AI Startup Funding More than Doubles in Q2, Crunchbase Data Shows

Nao robots of the Nomadz team, programmed by the ETHZ and Insait Bulgaria, play a game of soccer during the AI for Good Global summit on artificial intelligence, organised by the International Telecommunication Union (ITU), in Geneva, Switzerland, May 30, 2024. REUTERS/Denis Balibouse/File photo Purchase Licensing Rights
Nao robots of the Nomadz team, programmed by the ETHZ and Insait Bulgaria, play a game of soccer during the AI for Good Global summit on artificial intelligence, organised by the International Telecommunication Union (ITU), in Geneva, Switzerland, May 30, 2024. REUTERS/Denis Balibouse/File photo Purchase Licensing Rights
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AI Startup Funding More than Doubles in Q2, Crunchbase Data Shows

Nao robots of the Nomadz team, programmed by the ETHZ and Insait Bulgaria, play a game of soccer during the AI for Good Global summit on artificial intelligence, organised by the International Telecommunication Union (ITU), in Geneva, Switzerland, May 30, 2024. REUTERS/Denis Balibouse/File photo Purchase Licensing Rights
Nao robots of the Nomadz team, programmed by the ETHZ and Insait Bulgaria, play a game of soccer during the AI for Good Global summit on artificial intelligence, organised by the International Telecommunication Union (ITU), in Geneva, Switzerland, May 30, 2024. REUTERS/Denis Balibouse/File photo Purchase Licensing Rights

Investments in artificial intelligence (AI) startups surged to $24 billion from April to June, more than doubling from the previous quarter, according to data from Crunchbase, highlighting the growing appetite for the new technology.

Overall startup funding grew 16% sequentially to touch $79 billion in the last quarter, primarily driven by investments in AI, which became the largest sector for the first time, followed by healthcare and biotech, Reuters reported.

The runway success of OpenAI's ChatGPT has unleashed a race to adopt the latest AI technology in areas such as business productivity, healthcare, and manufacturing. Investors and Big Tech firms, however, say that meaningful gains from their massive investments in AI will only materialize over the next few years.

Despite last quarter's uptick, startup funding remains low compared to the levels seen in the past three years.

Global funding declined 5% to $147 billion in the first half of the year and was flat compared to the second half of 2023, according to Crunchbase.

A tight monetary policy in the US has contributed to a slow revival in initial public offerings, hampering what is among the biggest sources of returns for institutional private market investors, who typically invest in startups and sell shares during IPOs.



Apple Names Insider Sabih Khan as COO

The Apple logo is seen on the Apple store at The Marche Saint Germain in Paris, France July 15, 2020. (Reuters)
The Apple logo is seen on the Apple store at The Marche Saint Germain in Paris, France July 15, 2020. (Reuters)
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Apple Names Insider Sabih Khan as COO

The Apple logo is seen on the Apple store at The Marche Saint Germain in Paris, France July 15, 2020. (Reuters)
The Apple logo is seen on the Apple store at The Marche Saint Germain in Paris, France July 15, 2020. (Reuters)

Apple on Tuesday named insider Sabih Khan as its chief operating officer, taking over from Jeff Williams, as part of a long-planned succession.

Khan, who has been with Apple for 30 years and is currently the senior vice president of operations, will take on the new role later this month, the iPhone maker said in a statement.

Before joining Apple's procurement group in 1995, he worked as an applications development engineer and key account technical leader at GE Plastics.

Williams will continue to report to CEO Tim Cook and oversee the company's design team and Apple Watch.

The design team will report directly to Cook after Williams retires late in the year.