Get All Access for $5/mo

Amazon Shares Good News For AI startups With AWS Amazon has declared that it will provide $230 million to support companies in artificial intelligence (AI). The investment would be made in the form of Amazon Web Service (AWS) credits, the e-commerce company confirmed.

By Kavya Pillai

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Unsplash

Amazon has declared that it will provide $230 million to support companies in artificial intelligence (AI). The investment would be made in the form of Amazon Web Service (AWS) credits, the e-commerce company confirmed. These credits will provide early-stage generative AI firms with free access to infrastructure, a range of AI models, and processing capacity, according to a report by the news agency Reuters.

However, startups must develop their businesses on AWS in order to use Amazon's services. By the AWS Generative AI Accelerator program, these credits will also help 80 early-stage businesses globally.

AWS credits of up to $1 million could be awarded to each business accepted into the accelerator. Aside from AWS, other cloud providers that give credits to startups include Microsoft Azure and Google Cloud. These companies do this to entice businesses to use their services because the cost of cloud computing can rise dramatically with increased utilization. According to Amazon, it already provides $1 billion in cloud credits to companies annually.The company is concentrating on assisting generative AI companies with this new commitment.

Matt Wood, vice president of AI Products at AWS, told the media, "They'll be able to pivot and iterate extremely quickly as needed. In the end, they'll be able to double down and reach the scale with assurance, accountability, and consistency once they strike that home run. Amazon extended its cloud credits earlier this year to include the usage of models from suppliers like Anthropic, Meta, Mistral AI, and Cohere. The company hopes to increase the market share of its AI platform with these investments.

Kavya Pillai

Entrepreneur Staff

News and Trends

99labels Co-Founder Ishita Swarup Passes Away

Just two years into the business, it raised INR 16 crore from Info Edge and Bikhchandani, but it didn't go well

News and Trends

Reimagining HR: How AI is Leading to Workplace Prosperity

It's proven that the HRTech landscape has traditionally been characterized by tedious and manual processes prone to mistakes, fatigue, and biases. Recruitment, in particular, is a high-stakes area where errors can be extremely costly. These startups are working towards making it efficient

Technology

India Needs Homegrown Product Companies In Semiconductor: Cadence Design's India MD

Most multinationals retain product ownership, key value and intellectual property at their headquarters. As a result, India, despite having a vast pool of design talent, lacks significant Indian product companies in the semiconductor industry, says Jaswinder Ahuja, MD, India Cadence Design Systems.

Business News

How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Austin Russell became the world's youngest self-made billionaire in 2020 at age 25.

Growing a Business

3 Branding Strategies That Will Make Any Brand Stand Out

Here's how to differentiate your brand in three essential steps — understanding your unique selling proposition, leveraging storytelling, and valuing feedback.