Q3 VC funding sees $2B in AI/ML and growth in Fintech and Web3
AI and machine learning (AI/ML) continued to lead venture capital funding in Q3 of 2024, according to Pitchbook’s Emerging Tech Indicator report.
AI/ML companies raised around $2 billion across 42 deals, marking a significant drop from the $8 billion raised in the previous quarter.
However, the funding activity remains strong, with investor interest continuing despite the decrease.
“Excluding these outliers, Q3 funding reflects a steady normalization in activity, with deal volume underscoring continued investor interest across the sector,” the report noted.
The decline in total funding was primarily due to two massive deals: xAI’s $6 billion and Safe Superintelligence’s $1 billion rounds.
Without these outliers, the sector shows consistent investment momentum.
Fintech also saw notable growth, with funding nearly doubling from $228.4 million in Q2 to $449 million in Q3.
However, the number of deals decreased from 25 to 18.
Notable fintech investments included $65 million raised by Slope to expand its business payment platform, $47.9 million raised by Neo Asset Management, and $40 million secured by Coast to improve fleet payment card management.
Web3 and decentralised finance (DeFi) investments surged significantly, with funding jumping from $93.9 million in Q2 to $373.8 million in Q3.
This spike reflects renewed investor interest in blockchain and decentralised platforms.
Key deals in the sector included $80 million raised by Story Protocol and ID Planet, $60 million raised by Partior for cross-border payments, and $55 million raised by Chaos Labs for its cloud-based blockchain platform.
The third quarter of 2024 showed a continued commitment from investors in AI/ML, fintech, and Web3, signaling strong growth across these emerging sectors.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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