Tech major IBM, on Wednesday, announced that it is launching $500 million venture fund to invest in several artificial intelligence (AI) companies, in a bid to accelerate generative AI technology and research for the company.
The IBM Enterprise AI Venture Fund will invest in current and future AI leaders that are helping businesses around the world realize the potential of AI for business, the company said.
The AI companies that IBM would invest in would range from early-stage to hyper-growth startups. The fund will provide each startup with opportunities to develop meaningful partnerships with IBM, while gaining operational expertise on product and engineering and go-to-market strategies, the company said.
"AI is slated to unlock nearly $16 trillion in productivity by 2030. With the launch of the IBM Enterprise AI Venture Fund, we are opening another channel to harness the enormous potential of the AI revolution into tangible, positive outcomes for IBM and the companies we invest in," senior vice president, software and chief commercial officer, IBM, Rob Thomas said.
IBM has been bringing proven enterprise AI technology and capabilities to organisations around the world and is capitalising on the latest wave of AI innovation in generative AI with watsonx, the company's AI and data platform.
IBM hopes to grow its ecosystem of AI partnerships, including working with companies leveraging and building on watsonx, with IBM Enterprise AI Venture Fund, and create long-term value for AI leaders as well as new and existing clients.
"This fund is yet another way we are doubling down on our commitment to responsible AI innovation through watsonx and helping organizations put this transformational technology to work," Thomas added.
