IBM launches $500M fund to develop generative AI for enterprise
IBM announced the launch of a $500 million Enterprise AI Venture Fund on Nov. 7 that, according to the company, will be focused on “accelerating generative AI technology and research for the enterprise.”
Focused on accelerating #genAI technology and research for the enterprise, IBM announced the launch of a $500M venture fund to invest in #AI companies. Learn more: https://t.co/RqXLLvfOq0 pic.twitter.com/CQKAtzyolM
Generative AI products for the consumer market, such as OpenAI’s ChatGPT and Google’s Bard, have dominated the newswaves in 2023.
IBM’s primarily focused on enterprise-level solutions for its generative AI products such as its Watson X platform and numerous cloud offerings.
According to Rob Thomas, a senior vice president at IBM, generative AI technologies will be a driving force for productivity and profitability throughout the next decade:
Details remain scarce as to exactly how IBM intends to invest its new $500 million AI Venture Fund. Per a company blog post, the fund will primarily focus on generative AI tech and will be used “to invest in a range of AI companies - from early-stage to hyper-growth startups.”
This fund follows IBM’s participation in a $235 million series D funding round in August for generative AI firm Hugging Face, a company known for its extensive transformer libraries — foundational pieces of technology for generative pretrained transformer (GPT) AI models.
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With the recent slate of investments, including participating in machine learning security platform Hidden Layer’s series A round, IBM continues its ongoing trend of investing in enterprise AI startups while actively supporting the
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