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

07 Nov 2023
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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 expertise and analysis for the enterprise.”

Generative AI merchandise for the buyer market, akin 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 akin to its Watson X platform and quite a few cloud choices.

In accordance with Rob Thomas, a senior vp at IBM, generative AI applied sciences will probably be a driving pressure for productiveness and profitability all through the following decade:

“AI is slated to unlock almost $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, constructive 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 put up, the fund will primarily give attention to generative AI tech and will probably be used “to put money into a variety of AI corporations – from early-stage to hyper-growth startups.”

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

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With the latest slate of investments, together with collaborating in machine studying safety platform Hidden Layer’s sequence A spherical, IBM continues its ongoing pattern 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,” mentioned 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 sequence D spherical,” he continued, including “I’m satisfied that they will be capable to speed up their affect on AI with the IBM Enterprise AI Enterprise Fund.”