In Europe and Israel, the UK has the highest concentration of generative AI (GenAI) firms, followed by Germany and Israel, as per a survey conducted by venture capital firm Accel.
According to a survey by venture capital firm Accel, the UK has the greatest concentration of generative AI (GenAI) startups in Europe and Israel, followed by Germany and Israel.
After analyzing 221 GenAI firms, Accel discovered that 30% were based in the UK, 14% in Germany, and 13% in Israel. The Netherlands and France accounted for 11% and 6% of all founding countries, respectively.
GenAI is artificial intelligence that uses models created from massive amounts of data to produce text, photos, videos, and other types of data.
Britain’s standing in AI has been enhanced by its excellent universities, its history of founding the AI business Deepmind in 2010, and the investment made by American tech titans in the nation.
Despite this, according to Accel, funding for GenAI businesses formed in France leads the world with $2.29 billion raised, followed by the UK with $1.15 billion.
Mistral, a company based in Paris and generally seen as OpenAI’s European competitor, raised 600 million euros ($644 million) this week at a valuation of 5.8 billion euros.
According to Accel, financing for GenAI startups worldwide exceeded $25 billion in 2023 and is projected to reach over $45 billion this year.
“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 Harry Nelis, an Accel partner.
According to him, at least one founder of 25% of the startups has experience working for Google (GOOGL.O), Apple (AAPL.O), Amazon (AMZN.O), DeepMind, Meta (META.O), Microsoft (MSFT.O), or any combination of these companies. Additionally, over 33% of the founders have held positions at academic institutions.
According to Accel, 25% of the founders received their education from UK universities like Oxford University, Imperial College London, University College London, and the University of Cambridge.
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