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* Originally published on Calcalist , April 20 2023 Since the day ChatGPT was introduced in November 2022, it has become the fastest growing consumer product, putting the words ‘generativeAI’ in the mainstream. GenerativeAI is advancing at a breakneck speed.
For example, our focus at Remagine Ventures on gaming, generativeAI, and entertainment tech enabled us to create a relevant, focused network of founders, operators, co-investors and strategics who are active in our verticals. As a result, we started investing in generativeAI in 2019, as a way to scale content creation.
Textio relied on both of these strategies for a few years before launching our first truly generativeAI capabilities back in 2019. Like everyone else, we went distributed overnight in March 2020. Customers know what they’re getting when they first use the product and can make an informed choice.
In fund one, our strategic backers from the worlds of media and entertainment always instilled in us the interest to find technologies to scale and automate content creation, distribution and monetisation. That led us to start investing in generativeAI in 2019 (consider that ChatGPT only came out in November 2022, that’s pretty early).
So much has happened in the generativeAI space globally, and in Israel since we published the previous version of the Israeli generativeAI landscape, back almost exactly five months ago. So far in 2023, generativeAI startups raised $16 billion, according to Dealroom. billion, a 2.5x
Less than half of the amount invested in consumer in 2019 (14.3%). However, entrepreneurs have never really stopped building new consumer experiences and technology (in particular GenerativeAI) is unlocking a new wave of innovation in consumer startups. So much so, that in fact, that only 7.1% New data suggests they are.
The first time I wrote about startup benchmarks was in 2019 and it became one of the most popular posts on VC Cafe. As a pre-seed investor at Remagine Ventures , half of our investments are in B2B Software, especially around technologies in the content creation, distribution, monetisation and analytics space.
GenerativeAI now has the potential to exponentially grow the quantity of content created. Articles, ads, images, videos, voice, graphs, 3D objects, music, scientific papers… all can be created today with AI. Base10 includes 300 startups in their generativeAI landscape (source).
It’s just been the first anniversary since ChatGPT burst into the world and launched the term ‘generativeAI’ into the mainstream. It’s been a big year for AI. billion invested in generativeAI startups globally in the first half of 2023 according to Pitchbook.
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