IBM has put $500 million into a startup AI innovation fund to get it started. According to a news release, the fund will put its money into companies that work to improve generative AI technology and study for business purposes to boost innovation and make money.
The goal of the IBM Enterprise AI Venture Fund, managed by a team of seasoned investors and IBM AI specialists, is to promote and invest in AI pioneers who can help companies around the world realize AI’s potential. Startups can form substantial collaborations with IBM and learn the ropes of product development, engineering, and market entrance strategies through the fund’s dedicated portfolio development team and investment methodology.
IBM’s watsonx AI and data platform has been supplying enterprise AI technologies for quite some time and keeps up with the latest AI innovation trends. The new venture fund will help IBM to widen its AI relationships, working closely with firms that utilize and develop based on watsonx.
IBM’s $500 Million AI Venture Fund to Help Realize AI’s $16 Trillion Potential
In the words of IBM’s Senior Vice President, Software and Chief Commercial Officer Rob Thomas: “AI could potentially lead to approx $16 T increase in productivity by 2030.” He says that the venture fund is part of IBM’s overall strategy to realize AI’s enormous potential for the good of the company and the businesses in which it invests.
Recently, IBM has shown its focus on strengthening AI for business by investing in AI technology and related firms. For instance, it participated in Hugging Face’s $235M Series D fundraising round, a significant platform for the future of AI’s machine learning community. IBM and Hugging Face announced the first open-source AI foundation model developed with NASA, the Geospatial Foundation Model.
The new fund is an extension of IBM’s efforts to promote open innovation in artificial intelligence through internal and external AI models. The Enterprise AI Venture Fund presently has only one investor, IBM.