Last quarter marked a pivotal moment for Radiate Ventures, reinforcing our commitment to early-stage innovation in the deep tech sector. Alison.AI, one of our portfolio companies, has earned a spot on Synaptic's Top 50 list of high-growth private AI firms for 2023.
Alison.AI is at the forefront of revolutionizing the creative landscape with its AI-powered video analysis platform. The technology they've developed is not only cutting-edge but also highly scalable. This makes them a perfect fit for our fund, which is laser-focused on backing Pre-Seed, Seed, and Series A companies poised for exponential growth.
The Synaptic AI 50 report sheds light on the AI sector's dynamic growth, projecting a CAGR of 37.3% for the global AI market from 2023 to 2030, and culminating in a market size of $1.8 trillion. The report employs alternative datasets, including website traffic, employee growth, and product ratings, to gauge a company's growth potential. Alison.AI's inclusion in this list is both an accolade and a predictive indicator of its future impact on the AI and creative sectors.
Amidst a nominal decline in the number of VC funding rounds for generative AI, from 110 rounds in Q2 to 101 rounds in Q3 of 2023, the overall deal value increased from $5.8 billion to $6.1 billion. This dollar uptick comes amidst the broader mark slowdown following the boom of 2021, with a market correction that has extended into 2023. When it comes to AI, however, lucrative opportunities still abound for investors with a long-term perspective.
Artificial intelligence is a transformative force reshaping industries globally. Recognizing its potential, our Radiate Ventures fund is committed to strategic, long-term investments in pioneering ventures like Alison.AI that are leading this technological evolution.
Alison.AI's recent success serves as a pivotal milestone for all stakeholders in the AI ecosystem. It reinforces our conviction at Radiate Ventures that backing early-stage, high-growth ventures in the AI sector is not merely an option but a necessity for driving technological progress. We are at the inception of this journey and eagerly anticipate sharing further updates on both Radiate Ventures and Alison.AI as they continue to surpass new frontiers in the AI landscape.