Traditional industries are accelerating their digital transformation through a wave of tech acquisitions worth more than $120 billion since 2021, new data from FounderNest shows.

The energy sector dominates the trend with $114.8bn in deals, as non-tech companies like TotalEnergies and BP acquire startups in renewables, storage and carbon capture to modernise operations and advance clean energy goals.

Other sectors are also stepping up their tech investments, with healthcare and medical device firms having spent $2.3bn on AI and imaging technology.

Automotive companies have invested $2.1bn in autonomous driving and mobility tech, and financial institutions are targeting FinTech acquisitions to expand their capabilities.