Investing over $500 million in productive AI startups

The international software company Salesforce announced today that it will increase its artificial intelligence fund called Generative, which is actually part of Salesforce Ventures VC-backed startups, from $250 million to $500 million. The expansion will enable Salesforce to work with more entrepreneurs and accelerate the development of game-changing AI solutions, said Paul Drews, the company’s managing partner, in a statement.

According to Druze, AI is currently changing the way the world works, and Salesforce’s people are making the most of the technology to support the next generation of innovative founders.

The truth is that the Generative AI fund has already invested in several companies on the frontier of generative AI technology, including Cohere, Anthropic: You.com, Hearth.AI, Humane and Tribble. Although Salesforce is not the only fund investing heavily in productive artificial intelligence, in fact Salesforce aims to differentiate its brand from other competitors by prioritizing ethically relevant AI technologies.

Let’s take this as an example: Market automation platform Tribble recently partnered with privacy-focused artificial intelligence company Private AI to redact personally identifiable information using Private GPT.

Another thing that sets this fund apart from other tech is that the Generative AI fund is financing. For example, Humane is creating a wearable, screen-free AI assistant, or You.com hosts an AI-powered search engine with art and text tools. The thing is, Salesforce Ventures has a certain number of funds that are specific to specific geographies like Japan or Canada, but the Generative AI fund is one of the largest parts of the VC arm to date.

In fact, the first Generative AI program is an expansion of the Generative AI Fund and the second is Salesforce’s Impact Accelerator program. So far, this technology has awarded two million dollars to the education, labor and weather organizations to enable them to make fair and ethical use of artificial intelligence. In this regard, this company stated that the purpose of providing this budget is that goal-oriented organizations can use expertise and technology and on the other hand, they can more easily access artificial intelligence and be able to quickly implement intelligence-based solutions. Use artificial for such problems. This action is a philanthropic initiative to help purpose-driven organizations gain equitable access to reliable AI-generating technologies. In fact, such investments are said to be very important to the company because activist investors, such as Elliott Management, don’t make big purchases.

In fact, Salesforce Ventures has been one of the most active corporate VCs in recent years, participating in more than 140 deals for AI and machine learning startups. Startups in the fields of machine vision for sales, natural language chatbots for service requests, targeted marketing content and personalized e-commerce experiences.

In general, it should be said that productive artificial intelligence is considered a big opportunity in the market. Even according to the research conducted in this field, it is predicted that the value of this sector will be approximately 109 billion dollars by 2030. In fact, C-suite executives in particular expect generative AI to have a big impact on business, with nearly two-thirds of executives believing that generative AI will have a big impact on business in three to five years, according to a recent KPMG survey. Next year, it will have a “high” or “very high” impact on their organization.

Now we know that Salesforce, more than anyone else, is investing in generative AI technologies, investing in tools like EinsteinGPT, which lets its customers ask questions about their content and services, and SlackGPT, which answers natural language questions about Slack content. . Salesforce also previews many capabilities, such as creating landing pages on the fly, writing sales emails, and writing code in Apex. The purpose of such tasks seems to be to enable specific actions in a workflow.