SG and other Asian economies record a rise in GenAI startups

More than $956m was invested and may see an increase.

The Asia Pacific and Japan (APJ) region found a rise in GenerativeAI startups, most especially in China, Singapore, and India, said IDC, a data software company.

In its report, IDC said more than $956m (US$700m) was invested and more is expected.

“Companies in business/productivity software, and multimedia and design software have the most deal count and capital invested. These industries have the highest number of start-ups driving GenAI innovation,” said IDC.

The report also mentioned that 26% of APJ markets digital-native businesses invested in Generative AI in 2023 with 44% doing some initial research on its potential use cases.

“These DNBs expect to see the largest impact of GenAI technology in the areas of product development/design, research and development, customer engagement, sales, and marketing,” read the report.