IBM announced Nov. 7 the launch of a $500 million Enterprise AI venture fund that the company said will focus on “accelerating generative AI technology and research for enterprises.”
Focused on accelerating #genAI technology and research for enterprises, IBM announced the launch of a $500 million venture fund to invest in #AI companies. Learn more: https://t.co/RqXLLvfOq0 pic.twitter.com/CQKAtzyolM
— IBM News (@IBMNews) November 7, 2023
Generative AI products for the consumer market, such as OpenAI’s ChatGPT and Google’s Bard, have dominated the news waves in 2023.
IBM focuses primarily on enterprise solutions for its generative AI products, such as its Watson X platform and numerous cloud offerings.
According to Rob Thomas, senior vice president at IBM, generative AI technologies will be a driving force for productivity and profitability over the next decade:
“AI is expected to unlock nearly $16 trillion in productivity by 2030. With the launch of the IBM Enterprise AI Venture Fund, we are opening another channel to translate the enormous potential of the AI revolution into tangible, positive outcomes for IBM and the companies in which we invest.”
Details on exactly how IBM plans to invest its new $500 million AI venture fund are not yet available. According to a company blog post, the fund will focus primarily on generative AI technology and will be used “to invest in a range of AI companies – from early-stage startups to high-growth startups.”
This fund follows IBM’s participation in a $235 million Series D funding round in August for generative AI company Hugging Face, a company known for its extensive transformer libraries – foundational technology elements for generative pre-trained Transformer AI Models (GPT).
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With recent investments, including participation in the Series A funding round of machine learning security platform Hidden Layer, IBM continues its ongoing trend of investing in enterprise AI startups while actively developing open source platforms, models and protocols.
“With hundreds of open models on the Hugging Face hub, they significantly strengthen the open source ecosystem,” said Clem Delangue, co-founder and CEO of Hugging Face, in an IBM press release. “That’s why we wanted to include them in our Series D round,” he continued, adding, “I believe they can accelerate their impact on AI with the IBM Enterprise AI Venture Fund.”
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