Venture capital investment in Generative AI almost doubles globally in 2024 [Video]

Investor enthusiasm for Generative AI (GenAI) continues to grow, with venture capital investment in the sector expected to top $45bn globally for the year, almost double the figure for 2023 ($24bn) and more than five times the total VC investment in 2022 ($8.7bn).

That’s according to EY Ireland’s Generative AI Key Deals and Insights Report, which analyses deals, investments and trends in this rapidly growing sector.

The report also finds that the majority of GenAI investment to date continues to be located in North America, however there are a growing number of European Unicorns* and a significant opportunity for Ireland to establish itself as a GenAI hub.

VC activity in GenAI has been growing exponentially since the release of OpenAI’s ChatGPT in late 2022 and this year has seen a record surge in funds invested.

EY Ireland now forecasts that this will exceed $45bn globally for the year, with more than 1,050 separate investments to the end of November.

A significant trend in the market during 2024 has …