Amazon Pledges $230 Million to Support Generative AI Startups
Despite these investments, Amazon is perceived as lagging behind rivals like Microsoft and Google in the generative AI race.
Amazon has announced a substantial investment in the rapidly growing field of generative AI, pledging up to $230 million to aid startups in creating AI-driven applications. This initiative is a strategic part of Amazon's plan to strengthen its AWS cloud infrastructure and establish itself as a major contender in the competitive generative AI space.
The substantial investment aims to attract startups to AWS as their preferred cloud infrastructure for developing generative AI models. Notably, $80 million of the funding will support Amazon’s second AWS Generative AI Accelerator program, which offers extensive resources to participating startups.
The AWS Generative AI Accelerator program is set to add 80 early-stage startups from around the globe. Each of these startups will receive hands-on expertise and up to $1 million in AWS credits. This year’s cohort will benefit from expanded resources and support, including access to Nvidia's experts and technology. Nvidia is the presenting partner and will invite startups to join its Inception program, which provides additional investment opportunities and consulting resources.
“With this new effort, we will help startups launch and scale world-class businesses, providing the building blocks they need to unleash new AI applications that will impact all facets of how the world learns, connects, and does business,” said Matt Wood, Vice President of AI Products at AWS.
Amazon's increasing investment in generative AI includes efforts like the $100 million AWS Generative AI Innovation Center and free credits for startups using major AI models. Despite these investments, Amazon is perceived as lagging behind rivals like Microsoft and Google in the generative AI race.
AWS’s initial plan to unveil its generative AI model, code-named Bedrock, faced delays due to major bugs. Although Amazon PR disputes this, the postponed launch indicates challenges within Amazon's AI development.
The AWS Generative AI Accelerator is aimed at startups addressing intricate problems across various industries, including financial services, healthcare, life sciences, media, entertainment, business, and climate change.
AWS's investment in generative AI, highlighted by the $100 million allocated for the AWS Generative AI Innovation Center, emphasizes its dedication to nurturing innovation and securing a competitive advantage in the swiftly advancing field of AI.
