Salesforce Doubles Generative AI Fund to $500M, Introduces AI Cloud Offering and Accelerator Program
In Brief
Salesforce Ventures has doubled its Generative AI Fund to a substantial $500 million, reflecting its commitment to supporting innovative startups in the generative AI space.
Salesforce is launching the AI Cloud suite, which integrates generative AI capabilities across different domains and emphasizes data security through the Einstein GPT Trust Layer.
The company is also introducing the Salesforce Accelerator – AI for Impact program, aiming to enable purpose-driven organizations to leverage generative AI technologies for positive outcomes.
Salesforce, one of the world’s leading cloud-based software companies, is investing in generative AI and launching new products and initiatives to leverage its potential for enterprises and social impact.
Salesforce Ventures, which is also one of the leading investors in generative AI, has recently doubled its Generative AI Fund from $250 million to $500 million. The fund supports innovative startups that are developing generative AI solutions.
The Generative AI Fund has invested in top AI companies, including Hearth, You.com, Anthropic, and Cohere. Other startups that joined the fund are Humane and Tribble, which are working on human-centered and content-generating AI, respectively.
Paul Drews, the managing partner of Salesforce Ventures, said that the company wants to increase its Generative AI Fund to collaborate with more entrepreneurs who are advancing generative AI for the enterprise sector.
Salesforce is also launching AI Cloud, a new suite of products that integrates generative AI with data from multiple sources to provide trusted and open AI for enterprises. AI Cloud aims to augment the Salesforce platform with generative AI capabilities across various domains, such as customer relationship management, marketing, and analytics. It also ensures data security and privacy by using the Einstein GPT Trust Layer, which prevents LLMs from retaining sensitive customer data. The AI Cloud Starter pack costs $360,000 per year.
Finally, the company has introduced Salesforce Accelerator – AI for Impact, a new philanthropic initiative that aims to help purpose-driven organizations access and use generative AI technologies.
According to Salesforce research, many nonprofits lack the resources and skills to adopt and invest in generative AI technologies. To address this gap, Salesforce Accelerator will provide flexible funding, pro bono expertise, and technology to a cohort of organizations working on AI-based solutions to the world’s most pressing challenges. The accelerator will grant $2 million in 2023 and host innovation sessions with grantees and partners to explore opportunities and risks around generative AI.
In March, Salesforce launched a web3 product suite to help companies create, manage, and deploy NFTs. The suite allows web2 brands to access web3 through a single platform.
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
