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
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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.
