Y Combinator, the renowned startup accelerator, has disclosed that artificial intelligence (AI) startups constitute more than one-third of its latest batch. This comes after a record-breaking 24,000 applications were received for the latest cohort, with less than 1% being accepted. Garry Tan, the President and CEO of Y Combinator, shared this information during an interview on Bloomberg Television.
Approximately 35% of the startups selected for the program are AI-focused, while up to half incorporate AI as a part of their business model. Tan expressed his excitement about the AI trend, stating, “There’s something very special happening here. The smartest people in the world are sitting in those cafes having discussions. Not just about starting their companies, but also what is the cutting edge of what these AI models can do.”
This year, for the first time since the pandemic, Y Combinator is making in-person participation a mandatory part of its program, requiring all founders to be in the Bay Area. The accelerator runs two programs annually, one in the winter and one in the summer. Y Combinator pledges to invest $500,000 in those startups selected for the program and takes them through a three-month course on running a company. Some of YC’s notable alumni include Airbnb Inc. and Stripe Inc.
LAStartups.com is a digital lifestyle publication that covers the culture of startups and technology companies in Los Angeles. It is the go-to site for people who want to keep up with what matters in Los Angeles’ tech and startups from those who know the city best.