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Britain takes first place in Europe, Israel for GenAI startups, says Accel | World news

Accel analyzed 221 GenAI startups and found that 30 percent were founded in Britain, 14 percent in Germany and 13 percent in Israel

Great Britain, Great Britain, British flag
Britain is home to the largest number of generative AI (GenAI) startups in Europe and Israel, followed by Germany and Israel. Photo: Pexels

Reuters

According to a study by venture capital firm Accel, Britain is home to the largest number of generative AI (GenAI) startups in Europe and Israel, followed by Germany and Israel.

Accel analyzed 221 GenAI startups and found that 30 percent were founded in Britain, 14 percent in Germany and 13 percent in Israel, with 11 percent in France and 6 percent in the Netherlands.

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GenAI is artificial intelligence that can generate text, images, videos or other data, based on models developed using vast amounts of information.

Britain’s top universities, the track record of founding AI company Deepmind in 2010 and investments from US tech giants in the country have all helped boost the country’s standing in AI.

Despite this, France-founded GenAI companies are leading the way in raising funding, attracting $2.29 billion, followed by Britain with $1.15 billion, Accel said.

Paris-based Mistral, widely considered a European rival to OpenAI, raised 600 million euros ($644 million) last week at a valuation of 5.8 billion euros.

In 2023, GenAI startups raised more than $25 billion in funding worldwide and that is expected to rise to around $45 billion this year, according to Accel.

“As we look deeper into the roots of these companies, we begin to see where the region’s top GenAI talent hubs exist and what common paths the founders are following,” said Accel partner Harry Nelis.

A quarter of startups have at least one founder who has worked at Alphabet, Apple, Amazon, DeepMind, Meta or Microsoft, and more than a third have held positions at academic institutions, he said.

A quarter of the founders were educated at British universities such as the University of Cambridge, Imperial College London, University College London and Oxford University, Accel said.

(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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