Led by $412m venture financing of SonarSource, total technology industry artificial intelligence venture financing deals worth $1.7bn were announced in Europe in Q2 2022, according to GlobalData’s deals database.

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The value marked a decrease of 37.4% over the previous quarter and a drop of 7.1% when compared with the last four-quarter average of $1.84bn.

Europe held a 14.12% share of the global technology industry artificial intelligence venture financing deal value that totalled $12.11bn in Q2 2022. With a 4.45% share and deals worth $539.23m, the UK was the top country in Europe’s artificial intelligence venture financing deal value across technology industry.

In terms of deal activity, Europe recorded 177 artificial intelligence deals during Q2 2022, marking an increase of 2.91% over the previous quarter and a rise of 26.88% over the last four-quarter average. The UK recorded 64 deals during the month.

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Europe technology industry artificial intelligence venture financing deals in Q2 2022: Top deals

The top five artificial intelligence venture financing deals accounted for 39.4% of the overall value during Q2 2022.

The combined value of the top five technology artificial intelligence venture financing deals stood at $674m, against the overall value of $1.7bn recorded for the quarter.

The top five technology artificial intelligence deals of Q2 2022 tracked by GlobalData were:

1) Advent International, General Catalyst Partners, Insight Partners and Permira Funds $412m venture financing deal with SonarSource

2) The $80m venture financing of VEO Technologies by ATP Private Equity Partners, Chr. Augustinus Fabrikker, SEED Capital and Ventech

3) Sofina $80m venture financing deal with Cleo AI

4) The $62m venture financing of Cantab Research by AlbionVC, IQ Capital Partners and Susquehanna Growth Equity

5) Change Ventures, Connected Capital & Partners Management, Equity United and Marko Lastik $40m venture financing deal with Eurora Solutions