Nearshore Americas

IBM Launches $500 Million Fund For GenAI Firms

IBM established a US$500 million venture fund to invest in a range of AI companies, from startups to larger firms, in an apparent bid to capitalize on the growing hype over generative AI (GenAI) solutions.

IBM plan to go a step further by actively engaging with these companies, offering them its expertise in engineering, go-to-market strategies and access to its cutting-edge AI and data platform, WatsonX.

This comprehensive support system is designed to empower AI companies to reach their full potential and contribute to the transformative impact of AI on various industries.

“AI is slated to unlock nearly US$16 trillion in productivity by 2030,” said Rob Thomas, Senior Vice President, Software and Chief Commercial Officer, IBM. “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.”

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IBM is steadfast supporter of the open-source AI community. The company recently participated in a US$235 million Series D funding round for Hugging Face, an open-source AI collaboration platform.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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