Fig 25: Distribution of Seed Rounds by Size (comparing AI vs other Tech)
Presenting the data in a slightly different way, we can look at the difference between AI-Native firms and other tech. The chart below shows the difference in the distribution of seed round sizes between AI-Native firms and other tech. This shows that U.S. AI-Native startups see fewer small rounds, and receive more of the larger rounds of $2.5M to $10M (we suspect some of these larger seed rounds are due to VCs that usually invest at Series A space ‘moving down’ from Series A to Seed). Toronto AI-Native firms also see fewer rounds below $1.25M, instead being ‘overrepresented’ in the $1.25M to $5M range. The rest of Canada is generally ‘overrepresented’ in the sub $1.25M range, with the exception of a very few deals in the top 2%. Importantly, however, these top-end deals are largely due to US investors: in Toronto, the top 6 rounds by size into AI-Native startups were all led by US investors, whilst for Canada as a whole, all of the top 8 rounds for which we have data (on the location of the lead investor) were led by US firms.
Startup Genome | San Francisco • Berlin • London • Delhi • Tokyo • Abu Dhabi • Bangalore • São Paulo
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