IBM Unveils $500M Enterprise AI Venture Fund to Propel Generative AI Technology
Summary:
IBM has announced the creation of a $500 million Enterprise AI Venture Fund aimed at expediting generative AI technology and research advancements for enterprise solutions. This move aligns with IBM's ongoing commitment to investing in enterprise AI startups and contributing to the development of open-source platforms. The specifics of how the funds will be allocated are yet to be outlined but will primarily focus on generative AI technologies. The announcement follows IBM's standout participation in funding rounds for AI firms such as Hugging Face.
On the 7th of November, IBM disclosed the introduction of a Enterprise AI Venture Fund worth $500 Million, geared towards hastening the development and research of generative AI technology for enterprises. Amidst a market dominated by consumer-oriented generative AI products like OpenAI's ChatGPT and Google's Bard, IBM dedicates its focus towards enterprise-tier solutions through Watson X platform and a multitude of cloud services. Rob Thomas, a high-ranking official at IBM, claims that generative AI technologies will be major propellers of productivity and profitability over the next ten years, as they are projected to bring about almost $16 trillion in productivity by 2030. The company has announced another means in the form of their Enterprise AI Venture Fund to tap into the massive potential of the AI revolution and convert it into real, positive impacts for IBM and the companies they back. However, concrete details about how IBM plans to allocate its new AI Venture Fund remains unclear. According to a corporate blog post, the fund will mainly target generative AI tech and be used to back a spectrum of AI enterprises, from budding to rapidly expanding startups. This follows IBM's earlier move of participating in a series D funding round worth $235 million for the generative AI company Hugging Face in August. Hugging Face is known for its comprehensive libraries of transformable technology, which form crucial elements of generative pre-trained transformer (GPT) AI models. The recent flurry of investments like backing machine learning security platform Hidden Layer's series A round underlines IBM's continuous streak of investments in Enterprise AI startups while it champions the development of open-source platforms, models, and protocols. As stated by Hugging Face CEO Clem Delangue in an IBM press release, the significant enhancement of the open-source ecosystem because of the numerous open models on the Hugging Face hub justifies their decision to include IBM in their series D round. Delangue affirms his conviction in IBM's ability to make strides in its impact on AI with the aid of the IBM Enterprise AI Venture Fund.
Published At
11/7/2023 7:02:12 PM
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