2023 has seen a surge in interest in AI, as recent developments like OpenAI’s ChatGPT and Stable Diffusion are beginning to have a big impact on the way tech companies do business.

But European investors drew back slightly on AI last year, with $23.1bn invested in startups in the space — compared to $39.2bn in 2021 and $24bn in 2020, according to Dealroom. 

This might be explained by deeptech investments being more focused on blockchain technologies, as many funds flocked to Web3 and the metaverse. But which funds did remain interested in the space? Sifted analysed data from Dealroom (searching for investments tagged “artificial intelligence” or “machine learning”) to find out. 

The 11 most active investors in AI from 2022

1/ The European Innovation Council

HQ: Brussels

Fund focus: The EU’s vehicle for investing in impact technologies and research projects, from university research, to seed-stage startups and larger scaleups

Number of investments into AI startups in 2022: 43

2/ Bpifrance

HQ: Paris

Fund focus: France’s state-owned investment bank and sovereign wealth fund that invests across a wide range of tech sectors and stages

Number of investments into AI startups in 2022: 23

3/ Index Ventures

HQ: London

Fund focus: Sector agnostic fund investing in tech companies from seed stage to IPO

Number of investments into AI startups in 2022: 21

4/ Speedinvest

HQ: Vienna

Fund focus: Sector agnostic tech investor backing companies from seed to early stage

Number of investments into AI startups in 2022: 20

5/ Innovation Norway

HQ: Oslo

Fund focus: The tech investment arm of Norway’s sovereign wealth fund, backing Norwegian startups

Number of investments into AI startups in 2022: 19

6/ btov Partners

HQ: Berlin

Fund focus: Invests in European seed and Series A startups with a focus on AI, digital health, fintech, logistics, B2B SaaS and marketplaces

Number of investments into AI startups in 2022: 14

7/ Eight Roads Ventures

HQ: London

Fund focus: Fund investing in early-stage to growth-stage startups, with a focus on consumer, enterprise, fintech, healthtech and pharma

Number of investments into AI startups in 2022: 11

=8/ Global Founders Capital

HQ: Berlin

Fund focus: Sector agnostic fund investing from seed to growth stage

Number of investments into AI startups in 2022: 10

=8/ Entrepreneur First

HQ: London

Fund focus: Sector agnostic accelerator and investor backing early-stage founders globally

Number of investments into AI startups in 2022: 10

=8/ High-Tech Gründerfonds

HQ: Berlin

Fund focus: Early-stage fund investing in software, medtech and climate tech

Number of investments into AI startups in 2022: 10

=8/ Startup Wise Guys

HQ: Tallinn

Fund focus: Accelerator and investor backing early-stage B2B startups

Number of investments into AI startups in 2022: 10