The top AI deals in Europe this year

In 2024, the European AI sector has shown significant resilience in venture capital funding, with 14 investments exceeding $100 million as of August. This contrasts with the overall challenging landscape for startups, where funding has been difficult to secure. Notably, AI has emerged as a strong area of investment, driven by the high costs associated with developing AI technologies and the intense competition for talent. Key highlights from the top AI deals in Europe this year include: - Wayve: This Cambridge-based startup raised $1.05 billion to enhance its autonomous driving technology, marking the largest single funding round for an AI company in Europe. Wayve focuses on selling its AI technology to car manufacturers rather than producing vehicles itself. - Mistral: A prominent player in building large language models, Mistral has raised over $1 billion through two significant funding rounds of $431 million and $650 million. The company emphasizes open-source technology, appealing to enterprises and developers. - Helsing: This German startup, which focuses on AI for defense applications, secured $484 million. Its technology aims to enhance defense systems and capabilities, particularly in light of geopolitical tensions in Europe. - Poolside: Targeting software developers, Poolside raised $400 million to develop AI tools that streamline software development processes. - DeepL: Known for its AI-driven translation services, DeepL raised $320 million, focusing on the B2B market with around 100,000 business customers. - H: Formerly Holistic AI, this startup raised $220 million as a seed round, aiming to develop AI agents for task automation and decision-making. - Flo Health: The London-based women’s health app raised $200 million, becoming the first purely digital health app to achieve a valuation of over $1 billion. - Pigment: This Parisian startup, which provides enterprise resource planning solutions, raised $145 million, integrating AI into its offerings. Overall, the European AI landscape is characterized by substantial funding rounds and a focus on foundational technologies, with cities like Paris emerging as key hubs for AI development.