Salesforce today announced that it’s growing its Generative AI Fund from $250 million in size to $500 million. The fund is the part of the company’s Salesforce Ventures VC off-shoot which backs startups developing responsible generative AI.
Paul Drews, managing partner of Salesforce Ventures said, “The expansion will allow Salesforce to work with even more entrepreneurs, accelerating the development of transformative AI solutions for the enterprise. We’re already witnessing how AI is altering how society functions, and we’re eager to expand on the success of our Generative AI fund. We’re thrilled to support the next wave of creative entrepreneurs.”
The Generative AI Fund, which was established in March, has already made investments in a number of businesses at the forefront of generative AI technology, including Cohere, Anthropic, You.com, Hearth.AI, and more recent additions Humane and Tribble. Salesforce hopes to set itself apart with their tranche by giving priority to what it refers to as “ethical” AI solutions, despite not being the only fund investing solely in generative AI.
The wide variety of technologies that the Generative AI Fund is funding is another way that it stands out. For instance, Humane is developing a wearable AI assistant without a display, while You.com offers an AI-driven search engine with text and generative art capabilities.
The Salesforce AI for Impact Accelerator, the second accelerator programme ever offered by the firm, launches at the same time as the Generative AI Fund’s expansion. A group of education, workforce, and environmental nonprofits will each get $2 million from AI for Impact to advance the equitable and ethical use of responsible AI.