Artificial intelligence startups have contributed significantly to the recovery of U.S. venture capital funding from market lows, with the total capital raised in 2024 nearly 30% higher year-on-year,

Venture capitalists put $97 billion into artificial intelligence startups in the US last year — a new record in a year of multibillion-dollar megarounds for companies like Elon Musk’s xAI, OpenAI and Anthropic.

Artificial intelligence startups scooped up around one-third of venture capital dollars spent around the world last year, Crunchbase data shows, and Bay Area companies benefited.

AI startups in the United States raked in an unprecedented $97 billion in funding last year. That’s nearly half of the $209 billion raised by all US startups in 2024. It’s a big number—biggest ever—and it’s no surprise when you consider the names driving it: xAI,