Amazon reveals plan to spend $230m on generative AI start-ups - Ripples Nigeria
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Amazon reveals plan to spend $230m on generative AI start-ups



American multinational technology company, Amazon has revealed its plan to spend the sum of $230 million on start-ups building generative AI-powered applications.

The investment intends to position AWS as an appealing cloud infrastructure solution for companies developing generative AI models to power their products, apps, and services.

Report further reveals that approximately $80 million of the investment will fund Amazon’s second AWS (Amazon Web Services) Generative AI Accelerator program.

READ ALSO:Amazon to cut 9,000 more jobs to streamline costs

Additionally, Amazon has promised that the program’s presenting partner, Nvidia, will provide experts and technology to firms in this year’s Generative AI Accelerator cohort.

“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,” Matt Wood, VP of AI products at AWS, said in a statement.

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