respectively.

InQ2,VCexitactivityreboundedafterpreviousdownquarters,withbothexitvalueandcount

rising.BuoyedbyTempusAI’s$5.7billionpubliclistingata10.9xEV/revenuemultiple,exitvalue

$300

$200

$100

$0

Buyout

AcquisitionPubliclisting

20202021202220232024*

roseto$11.5billion,itshighestlevelsinceQ22022.(NVIDIA’songoingacquisitionofRun:ai,

announcedearlierinQ2butdelayedbyregulatoryreview,isnotincludedinthistotal.)Thiswas

thefirstoftwomajoracquisitions,withthecompanyalsoacquiringDeci,aplatformthatoptimizesAImodelsforhardwareefficiency.Thesedeals,intotalanestimated$1.3billion,underscore

theinvestmenthardwareprovidersarewillingtomaketobolstertheirsoftwareecosystems.

CompetitorAMDhassincefollowedtheseacquisitionswiththeacquisitionsofFireworksAIandSiloAIforacombined$717.0million,showingtheconcentrationofM&Aamongacquirerswiththehighest-performingstocks.OtheroutlieracquisitionsincludedHyundai’s$923.0millionpurchaseofMotionalandJFrog’s$230.0millionacquisitionofQwak.WedonottrackthehiringoffoundingteamsatAdeptandCharacterAIbyAmazonandGoogle,respectively,asacquisitions,although

theyshowthechallengesofscalingvaluationsforfoundationmodelcompanies.

Q22024AI&MLReport

AI&MLVCdealactivity

8,453

$151.6

$89.1

$107.0

$79.9

$54.0

Source:PitchBook•Geography:Global•*AsofJune30,2024

MLVCexitvalue($B)bytype

AI&

Source:PitchBook•Geography:Global•*AsofJune30,2024

CONFIDENTIAL.NOTFORREDISTRIBUTION.PG7

VCACTIVITY

KeyAI&MLearly-stageVCdealsbydealvalueinQ22024*

Company

xAI

Closedate

June15

Segment

Horizontalplatforms

Category

Foundationalmodels

Dealvalue($M)

$6,000.0

Post-money

valuation($M)

$24,000.0

Leadinvestor(s)

AndreessenHorowitz,SequoiaCapital,ValorEquityPartners

Valuationstep-up(posttopre)

28.4x

XairaTherapeutics

April24

Verticalapplications

Healthcare

$1,000.0

$2,700.0

ARCHVenturePartners,ForesiteLabs

N/A

Abound

May7

Verticalapplications

Financialservices

$999.6

N/A

GSRVentures,K3Ventures,SalicaInvestments

N/A

MistralAI

June11

Horizontalplatforms

Foundationalmodels

$650.6

$6,506.1

DSTGlobal,GeneralCatalyst

N/A

Poolside

June20

Horizontalplatforms

Foundationalmodels

$400.0

$2,000.0

BainCapitalVentures,DSTGlobal

3.0x

Augment

April23

Horizontalplatforms

AIautomationplatforms

$227.0

$977.0

N/A

10.7x

Waabi

June16

Autonomousmachines

Autonomousvehicles

$200.0

N/A

KhoslaVentures,Uber

N/A

Cognition

April18

Horizontalplatforms

Naturallanguagetechnology

$175.0

$2,000.0

FoundersFund

5.2x

SakanaAI

June14

Horizontalplatforms

Foundationalmodels

$125.0

N/A

N/A

N/A

Suno

May21

Horizontalplatforms

AIcore

$125.0

$500.0

DanielGross,FounderCollective,LightspeedVenturePartners,Matrix,NatFriedman

N/A

Source:PitchBook•Geography:Global•*AsofJune30,2024

Q22024AI&MLReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG9

VCACTIVITY

KeyAI&MLlate-stageVCdealsbydealvalueinQ22024*

Company

CoreWeave

Closedate

May2

Segment

AI&MLsemiconductors

Category

GPUcloud

Dealvalue($M)

$1,100.0

Post-money

valuation($M)

$19,000.0

Leadinvestor(s)

CoatueManagement,MagnetarCapital

Valuationstep-up(posttopre)

7.1x

Wayve

May7

Autonomousmachines

Autonomousvehicles

$1,050.0

N/A

EclipseVentures,Nvidia,SoftBankGroup

N/A

ZhipuAI

May31

Horizontalplatforms

Naturallanguagetechnology

$400.0

$3,000.0

N/A

1.5x

Cyera

April9

Verticalapplications

IT

$300.0

$1,500.0

CoatueManagement

2.4x

Sigma

May16

Horizontalplatforms

AIautomationplatforms

$254.0

$1,554.0

AvenirGrowthCapital,SparkCapital

1.1x

EnvedaBiosciences

June14

Verticalapplications

Healthcare

$174.0

$400.0

Dimension,Kinnevik

2.2x

Ramp

April17

Verticalapplications

Financialservices

$150.0

$7,650.0

8VC,Greylock,KhoslaVentures,SequoiaCapital

1.3x

Pigment

April4

Horizontalplatforms

AIautomationplatforms

$145.0

N/A

ICONIQGrowth

N/A

ViLabs

June28

Verticalapplications

Healthcare

$131.0

N/A

N/A

N/A

BrightMachines

June25

Verticalapplications

IndustrialAI

$126.0

N/A

BlackRock

N/A

Source:PitchBook•Geography:Global•*AsofJune30,2024

Q22024AI&MLReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG10

SELECTCOMPANYHIGHLIGHTS:ANTHROPIC

Founded

2021

Employees

375

Totalraised

$8.8B

Lastfinancingvaluation

$19.4B

Lastfinancing

Raised$4.0BinaSeriesD

Leadinvestors

Alphabet,Amazon,LGCNS,CalmVentures,SKTelecom,7GC&Co.,SquareOneCapital,SalesforceVentures,ZoomVentures,SparkCapital,SamBankman-Fried,JaanTallinn

ANTHROP\C

Overview

Anthropicfurthersolidifieditspositionasaprominentfoundationalmodelproviderwiththe

launchofitslatestmodelfromtheClaudeseriesinJune.Claude3.5SonnetisthefirstreleaseintheClaude3.5modelfamily,withtwomorereleasesexpectedtocomelaterthisyear.Thenew

modelisfasterandcheaperthanClaude3OpusreleasedinMarch,placingitspricingmorein

linewithcompetitorsGemini1.5ProandChat-GPT4o.Anthropicreportsthatthenewmodel

ExitPredictor

■IPO:93%probability■M&A:3%probability■Noexit:4%probabilitySuccess:96%probability

outperformsthesecompetitorsacrossbenchmarkingmetricslikegraduate-levelreasoning,codegeneration,andmultilingualmath.17TheLiveBenchLLMevaluationsuitescoresClaude3.5Sonnetthehighestacrossallmetrics,includingasignificantdifferenceincodingskilloverGPT-4o.18

Tobetterrespondtothesecomplexcodingprojects,themodelhasanewuserinterface(UI)

featurecalledArtifacts.ArtifactscreatesaseparatewindowwherebothClaudeandtheusercaneditandruncode,establishingadedicatedworkspacetobuildonthemodel’soutputsunseeninotherleadingmodels.InadditiontotheupgradedperformanceandUI,thenewmodelincludesapromptgenerationandtestingfeaturetobettertailormodeloutputstobusinessneeds.

17:“Claude3.5Sonnet,”Anthropic,June20,2024.

18:“LiveBench:AChallenging,Contamination-FreeLLMBenchmark,”LiveBench,Abacus.AI,etal.,ColinWhite,etal.,June20,2024.

Q22024AI&MLReport

Keycompanyinformation

Note:ProbabilitydataisbasedonPitchBookVCExitPredictormethodology.

SELECTCOMPANYHIGHLIGHTS:ANTHROPIC

Q2alsosawalargesecondarytransactionofAnthropicsharesthroughtheliquidationofFTX’s

stakeinthecompany.Throughsecondarymarkets,FTXwasabletoliquidatetwo-thirdsofits

original$500.0millionstakeinAnthropic.19Bidsforthesharesvaluedthecompanyat$23.0billion,anincreasefromtheprevious$19.4billionvaluation.20

Leadership

InQ2,severalformerOpenAIemployeesleftforAnthropic.InMay,formerco-leadofOpenAI’s

SuperalignmentteamJanLeikejoinedAnthropic.LeikepreviouslyresignedfromOpenAIciting

disagreementswithleadershipandconcernsoversafetycultureinathreadonX.21JohnSchulman,aco-founderofOpenAIandco-leadofthepost-trainingteam,alsoleftOpenAItojoinAnthropic’salignmentteam.ThemovesunderscoreAnthropic’sinvestmentindevelopingsafemodels.

Competitivelandscape

ThroughitspartnershipwithAWS,Anthropichascarvedoutalargeenterprisecustomerbaseinthehighlycompetitivefoundationmodelspace.ThereleaseofClaude3.5Sonnetandits

19:“FTXtoSellMajorityofStakeinAnthropicfor$884Million,”Bloomberg,EmilyNicolle,March25,2024.

20:“Anthropic,”Caplight,June21,2024.

21:“Yesterdaywasmylastdayasheadofalignment,superalignmentlead,andexecutive@OpenAI,”X,JanLeike(@janleike),May17,2024.

accompanyingsuiteoffeaturestailoritsofferingsfurthertothiscustomerbase.Itsimproved

abilitytohandlecomplexinstructionsallowsthemodeltobetterservecustomersupportor

multistepworkflowneeds.WhileOpenAIremainsthemostwidelyadoptedenterprisemodel,

usageoftwomodelsiscommon.22ThiscurrentlypositionsAnthropicasacomplementtoOpenAI,particularlyasAWSdoesnotsupportOpenAI.

Outlook

Withhighqualityandlowercosts,Claude3.5SonnetrepresentsalegitimatealternativetoOpenAI.Additionally,thefocusonsafetyandcorporatepartnershipswillcontinuetoappealtoenterprisecustomers.However,withOpenAIexpectedtosetanewbarforperformancewiththereleaseofGPT-5,Anthropicwillhavetobuilduponthesuccessesofitsnewmodel.Tokeeppace,Anthropicisexpectedtoreleasetwonewmodelslaterthisyear,withClaude3.5OpusandHaiku,andalso

improveitsenterpriseproductofferings.

22:“KruzeAISpendingData,”KruzeConsulting,April30,2024.

Q22024AI&MLReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG24

SELECTCOMPANYHIGHLIGHTS:ANTHROPIC

Financinghistory

SeriesA

May28,2021

Totalraised

$124.0M

Pre-moneyvaluation

$426.0M

Leadinvestor

JaanTallinn

SeriesB

April29,2022

Totalraised

$580.0M

Pre-moneyvaluation

$2.4B

Leadinvestor

SamBankman-Fried

SeriesC

May15,2023

Totalraised

$450.0M

Pre-moneyvaluation

$4.1B

Leadinvestors

SalesforceVentures,ZoomVentures,SparkCapital

SeriesD1

October27,2023

Totalraised

$2.0B

Pre-moneyvaluation

$12.8B

Leadinvestors

WisdomVentures,FactorialFunds,Alphabet

SeriesD

March27,2024

Totalraised

$4.0B

Pre-moneyvaluation

$14.9B

Leadinvestors

Amazon,7GC&Co.,SquareOneCapital

Q22024AI&MLReportCONFIDENTIAL.NOTFORREDISTRIBUTION.PG25

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