Cloud startups raised $62.5 billion in Europe, Israel and the U.S. in 2023, the report found.
Funding is up 65% from the $47.9 billion cloud firms raised four years ago, according to Accel.
AI is eating softwareMuch of the growth of funding in cloud is being driven by excitement around AI.
Globally, companies building so-called foundational models, which power much of today's generative AI tools, account for two thirds of overall funding for generative AI firms, Accel said.
Big Tech's AI splurgeThe U.S. took the lead globally in terms of overall regional generative AI investment raised.
Persons:
OpenAI, ChatGPT, Philippe Botteri, Botteri, Accel's, Anthropic, Elon Musk's xAI, Britain's, France's Mistral, Accel, Dev Ittycheria, Ittycheria
Organizations:
Accel, Venture, Microsoft, CNBC, Accel —, Nasdaq, Alpha, Google
Locations:
U.S, Europe, Israel, genAI