In Spain, nearly 500 startups are dedicated to artificial intelligence (AI), but foundational models, a key element in AI development, remain largely the domain of U.S. firms like OpenAI.
OpenAI, known for its significant advancements such as ChatGPT, DALL-E-2, and Sora, has raised approximately $11.3 billion to date, underscoring the massive investment required to develop these foundational AI technologies.
In comparison, Spain’s venture capital scene, with funds like Seaya, Kibo, and K Fund, has shown remarkable growth but has not yet reached the $1 billion management milestone.
According to the Ecosistema Startup database by El Referente, there are 487 companies in Spain involved in AI to various extents. Of these, 33 qualify as scaleups, having secured stable market positions and annual revenues of at least one million euros.
The year prior saw the foundation of 76 new AI startups, predominantly located in
- Madrid (130),
- Catalonia (111),
- Valencia (47), and
- Andalusia (36).
Spanish companies generally adopt two approaches to AI. Some, like Murcia’s Magnific AI and Valencia’s Aunoa, build upon open-source foundational models to create specialized applications, such as image re-scaling or chatbot services. Others, such as Seedtag,
Clarity AI, and Coinscrap, integrate AI as a critical component in their broader tech offerings, ranging from contextual advertising to financial data analysis, highlighting the diverse applications of AI in enhancing business operations and customer experiences.
