Silicon Valley Startups Had Their Worst Funding Year Since 2019

The value of venture capital deals in the US last year fell to levels not seen since 2019, according to new year-end data highlighting startups’ chaotic 2023.

Over the last 12 months, investors poured money into artificial intelligence startups, but the rest of the industry foundered. According to early data released by research firm PitchBook on Thursday, venture capitalists invested $170.6 billion in the US in 2023, over an estimated roughly 15,000 deals. That deal value is down by about 30% from 2022.

The VC industry also declined globally last year. Around the world, investors put $345.7 billion into startups, down 35% from what they spent last ...