AWS to accelerate generative AI startups with $230-million fund
AWS to accelerate generative AI startups with $230-million fund
Amazon Web Services Inc. (AWS), a subsidiary of Amazon.com, Inc., has announced a $230 million initiative to support global startups in developing generative AI (GenAI) applications.
This investment will provide startups, including those in the Philippines, with essential resources such as AWS credits, mentorship, and educational opportunities to foster the advancement of artificial intelligence (AI) and machine learning (ML) technologies.
“For over 18 years, AWS has been at the forefront of supporting startups in building, launching, and scaling their businesses,” said Matt Wood, VP of Artificial Intelligence Products at AWS. “With this new commitment, we aim to empower startups to create innovative AI applications that will transform various industries and enhance how the world interacts and conducts business.”
As part of this initiative, AWS will fund the second cohort of its “Generative AI Accelerator,” a program focused on assisting early-stage startups that leverage GenAI to tackle complex problems. This program will offer hands-on expertise and up to $1 million in AWS credits to each of the top 80 startups selected. Applications for the program are now open and will be accepted until July 19.
Amazon’s Seattle campus
Startups participating in the AWS Generative AI Accelerator will gain access to a broad range of AWS technologies, including AWS’s efficient AI chips, Trainium and Inferentia2, and Amazon SageMaker, a service designed to simplify the building and training of AI models. Also, they will benefit from AWS’ extensive cloud infrastructure to support their compute, storage, and database needs.
The 10-week accelerator program will begin on Oct. 1 at Amazon’s Seattle campus, where selected startups will receive mentorship tailored to their specific industry verticals. They will also participate in sessions focused on enhancing machine learning performance, optimizing technology stacks, and developing effective market strategies. Partnering with Nvidia, the program’s presenting partner, participants will also join the Nvidia Inception program, which supports cutting-edge startups.
AWS will unveil the chosen startups for the accelerator’s second cohort on Sept. 10. These startups will be invited to present their innovative solutions to potential investors, customers, and AWS leaders at the AWS re:Invent 2024 event in Las Vegas in December 2024.
