Fintech News Singapore
June 17, 2024
Amazon Web Services (AWS) has announced that it will commit $230 million to support generative AI startups around the world.
The initiative aims to accelerate the development and market entry of new generative AI applications and provide early-stage startups with AWS credits, mentorship, and educational resources to enhance their use of AI and machine learning technologies.
The new funding will support the second batch of the AWS Generative AI Accelerator, providing up to $1 million in AWS credits each to 80 selected startups using generative AI to address complex challenges. Applications for the program are open until July 19.
Startups can use AWS Credits to access a range of AWS technologies, including compute, storage, database services, and AI chips such as AWS Trainium and AWS Inferentia2.
These credits can also be used with Amazon SageMaker, a service for building and training AI models, and Amazon Bedrock, which provides tools for developing generative AI applications.
The AWS Generative AI Accelerator is focused on identifying top early-stage startups working on solutions in sectors such as financial services, healthcare, media, business, and climate change.
The 10-week program will include sessions on machine learning performance, stack optimization, and go-to-market strategies.
Participants will receive mentorship from both business and technical experts and may be eligible to earn up to $1 million in AWS credits.
You will also have access to industry insights from NVIDIA and be invited to participate in the NVIDIA Inception program.
The startups selected for the second batch will be announced on September 10th, and the program will launch on October 1st at Amazon’s Seattle campus.
In December, participants will have the opportunity to present their solutions at re:Invent 2024 in Las Vegas.
Matt Wood
“For over 18 years, AWS has helped more startups build, launch, and scale their businesses than any other cloud provider, and it’s no coincidence that 96% of AI/ML unicorns run on AWS.
“With this new effort, we are giving startups the foundation they need to help launch and scale world-class businesses and enable new AI applications that will impact every aspect of how the world learns, connects and operates.”
“AWS is committed to delivering on this promise,” said Matt Wood, vice president of artificial intelligence products at AWS.
Featured Image Source: AWS
