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Accel analyzed 221 GenAI startups and found that 30% were
founded in the UK, 14% in Germany, and 13% in Israel, with
France home to 11% and the Netherlands 6%.
GenAI is artificial intelligence capable of generating text,
images, videos or other data, based on models developed using
huge quantities of information.
Britain's top universities, its track record in forming AI
company Deepmind in 2010, and investment from U.S. tech giants
in the country have all helped to bolster its status in AI.
Despite this, GenAI companies founded in France lead the way in
raising funding, attracting $2.29 billion, followed by the UK on
$1.15 billion, Accel said.
Paris-headquartered Mistral, widely considered a European rival
to OpenAI, last week raised 600 million euros ($644 million) at
a valuation of 5.8 billion euros.
In 2023, GenAI startups globally raised more than $25 billion in
funding and that is expected to increase to around $45 billion
this year, Accel said.
"When looking deeper at these companies’ roots, we begin to see
where the main GenAI talent hubs exist in the region and the
common paths founders take," said Accel partner Harry Nelis.
A quarter of the startups have at least one founder who has
worked at Alphabet, Apple, Amazon, DeepMind, Meta, or Microsoft,
and more than a third have held positions at academic
institutions, he said.
A quarter of the founders were educated in UK universities such
as University of Cambridge, Imperial College London, University
College London and Oxford University, Accel said.
($1 = 0.9304 euros)
(Reporting by Supantha Mukherjee in Stockholm; Editing by Mark
Potter)
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