Amazon invests $230 million in generative AI start-ups
Amazon Web Services (AWS) announced an investment of $230 million in generative AI start-ups. This will help the next generation of companies develop new solutions and enter the market faster.
Investment in generative AI
AWS, a subsidiary of Amazon.com, Inc., announced that it will support start-ups worldwide to speed up the creation of generative AI applications. This will provide AWS credits, guidance, and training to support the use of artificial intelligence (AI) and machine learning (ML) technologies.
AWS Generative AI Accelerator
Part of the new commitment will fund the second round of AWS Generative AI Accelerator, a program that provides up to $1 million in credits for each of the top 80 early-stage start-ups that use generative AI to solve complex challenges. The program offers hands-on expert advice and access to leading technologies such as Amazon SageMaker, AWS Trainium, and AWS Inferentia2.
Benefits for start-ups
Start-ups can use AWS credits to access AWS computing, storage, and core technologies. This also includes Amazon Bedrock, which makes it easier and safer to build generative AI applications. Participants will have the opportunity to receive expert sessions from NVIDIA and join the NVIDIA Inception program, which supports innovative start-ups.
Successes from the first round
The first round of AWS Generative AI Accelerator has already shown strong results. One example is Leonardo.AI, which cut inference costs by 60% and increased the inference speed of language models by up to 35%. The program also provided important business and technical guidance that shaped the company’s product and strategy.
What to expect next
AWS will announce the selected start-ups for the second round on 10 September, and the program will begin on 1 October with in-person sessions at Amazon’s campus in Seattle. All 80 participating companies will be invited to present their solutions to potential investors, customers, and partners in December at re:Invent 2024 in Las Vegas.
Conclusion
AWS continues to support innovation in artificial intelligence through its Generative AI Accelerator program. This $230 million investment is another example of Amazon’s commitment to support start-ups and speed up technological progress.
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