AWS is investing millions backing generative AI startups

AWS is investing millions backing generative AI startups

Amazon Web Services (AWS) has announced a $230 million commitment aimed at accelerating the development of generative AI applications, earmarking millions in funding for AI startups.

The initiative specifically targets early-stage startups, offering them AWS credits that they can use on cloud compute power as well as mentorship and educational resources.

A portion of the funding will also be ploughed into the company’s AWS Generative AI Accelerator program, which helps AI startups in staged cohorts.

AWS boosting AI startups

As part of the announcement, AWS has confirmed that a second cohort of AI startups will get to partake in the program, with access for the top 80 early-stage startups to up to $1 million in credits. 

To be part of the program, AWS states that the budding businesses should use – or have plans to use – generative AI to “solve complex challenges,” such as social and environmental matters.

“With this new effort, we will help startups launch and scale world-class businesses, providing the building blocks they need to unleash new AI applications that will impact all facets of how the world learns, connects, and does business,” commented Matt Wood, VP for Artificial Intelligence Products at AWS.

Credits will enable the companies to access compute, storage and database technologies, as well as the AWS Trainium and AWS Inferentia2 AI chips.

Besides AWS credits, participants of the 10-week program will also get to access industry experts, technology, and technical sessions from Nvidia.

Set to be confirmed on September 10, the chosen startups for the second cohort will also get valuable time in front of potential investors, customers and partners at re:Invent 2024 in December.

Startups looking to benefit from the Seattle-based cloud giant’s generous funding can visit startups.aws to explore opportunities and begin the application process.

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Craig Hale

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