As part of its efforts to accelerate the creation of generative AI applications globally, Amazon Web Service (AWS) is set to invest a $230 million fund for startups across different countries of the world.
According to the tech giant which made the announcement recently via a release on its website, the fund would provide startups, especially early-stage companies, with AWS credits, mentorship, and education to further their use of artificial intelligence (AI) and machine learning (ML) technologies.
AWS added that part of the new commitment will fund the second cohort of the AWS Generative AI Accelerator, a program that provides hands-on expertise and up to $1 million in credits to each of the top 80 early-stage startups that are using generative AI to solve complex challenges.
The company said that applications for its Generative AI Accelerator opened on Thursday and will be accepted until July 19, 2024. Startups can apply here.
The AWS Generative AI Accelerator identifies top early-stage startups that are using generative AI to solve complex challenges in areas such as financial services, healthcare and life sciences, media and entertainment, business, and climate change, among others.
AWS said that participants will access sessions on ML performance enhancement, stack optimization, and go-to-market strategies. The 10-week programme will match participants with both business and technical mentors based on industry verticals.
Startups will receive up to $1 million each in AWS credits to help them build, train, test, and launch their generative AI solutions.
The Startup companies will also have access to industry experts, technology, and technical sessions from NVIDIA, the program’s presenting partner, and be invited to join the NVIDIA Inception program, designed to nurture cutting-edge startups.
The company said it would announce selected startups for the second cohort on September 10, and the program would kick off on October 1 with in-person sessions at Amazon’s Seattle campus.