Radical Ventures: AI neolabs raised $24B in two quarters

According to Radical Ventures, AI neolabs — many without products, markets, or revenue — raised $24B over the past two quarters, nearly 5x what OpenAI and Anthropic raised pre-ChatGPT. Investors warn the figures can hide sleight of hand.

• AI neolabs raised $24B in the past two quarters
• Nearly 5x OpenAI and Anthropic pre-ChatGPT
• Many startups lack products, markets, or revenue