In the first nine months of 2024, AI-related investments accounted for 33 percent of total investments into VC-backed companies headquartered in the U.S. That’s up from 14 percent in 2020 and could go even higher in the years ahead.

According to Crunchbase data analyzed by EY, AI deals accounted for 37 percent of the $38 billion raised by VC-backed companies in Q3 2024, with four of the 10 largest deals involving AI-related companies.