IBM is launching a $500 million investment fund to foster enterprise AI innovation

IBM is launching a $500 million investment fund to foster enterprise AI innovation

IBM Launching a $500 million investment fund to invest in artificial intelligence companies.

IBM said on Tuesday (November 7) that the fund’s primary focus will be on accelerating the company’s AI technology and generative research. press release. The IBM Enterprise AI Venture Fund aims to invest in current and future AI companies that are driving AI adoption in companies around the world.

The fund will provide startups with opportunities to establish meaningful partnerships with IBM, gain operational product and engineering expertise, and develop go-to-market strategies. Led by a team of investors and institutional AI experts, the fund aims to foster innovation, strategic partnerships and generate returns by investing in startups focused on artificial intelligence.

“With the launch of the IBM Enterprise AI Venture Fund, we are opening another channel to harness the enormous potential of the AI ​​revolution to deliver tangible, positive results for IBM and the companies we invest in,” said Rob Thomas, senior vice president, software and chief commercial officer, IBM. Another way we are strengthening our commitment to responsible AI innovation is through Watsonx and helping organizations power this transformative technology.”

IBM is increasingly supporting companies in the field of artificial intelligence.

In August, the tech giant participated in a $235 million Series D Financing round to Face hugging, an open source platform for the machine learning community. IBM has contributed several open models and datasets to Hugging Face, including a geospatial foundation model developed in partnership with NASA, according to the press release.

IBM is also making its own forays into the space.

Technology company First appeared on Watsons And in May, an AI platform to help companies integrate AI.

“We built IBM watsonx to meet the needs of enterprises, so customers can be more than just users, they can become beneficiaries of AI,” CEO Arvind Krishna He said at the time. “With IBM watsonx, customers can train and deploy custom AI capabilities across their entire business, all while retaining full control of their data.”

The company recently announced the general availability of the first models in its Watsonx Granite model series, which aims to advance the integration of generative AI into business applications and workflows, according to the release. IBM also confirmed that standard contractual intellectual property protections for IBM products will apply to Watsonx AI models developed by IBM. Furthermore, IBM plans to host Meta’s Llama 2-chat 70 billion parameter model within Watsonx.

All of this comes at a time when companies are increasingly considering using artificial intelligence to enhance their efficiency.

Andrew Glaeserchief revenue officer at the payments provider Aeropaytold PYMNTS earlier this year that he sees “two near-term areas” that generative AI technology could impact, and one “at the moment” which is Take off already.

“There is a huge opportunity to help customers deploy basic features faster, and (for companies) to rehire staff to help with more advanced integrations,” he said.

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