Tech giant Amazon announced that its cloud computing arm, Amazon Web Service, will invest $230 million in early-stage Gen AI startups worldwide. The company is taking this initiative to offer early-stage startups AWS cloud computing credits and mentorship and provide them with tips on adequately utilizing machine learning and Artificial intelligence technologies. Here we are talking about Amazon to Invest $230 Million In AWS Credits for Early-stage Gen AI Startups.
The startup participating in this program will have access to various Amazon Web Services, including computing, database, storage, and customized AI chips through AWS credits. The mentorship and training of gen AI models in apps, including ChatGPT, need a huge amount of computing power that helps in reducing the cash reserve of startups. The tech giant is trying to attract Gen AI startups globally by offering free access to AI models, AWS services, and infrastructure.
This investment is a step toward Amazon’s strategy to back up startups and add to $1 billion in cloud credits it offers annually. The Vice president of AI products at AWS, Matt Wood, mentioned that this investment will help startups to quickly scale up their operations while enhancing their products and technologies. Through the AWS Generative AI Accelerator Program, some portion of these credits will be used to support around 80 early-stage startups. The investment will profit AWS as the cloud costs increase with an increase in the company’s size, and through this initiative, AWS aims at securing long
term clients by helping them scale up from early-stage.
The market’s AI demand is continuously growing, leading to more usage and growth of cloud service providers like AWS. Amazon recently expanded its cloud credits to enable the use of AI models and enhance its AI platform. The company worked with Mistral AI, Meta, Anthropic, and Cohere to increase its market share. AWS reported that its first-quarter revenue increased by 17 percent to $9.42 billion.
Conclusion
Amazon reported that its cloud subsidiary AWS will invest $230 million in gen AI startups worldwide. The startups participating in this program will get free access to various Amazon Web Services, including databases, storage, computing, and infrastructure. AWS will teach and mentor these gen AI startups on properly utilizing cloud services, machine learning, and Artificial Intelligence technologies through this program. The training and mentorship will help startups learn more about AI models and how to scale up efficiently.
AWS aims for long-term clients through this initiative by assisting companies in growing from the early stage as the increase in startup size will lead to more need for cloud storage and services. The tech giant is trying to attract Gen AI startups globally by offering free access to AI models, AWS services, and infrastructure. Through the AWS Generative AI Accelerator Program, some portion of these credits will be used to support around 80 early-stage startups. This investment will help startups to quickly scale up their operations while enhancing their products and technologies.
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