The Determinants of Venture Capital investments in Artificial Intelligence start-ups: landscape, investors’ and investees’ profiles
Irene Besso
The Determinants of Venture Capital investments in Artificial Intelligence start-ups: landscape, investors’ and investees’ profiles.
Rel. Elisa Ughetto. Politecnico di Torino, Master of science program in Engineering And Management, 2022
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Abstract
Given the important impact of the AI firms' development on the innovation and growth of economies, and the growing attention of VC funds in the AI sector, this thesis aims at investigating the landscape of VC investment in AI, analysing both the determinants of those investments and the profile of investors and investees. The dataset used for the analysis comes from the merge of two main data sources: CrunchBase, containing information regarding VC deals and Market Inspection, a panel containing macroeconomic variables used as control. In addition to investments and geographical analysis, the empirical method consists of a series of regression models and difference in means run on Stata software.
Concerning investor profiles, VCs investing in AI start-ups tend to be smaller in size and less expert, confirming previous literature suggesting that inexperienced Venture Capital are more likely to heavily invest during boom periods without prior market cycle expertise
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