Amazon sets up $100 million fund for AI startups – The Blockchain Cafe

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Artificial intelligence is a new field that has gained a lot of momentum in recent years and even more so in 2022 with the worldwide introduction of ChatGPT. Thus, Amazon via its branch AWS (Amazon Web Services) has just unblocked a fund of 100 million dollars for start-ups specializing in generative AI.

A $100 million fund to develop the AI ​​sector

Amazon via its cloud service, Amazon Web Services (AWS) has just announced the establishment of a $100 million fund open to all start-ups specialized in generative AI which is a branch that has experienced strong development since the market entry of ChatGPT or even MidJourney.

Thus, known as AWS Generation AI Innovation Center, the program will serve to connect scientists, engineers, architects in programming with customers and partners.

According to them, Amazon’s goal is to accelerate the innovation of these companies and grow the success of generative AI. After the field of AI generation is a sub-field of artificial intelligence which, instead of learning to classify data to predict results, can generate new content.

As a result, such an AI can create any type of content, whether text, audio or even video, depending on the learning models. This new technology, although potentially threatening for many professions, can also bring more productivity or ideas which at first seemed impossible to us.

A booming sector

According to a recent report, generative AI could greatly grow the global economy with 4.4 trillion dollars this year alone and that figure could reach 15.7 trillion by 2030.

We therefore better understand Amazon’s interest in offering such a fund and surrounding itself with innovative companies in this field to further dominate this high-potential market.

AWS Innovation Center Manager Sri Elaprolu outlined goals for this program and adds:

Our intention with this fund of 100 million dollars is to welcome individuals, master this new technology as well as possible and thus use generative AI in various fields.

Aleprolu also gave an overview for future participants of this program which will help to creating designs, generating ideas to launch new products and services using generative AI.

Also, the program will focus on the sectors of finance, health, science, entertainment, energy and communications. This is not the first blow of AWS, since previously there had been a ten week program during the bedrock launch in partnership with Nvidia.

Source : DeCrypt

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