IBM Corp. this week announced that it is launching a US$500 million venture fund to invest in a range of AI companies – from early-stage to hyper-growth startups – focused on accelerating generative AI technology and research for the enterprise.
According to a release, the “IBM Enterprise AI Venture Fund will invest in current and future AI leaders that are helping businesses around the world realize the potential of AI for business.”
It went on to say that the “fund will provide each startup with opportunities to develop meaningful partnerships with IBM, while gaining operational expertise on product and engineering and go-to-market strategies.
“With (it), the company will grow its ecosystem of AI partnerships – including working with companies leveraging and building on watsonx – and create long-term value for AI leaders as well as new and existing clients.”
Rob Thomas, senior vice president of software at IBM and the company’s chief commercial officer, said AI is slated to unlock nearly US$16 trillion in productivity by 2030.
“With the launch, we’re opening another channel to harness the enormous potential of the AI revolution into tangible, positive outcomes for IBM and the companies we invest in,” he said.
“This fund is yet another way we’re doubling down on our commitment to responsible AI innovation through watsonx and helping organizations put this transformational technology to work.”
IBM said it is the sole investor in the fund.