IBM launches $500M fund to develop generative AI for enterprise

IBM introduced the launch of a $500 million Enterprise AI Enterprise Fund on Nov. 7 that, in line with the corporate, will probably be focused on “accelerating generative AI know-how and analysis for the enterprise.”

Generative AI merchandise for the buyer market, equivalent to OpenAI’s ChatGPT and Google’s Bard, have dominated the newswaves in 2023.

IBM’s primarily targeted on enterprise-level options for its generative AI merchandise equivalent to its Watson X platform and quite a few cloud choices.

Based on Rob Thomas, a senior vice chairman at IBM, generative AI applied sciences will probably be a driving drive for productiveness and profitability all through the following decade:

“AI is slated to unlock practically $16 trillion in productiveness by 2030. With the launch of the IBM Enterprise AI Enterprise Fund, we’re opening one other channel to harness the big potential of the AI revolution into tangible, optimistic outcomes for IBM and the businesses we put money into.”

Particulars stay scarce as to precisely how IBM intends to take a position its new $500 million AI Enterprise Fund. Per an organization weblog submit, the fund will primarily deal with generative AI tech and will probably be used “to put money into a spread of AI firms – from early-stage to hyper-growth startups.”

This fund follows IBM’s participation in a $235 million collection D funding spherical in August for generative AI agency Hugging Face, an organization identified for its intensive transformer libraries — foundational items of know-how for generative pretrained transformer (GPT) AI fashions.

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With the current slate of investments, together with taking part in machine studying safety platform Hidden Layer’s collection A spherical, IBM continues its ongoing development of investing in enterprise AI startups whereas actively supporting the event of open supply platforms, fashions, and protocols.

“With tons of of open fashions on the Hugging Face hub, they’re considerably boosting the open-source ecosystem,” stated Hugging Face co-founder and CEO, Clem Delangue, in an IBM press launch. “That is the rationale why we wished to have them be part of our collection D spherical,” he continued, including “I’m satisfied that they’re going to be capable of speed up their impression on AI with the IBM Enterprise AI Enterprise Fund.”