“As part of an annual look at global AI investment trends, CB Insights today reported that AI startups raised a record $26.6 billion in 2019, spanning more than 2,200 deals worldwide. That’s compared to roughly 1,900 deals totaling $22.1 billion in 2018 and about 1,700 deals totaling $16.8 billion in 2017.”
Tag: startup
Digital bank Chime quadruples valuation in less than a year to $5.8 billion as it takes on megabanks
- “Chime, the largest of a new breed of branchless U.S. banks, raised $500 million in a series E round it closed recently valuing the company at $5.8 billion, according to people with knowledge of the situation. That is a remarkable increase from its last round nine months ago, when it raised $200 million at a $1.5 billion valuation.
- But Chime appears to have struck on a winning formula: It targets the disaffected customers of traditional banks with no-fee accounts, free overdrafts and early direct deposits on paychecks. That’s led to torrid growth, going from 1 million accounts last year to about 6.5 million this month.”
Chris Britt
Chime CEO
1 big thing: The world is catching up on AI
- “Last year for the first time ever, the U.S. share of global artificial intelligence startup funding deals fell to less than half the world’s total.
- The U.S. was home to nearly 75% of all deals in 2013, data shows, but is fast losing share in the startup market — a key driver of innovation.
- The total amount of funding is still tilted heavily toward the U.S. — with the exception of a handful of Chinese mega-companies like TikTok owner ByteDance, which is the top-funded AI startup in the world. The U.S. funding lead is likely to continue because of its concentration of AI experts.”
https://www.axios.com/newsletters/axios-markets-43c67615-4f0c-4d79-93fc-a4fe86169ccc.html