Press Release

Cooley Ranks Among Leading AI Transactional Firms

Firm’s reported VC transactions totaled more than $900 million in value
May 9, 2024

New York – May 9, 2024 – According to PitchBook’s deal database, in the first quarter of 2024, Cooley ranked second overall* for venture capital transactions involving artificial intelligence (AI) companies. The firm represented AI companies and their investors on 32 reported venture capital transactions totaling approximately $910 million in deal value.

Among those deals, the firm represented companies including Observe in its $115 million Series B financing; healthcare technology company Zephyr AI in its $111 million Series A financing; BigID, a pioneer in AI-augmented data security, in its $60 million growth round; and AI infrastructure company Baseten in its $40 million Series B financing. Additionally, our investor-side work has included representations of General Catalyst for its participation in a $55 million investment in Hippocratic AI, whose mission is to develop a safe large language model for healthcare, as well as I Squared Capital, a global infrastructure manager, which led a $45 million investment in CheckSammy, a bulk waste and sustainability operator.

Cooley represents top high-growth companies across the entire AI ecosystem in corporate deals, ranging from financings and M&A to private equity and capital markets transactions. The firm also advises companies and funds on investments in – and acquisitions of – AI companies and technologies.

The firm’s Q1 2024 AI deal volume follows a year when it charted the second-largest number of venture capital transactions involving AI companies and investors. Based on that year-end deal volume, the firm was acknowledged for “AI expertise” – earning a standout recognition on The American Lawyer’s annual Am Law 100 power rankings list. The surge of AI deals came during the firm’s fourth consecutive year leading company-side representations across all sectors, according to PitchBook’s venture capital league tables.

* PitchBook’s deal database has not been reviewed by PitchBook analysts.

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