Most of us have heard about ChatGPT and queried the silliest things about it. ChatGPT is a tool that uses Generative AI technology to generate/create text, images, or other media in response to prompts. During this funding winter, Generative AI-related startups raised $1.6 billion, the global Generative AI market size is projected to reach $126.5 billion by 2031, growing at a CAGR of 32% from 2022 to 2031, this growth might be higher – no wonder many entrepreneurs are flocking to this space. x
With the current boom and large investments in this space, the use cases will become more commonplace with more accessibility to the technology such that querying would be like ‘googling.’
Journey till now
Until May 2023, 11 generative AI companies are unicorns, with OpenAI having a valuation of $29B. Recently, Synthesia: AI-Generated Video Platform also reached unicorn valuation after a $90 million Series C round led by Accel.
Among the 250+ generative AI companies, 33% have yet to raise any outside equity funding. Also, over two-thirds of companies have yet to raise series A or higher funding. It creates excellent opportunities for Investors & VCs to strengthen their position for the upcoming decade’s technology.