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Amazon announces $230 million fund to support global generative AI startups

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Amazon Web Services (AWS) has announced a significant initiative to boost the development of generative AI applications worldwide by establishing a $230 million fund for startups. This investment aims to support early-stage companies through AWS credits, mentorship, and education, promoting the adoption of artificial intelligence (AI) and machine learning (ML) technologies.

In a recent release on its website, AWS detailed that the new fund will support the second cohort of the AWS Generative AI Accelerator. This program offers hands-on expertise and up to $1 million in AWS credits to each of the top 80 early-stage startups leveraging generative AI to address complex challenges. Applications for the accelerator opened on Thursday and will be accepted until July 19, 2024.

The AWS Generative AI Accelerator targets startups tackling significant problems in sectors such as financial services, healthcare, life sciences, media and entertainment, business, and climate change. Participants in the 10-week program will receive sessions on ML performance enhancement, stack optimization, and go-to-market strategies. They will also be matched with business and technical mentors tailored to their industry verticals.

In addition to the mentorship and educational sessions, startups will benefit from up to $1 million each in AWS credits, facilitating the development, training, testing, and launch of their generative AI solutions. The program also provides access to industry experts and technology sessions from NVIDIA, the presenting partner. Participating startups will be invited to join the NVIDIA Inception program, which is designed to nurture cutting-edge startups.

AWS will announce the selected startups for the second cohort on September 10, with the program commencing on October 1 at Amazon’s Seattle campus.


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