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
TT
20

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.



Manga Productions Partners with SEGA to Publish 'Sonic Racing: Crossworlds' Game in MENA

Manga Productions signed a publishing and distribution agreement with the Japanese gaming giant SEGA to publish the iconic game Sonic in the Middle East and North Africa. (SPA)
Manga Productions signed a publishing and distribution agreement with the Japanese gaming giant SEGA to publish the iconic game Sonic in the Middle East and North Africa. (SPA)
TT
20

Manga Productions Partners with SEGA to Publish 'Sonic Racing: Crossworlds' Game in MENA

Manga Productions signed a publishing and distribution agreement with the Japanese gaming giant SEGA to publish the iconic game Sonic in the Middle East and North Africa. (SPA)
Manga Productions signed a publishing and distribution agreement with the Japanese gaming giant SEGA to publish the iconic game Sonic in the Middle East and North Africa. (SPA)

Manga Productions, a subsidiary of Mohammed bin Salman Foundation (Misk), has signed a publishing and distribution agreement with the Japanese gaming giant SEGA to publish the iconic game Sonic in the Middle East and North Africa.

CEO of Manga Productions Dr. Essam Bukhary said: “Manga Productions has built strategic partnerships that support the creative content industry in Saudi Arabia and the region. Our collaboration with SEGA brings 'Sonic Racing: Crossworlds' to MENA audiences.”

In a statement on Monday, Manga Productions said it will collaborate with SEGA to publish the game for audiences in the MENA region, providing opportunities for Saudi talents to participate in the publishing process, as well as marketing the game.

“Sonic Racing: Crossworlds” is the next-generation kart racing game developed by SEGA's arcade racing team. Its standout feature is its dynamic track design, where players warp into an unknown world on the second lap of each race, making every race unpredictable and thrilling.

With a record-breaking 23 characters available at launch, the roster will continue to expand through post-launch updates, featuring guest appearances from Hatsune Miku, Joker (Persona 5 Royal), Ichiban Kasuga (Like a Dragon), Minecraft, SpongeBob SquarePants, and more.

Players can customize their racing strategies using over 70 types of “Gadgets,” each offering unique skills and advantages. The game also supports cross-play in online multiplayer, allowing up to 12 players to compete in various exciting modes.