Australian technology start-ups received an increased $4 billion of venture capital funding in 2024, with a quarter of the money going to firms building products based on artificial intelligence, new data has shown.

The $4 billion invested in 2024 was 11 per cent up on the $3.6 billion banked in 2023, showing a continued slow recovery in the private technology sector. However, it is still well below the $10.1 billion raised by start-ups in 2021, when interest rates were at or near zero.