The amount of money invested into startups hit a new annual high in 2017 as venture capital firms made big bets on emerging technologies such as artificial intelligence and automotive systems.

KPMG Enterprise, a subsidiary of KPMG Services Pte. Ltd., said in its Q4 Venture Pulse report released today that $46 billion was invested in the fourth quarter of 2017, bringing the year’s total venture capital funding up to a massive $155 billion.

Despite the massive influx of VC cash in the fourth quarter, the number of deals actually declined to its lowest level since the fourth quarter of 2011, with just 2,662 global deals. This decline in volume was offset by a number of “megadeals” in the quarter, with no fewer than six companies securing investments of over $1 billion.

Big winners in the quarter, each with $4 billion fundraisings, included Chinese firms Didi-Chuxing Technology Co., a ride-hailing service that’s often compared with Uber Technologies Inc., and retail services company Meituan-Dianping. Others, including Uber’s main rival in the U.S., Lyft Inc., and electric car manufacturers Nio and Faraday Future also raised $1 billion-plus in the quarter.

“Global venture capital investment surged, powered by mega-funding rounds in Asia and new quarterly investment highs in the US and Europe,” said Chia Teck Yew, head of financial services advisory at KPMG.

VC firms also made significant investments in emerging tech such as AI and machine learning, plowing more than $4.1 billion into related companies, up from $3.1 billion in the previous quarter.

On a nationwide basis, the U.S. was the biggest winner, accounting for $23.75 billion of all venture capital invested in the fourth quarter. Asia as a whole, including China, saw $15.6 billion invested in the quarter.

Image: Maklay62/pixabay