Venture capitalists have been throwing money at AI start-ups, investing over $11 billion in May alone, according to data firm PitchBook, an increase of 86 percent over the same month last year.
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"The improvement in quality was much greater than expected," Dan Wang, a business professor at Columbia University who studies the tech industry, said of the emergence of generative AI. "That took folks by surprise and also released the imaginations of both existing entrepreneurs and aspiring entrepreneurs."
Companies are also putting money where their mouths are, and one of the biggest beneficiaries so far is Nvidia. "What can we say other than just 'Wow!'" C.J. Muse, an analyst with Evercore said in a client note. "We've simply never seen a beat like this … ever." Big companies and start-ups alike are "clamoring" to buy Nvidia's products, Muse said.
Suvrat Bhooshan, a former AI researcher at Meta and founder and CEO of Gan.ai, a start-up that lets people automatically create customized videos of themselves, just raised $5.25 million from investors including Sequoia Capital and Emergent Ventures. The deal came together fast, with some investors giving him full-fledged term sheets just a week after initial introductions, Bhooshan said.
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