Portugal ranks in Top 15 countries in Europe by AI VC funding

Portugal ranks in Top 15 countries in Europe by AI VC funding - Portugal Business News

Portugal news - Portugal ranks in the Top 15 countries in Europe by VC funding in the AI sector, according to Dealroom.

The AI Europe report by Dealroom shows that, while the UK and France are dominating AI investment in Europe in 2024, Portugal ranks 15th with VC investment in the sector totaling 7.9 million dollars.

AI now accounts for a record share of 18% of VC funding in Europe and AI funding in 2024 is on track to vastly surpass last year. While AI funding in Europe grew 10 times within a decade, Europe lags behind the US in AI leadership, with not only 4 times less VC funding, but also much fewer publications and patents. However, Europe has a high concentration of AI engineering talent.

The UK, France and Germany dominate AI investment in Europe with the UK receiving the highest share with 2.1 billion dollars. The UK, France and Germany attracted 77% of all AI funding in Europe in 2023-2024, compared to 59% for the other tech sectors.

Generative AI funding in Europe in 2024 has already surpassed any previous year after less than six months, with most of the funding going to model makers and applications with proprietary models, and GenAI alone now represents over 10% of VC funding in Europe. AI is also increasingly being adopted in the gaming sector, from in-game intelligence to game development.

Here are the Top 15 countries in Europe by VC funding in the AI sector in 2024:

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