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Euroscape 2024: AI Eating Software (Accel)

ReportAccelOctober 202455 pages83 min readOriginal source
Key number
$79.2 billion
Total Cloud VC Funding 2024E p.22
Largest segment
Foundation Models ($37 billion)
GenAI Funding Segment p.26
What changed
$5.1 billion vs $7.6 billion
Euroscape Winners Total Funding p.40

Summary

  • The Nasdaq Composite Index grew 38% over the last twelve months, adding $8.4 trillion in market capitalisation.p.5
  • The top 6 Generative AI companies in each region accounted for $37 billion or two-thirds of total GenAI funding since 2023.p.25
  • Foundation models commanded $37 billion of total Generative AI funding, leading over apps ($7.3 billion) and full-stack apps ($6.4 billion).p.26
  • Euroscape 2024 winners accumulated $5.1 billion in total funding in 2024 compared to $7.6 billion in 2023.p.40

Key insights

  1. The Euroscape Public Cloud Index remains 39% below its October 2021 peak.p.11
  2. Valuation multiples for the Euroscape Public Cloud Index stood at 5.9x EV/NTM Revenue in September 2024, below the pre-COVID average of 7.1x.p.12
  3. No company in the Euroscape Public Cloud Index grew above 40% in 2024.p.17
  4. Approximately $56 billion has been invested in Generative AI in the US and EU/IL since 2023, following an 80/20 split between the US and EU/IL.p.24
  5. Big tech companies are consolidating Generative AI talent through major licensing agreements and key executive hiring.p.32
  6. More than 50% of 2024 Euroscape winners were founded in the last 2 to 5 years, with a median age of 4 years.p.42

Topics and entities

EuropeGlobalUSAI in financeCybersecurityDeep tech investmentM&A and exitsPrivate marketsStartup ecosystemsStartup fundingVenture capitalAccelAdeptAmazonAnthropicCharacter.AIGoogleInflectionMetaMicrosoftMistralOpenAI

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