AdvertisementMost of the capital went to established start-ups – Anthropic and xAI both raised billions in funding this quarter – while some other lesser-known upstarts struggled, especially companies that are not focused on AI. The hangover of a tight environment for public listings and acquisitions has also left some venture investors unwilling to make new bets on unproven companies, PitchBook found. “You’re in AI, or you’re not. You’re a big firm, or you’re not.”San Francisco-based AI firm Anthropic in September completed a Series F financing round that raised US$13 billion, lifting its valuation to US$183 billion. Photo: ShutterstockIn the most recent quarter, US-based VCs dedicated 62.7 per cent of dollars invested to AI companies, while global investors allocated 53.2 per cent.