Is AI the New Gold Rush for Startups?

As of mid-2023, approximately one in four U.S. venture capital dollars funds startups using artificial intelligence, following the widespread adoption of generative AI tools like OpenAI’s ChatGPT, Google’s Bard, and Microsoft’s Bing. Venture capital activity has accelerated, with companies such as fintech Rillet raising $70 million in a Series B round shortly after a $25 million Series A. AI is being integrated across industries, major tech companies are advancing new solutions, and ethical considerations are increasingly discussed. Business leaders are adapting to these changes to leverage new opportunities and manage challenges.

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