Summary:
AI startups raised record amounts in 2024, with several rounds exceeding $1 billion.
Databricks leads with a $10 billion funding round, raising its valuation to $62 billion.
OpenAI secures $6.6 billion, making it one of the most valuable private companies globally.
Waymo receives $5.6 billion from Alphabet, boosting its valuation significantly.
xAI, founded by Elon Musk, raised a total of $12 billion in two rounds this year.
The AI Funding Landscape in 2024
Artificial intelligence has taken the venture capital world by storm in 2024, with numerous startups securing nine- and ten-figure funding rounds. To make it onto this prestigious list, a company had to raise over $1 billion in a single funding round. Here’s a breakdown of the largest funding deals this year:
1. Databricks, $10B
Databricks raised a staggering $10 billion, bringing its valuation to $62 billion. This marks the largest venture capital raise of 2024, representing a 44% increase from its previous valuation. The funding was led by Thrive Capital, with other notable investors including Andreessen Horowitz and GIC. The funds will be used for developing new AI products, acquisitions, and international expansion.
2. OpenAI, $6.6B
In a closely watched funding round, OpenAI secured $6.6 billion at a post-money valuation of $157 billion. Led by Thrive Capital, this round included investments from Microsoft, Nvidia, and SoftBank, making OpenAI one of the most valuable private companies globally. The funding structure allows investors to reclaim their investment if the company doesn’t meet certain milestones.
3. (tied) xAI, $6B
xAI, founded by Elon Musk, raised $6 billion in May and another $6 billion in November, valuing the company at $50 billion. Investors included Valor Equity Partners and Andreessen Horowitz. The startup aims to compete directly with ChatGPT through its product, Grok.
5. Waymo, $5.6B
The autonomous vehicle company Waymo, spun out of Google, received a $5.6 billion investment from Alphabet, raising its valuation to over $45 billion. This was Waymo's first funding round since 2021.
6. Anthropic, $4B
Amazon invested $4 billion into Anthropic, a competitor to ChatGPT, which utilizes AI assistant Claude. This brought Amazon’s total investment in Anthropic to $8 billion.
7. (tied) Anduril Industries, $1.5B
Anduril Industries matched its record for the largest defense tech round with a $1.5 billion Series F funding, valuing the company at $14 billion.
9. (tied) CoreWeave, $1.1B
In May, CoreWeave raised $1.1 billion, valuing the AI cloud infrastructure startup at $19 billion, a significant increase from its previous valuation of $7 billion.
9. (tied) Wayve, $1.1B
London-based Wayve raised $1.1 billion in a funding round led by SoftBank, marking a notable investment for a British startup.
Other Noteworthy Rounds
Several AI startups also raised $1 billion this year, including Moonshot AI, Safe Superintelligence, Scale AI, and Xaira Therapeutics.
Illustration: Dom Guzman
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