The promise of generative artificial intelligence to drive business productivity and solve thorny problems has powered a speedy pickup of investment and deals in the space, according to data released today by Pitchbook, and companies in the city are picking up a fair share.

Generative AI companies in New York raised $483.6 million last year over 28 funding rounds. That’s a seismic increase from the $41.1 million raised in 2018 across eight funding rounds, especially as large venture capital rounds continue to cool because of shaky market conditions.

Across the country, venture capital firms put nearly $10 billion into the industry in the past two years, Pitchbook found.