Andreessen Leads New Funding in Artificial Intelligence Startup

Funding for artificial intelligence startups has surged more than eightfold since 2012, and entrepreneurs are rushing to capitalize on the cash that's still sitting on the sidelines. Money is gravitating toward the area as tech giants such as Alphabet Inc. and Facebook Inc. acquire companies and push advancements. Venture capital firms including Andreessen Horowitz, New Enterprise Associates Inc., and Battery Ventures LP announced Tuesday they have injected $140 million into artificial intelligence startup Databricks Inc., raising the company's funding to $247 million. While the sector saw just $559 million in funding in 2012, it surged to almost $5 billion in 2016, according to data compiled by research firm CB Insights. The number of deals has also seen a substantial increase, rising from 150 to 698 in that same time frame.