Amazon Announces $100 Million Fund for Advancing Generative AI Startups

Amazon Web Services (AWS) has launched a $100 million fund to support startups specializing in generative AI, as part of its strategy to establish a strong presence in the expanding AI landscape.

The fund, called the AWS Generative AI Innovation Center, aims to connect AWS-affiliated experts with customers and partners to accelerate enterprise innovation in generative AI. Generative AI, which involves creating new content instead of predicting outcomes, has the potential to revolutionize various industries and add trillions of dollars to the global economy. 

The program will initially prioritize customers in sectors such as finance, healthcare, media, and automotive. Despite challenges faced by previous initiatives like Bedrock, AWS’s generative AI efforts have attracted notable clients and reflect the growing trend of significant investments in AI by venture capitalists and large corporations.

Clever Robot News Desk 26^th June 2023