2023-07-11-PitchBook-2023年一季度人工智能与机器学习报告（英）_10页_12mb

EMERGING TECH RESEARCH: Q1 2023 Artificial Intelligence & Machine Learning Report Preview

• Key Trends: Venture capital (VC) activity in Q1 2023 increased significantly, driven partly by OpenAI's major investment (Microsoft as primary investor). However, overall deal activity in terms of both value and count saw a slight dip when excluding major names like OpenAI. Software solutions outside the generative AI field faced reduced investor interest, while generative AI software, including OpenAI, commanded exceptional valuation multiples due to its potential and the need for substantial computing power and talent.
• VC Activity Details: $22.7 billion invested in VC deals across AI & ML, with $12.7 billion allocated to generative AI, including OpenAI's $10 billion investment. OpenAI's deal was structured opportunely for Microsoft and highlights the value of third-party technology to tech giants, similar to acquisition trends observed in previous years (e.g., Microsoft, Apple, Meta). Acquisition activity in AI & ML companies remained relatively limited in Q1 2023 compared to 2022 ($3.3 billion vs $48.7 billion), with the highest value deal being Iguazio's acquisition by McKinsey below its private valuation. Top strategic acquirers since 2017 include Apple, Accenture, and Microsoft at the corporate level, alongside several VC-backed companies.
• Market Focus: Investment heavily favors generative AI research and startups, leading to inflated valuations for those demonstrating breakthrough potential. However, mature companies less likely to achieve significant research breaks face reduced VC interest and funding pressure.
• Company Highlights: Databricks, a leader in unified data analytics platforms (based on Apache Spark), has focused on generative AI, training its LLM (Dolly) to compete with GPT-4. It has shown leadership in supporting ML operations (MLOps) and high-value workloads. Databricks experienced a valuation reduction of 10% according to CEO estimates. The company continues to invest in infrastructure through acquisitions focusing on AI data storage and governance.
• Summary: The Q1 2023 landscape points towards unprecedented VC investment in generative AI research startups, willing to pay premium valuations for future potential, while traditional software domains outside this scope faced challenges. Acquisitions, while less frequent and valuable than previous periods, still occur, with tech giants and VC firms active buyers. Databricks stands out as an innovator with strong growth prospects in leveraging data lake architecture and streaming analytics.