Artificial intelligence and the accessibility that generative AI offers are a tsunami rushing through the tech sector. Investment capital is targeting the underlying AI infrastructure, middleware and data management tools needed to create products that can drive the expected efficiencies and new insights that are the promise of AI.

In 2023 one-quarter of venture dollars were invested in AI both nationally and in New York — up from 13% and 9%, respectively, in 2019. New York City-based AI and machine learning companies raised $6.1 billion in venture funding in 2023; nationally, these companies raised $54.4 billion, according to PitchBook. In addition, the major financial institutions participating in the FinTech Innovation Lab, run by Accenture and the Partnership Fund for New York City, have highlighted for the last two years that AI was a top priority area for new technology.