theme

Accendo Signals

AI capital by investment type, 2023 Q1 to present

Five emerging-market regions: Sub-Saharan Africa, South Asia, Southeast Asia, Latin America and the Caribbean, and MENA. A record of what the research and newsletter covered, directional rather than a census.

Corporate and sovereign capital carry most of the traced dollars

Disclosed committed capital by quarter, traced deals only (announced envelopes and excluded instruments are not in the bars). Any single deal at or above 20 billion dollars is excluded and annotated on its quarter, so one announcement cannot flatten the rest of the chart.

Deal count grew steadily while dollars did not

Count is the more reliable growth signal here, because it is not moved by a single announcement. Every quarter, all deals including the four excluded above.

Where the money lands

Forty-one countries carry a pin, plus a block of regional programs whose source names a region and no country. Capital and deal count rank very differently, which is why both are shown.

Who is committing it

Funder type describes the institution writing the cheque, which is a different question from the instrument it uses. A sovereign fund can write equity, a foundation can write a grant, and a hyperscaler does both.

Funder type is derived, not curated. It is inferred from the lead name in the Fund / Investor field by keyword, so consortium rows and ambiguous names are misfiled in a minority of cases. Treat it as directional. The durable fix is a Funder type column on the Deals tab, populated once against the vocabulary shown here and maintained with each new row.

Every deal, with its country and its funder

All published rows, read live from the Google Sheet. Search matches country, funder, target, layer and type. Click a column heading to sort.

The level, by type, over the whole period

Investment type	Disclosed ($m)	Share	Deals	Priced	Median ($m)	2023	2024	2025	2026

The last four columns are deal counts, not dollars.