Amazon reveals plans to spend $230 million on generative AI start-up

American multinational technology company Amazon has revealed its plans to spend a whopping $230 million on startups building AI-powered generative applications.

This investment aims to position AWS as an attractive cloud infrastructure solution for companies developing generative AI models to support their products, applications and services.

The report further revealed that approximately $80 million of the investment will fund Amazon’s second AWS (Amazon Web Services) Generative AI Accelerator program.

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Additionally, Amazon has promised that the program’s presenting partner, Nvidia, will provide experts and technology to companies in this year’s Generative AI Accelerator cohort.

“With this new effort, we will help startups launch and grow world-class businesses, providing the foundation they need to launch new AI applications that will impact all aspects of how the world learns, connects, and does business,” Matt Wood, VP of AI products on AWS, said in a statement.

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