What the numbers say: SAP announced today that it had invested in three AI startups: Cohere, Anthropic, and Aleph Alpha. Last week, SAP-backed VC firm Sapphire Ventures made a $1B commitment to invest in enterprise AI startups. Why it matters: The move aims to add generative AI solutions to its business applications portfolio. SAP, currently the third largest software company, intends to maintain its market share with new generative AI offerings. The company has already started pilots and proof of concepts with customers. What happened: Global AI startups raised $20.2B in funding in Q2 2023. Financing for startups across all sectors continues to decline, with the exception of the AI industry. While funding for all sectors declined 18% QoQ, AI sector funding remained flat compared to the preceding quarter. |
