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International Business Machines Corporation or simply IBM unveiled its newest Investment plan for artificial intelligence. The American technology firm said it has launched a $500 million venture fund to invest in AI companies including both established ones and startups.
IBM’s latest funding move builds on its other recent investments and product developments that placed the brand in a position where it can help enterprises to cautiously and securely adopt generative AI (GenAI). Moreover, CoinTelegraph reported that the new fund also follows the company’s participation in a $235 million Series D funding round for Hugging Face generative AI firm in August.
IBM AI Enterprise Venture Fund - What It Is?
IBM set up the AI Enterprise Venture Fund to scale up innovation and bring out returns by providing funds to startups that boost generative AI technology and research for businesses. This funding is dedicated to enterprise AI and the company will distribute the investments to different types of startups working on the advancement of generative AI tech.
IBM’s enterprise AI fund is also expected to further fuel innovative technology and open new strategic partnerships while generating returns at the same time. Overall, the investment shows the company’s firm commitment to the efficient and responsible distribution or stationing of AI.
"AI is slated to unlock nearly $16 trillion in productivity by 2030. With the launch of the IBM Enterprise AI Venture Fund, we're opening another channel to harness the enormous potential of the AI revolution into tangible, positive outcomes for IBM and the companies we invest in," IBM’s senior vice president, software and chief commercial officer, Rob Thomas, said in a press release. "This fund is yet another way we're doubling down on our commitment to responsible AI innovation through Watsonx and helping organizations put this transformational technology to work."
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