Dropbox has announced Dropbox Ventures, a new $50 million venture effort, to promote the revolutionary potential of artificial intelligence in defining the future of work. This project is concentrated on funding the next generation businesses that are using AI in cutting-edge ways to transform business operations.
Dropbox Ventures’ portfolio businesses will benefit from mentorship opportunities in addition to financial resources, enabling them to create and offer novel experiences to Dropbox’s large user base of more than 700 million registered customers.
Dropbox VP and GM Sateesh Srinivasan said, “We at Dropbox have a unique perspective on what it takes to assist these kinds of businesses in moving to the next level of growth and having an effect because we started as an early-stage startup with a straightforward idea that expanded to a service used by hundreds of millions of people worldwide.”
Since a few years ago, VCs have progressively boosted their investments in AI, recently encouraged by the rise of generative AI. For instance, the venture capital arm of Salesforce, Salesforce Ventures, intends to invest $500 million in firms creating generative AI solutions. A $175 million fund has also been formed by OpenAI, the company behind the popular chatbot ChatGPT, to invest in AI startups.
“We’ve been investing in AI and machine learning for a long time, and we started incorporating machine learning across our products as far back as 2016 to make work more efficient for our customers’ and help them save time. Recent developments in AI and machine learning have opened up a whole new universe of possibilities in the last several months, and we believe that this will help us advance in our mission to create a more enlightened way of working,” Srinivasan added.