Who are the diverse founders in Generative AI? Harlem Capital’s Asian, Black, Latino & Women Founders in Generative AI report analyzes the 138 Asian, Black, Latino & Women Startups that have raised $1M+ in Generative AI from 2012 to 2023. Insights from our report👇
1. Asian men make up 45% of total diverse founders in Generative AI, but Asian women have a higher median raise of $10M.
2. Within the top 8 sub-industries among diverse founded Generative AI companies, the majority fall within Developer Tools. The median raised within Healthcare and FinTech is the largest among sectors.
3. Black and Hispanic founded companies were largely within 5 sub-industries, the largest being Enterprise SaaS and Media & Entertainment, respectively. Asian founded companies raised the most in Developer Tools.
4. Among diverse founders in Generative AI, the largest amount of capital raised by women is in the Developer Tools sub-industry while for men it is in Enterprise SaaS.
5. Among the 19 states represented, a majority of diverse founded Generative AI companies are headquartered in CA & NY.
6. Majority of companies are still in early stages with 41% having a latest funding round at the Seed stage.
7. Most diverse founded Generative AI companies had their most recent fundraising round in 2022 and 2023. Majority of recent rounds were by Asian founders and 70% were from male founders.
8. Among diverse founded Generative AI companies, $1.6B was most recently raised in 2023, of which 63% was from female founders and 45% was from Asian founders.
At Harlem Capital, we are proud investors in 3 Generative AI companies - Chatdesk (founded by Andrew Olaleye & Aneto Okonkwo), Superstorm (founded by Edward Lando & Emil Pitkin) and DocDraft (founded by Anish Dalal and Taher Hassonjee). The 3 companies have raised a total $14.8M in capital. We’re excited to celebrate their success as they pioneer pathways for many others.
Huge thank you to our very own Gabby Cazeau (Partner) for creating this report with help from Nina Prabhu (Summer Intern 2023).
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