Amazon’s $1 Billion Innovation Fund On the lookout for AI Startups

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Amazon plans to take a position extra closely in startups that carry synthetic intelligence to robots this 12 months.

Franziska Bossart, the top of Amazon’s $1 billion industrial innovation fund, instructed the Monetary Instances on Wednesday that Amazon will concentrate on generative AI investments this 12 months, particularly on startups that mix generative AI with robotics to help Amazon’s broader enterprise targets. Automating logistics at its warehouses continues to be a precedence for the corporate.

“This 12 months, we need to additional set up the Fund as a enterprise investor of selection for revolutionary startups of all sizes throughout the robotics, success, and logistics house,” Bossart acknowledged in a press launch. She additional disclosed that AI advances are serving to the corporate automate a “broader vary” of obligations.

Associated: Klarna Says Its AI Assistant Does the Work of 700 Folks. The Firm Laid Off the Similar Variety of Staff 2 Years In the past.

For instance, Amazon introduced a pilot with Agility Robotics final 12 months to check the corporate’s bipedal robotic in its warehouses.

Agility Robotics’ bipedal robotic in motion. Credit score: Amazon

Bossart instructed the Monetary Instances that automation via new {hardware} and software program would not reduce folks out fully, however fairly shift jobs away from harmful or repetitive duties.

“We’re additionally a good distance off from changing all people,” Bossart instructed the outlet.

Bossart individually acknowledged that Amazon’s innovation fund would develop its investments to autonomous transportation this 12 months, although different firms seem like taking a distinct route. Apple, for instance, scrapped a decade-long mission to create an autonomous, all-electric automobile on Tuesday.

Associated: Apple Cancels Its 10-Yr Electrical Automobile Undertaking, Strikes Some Staff to AI Division

Amazon’s innovation fund, which was based in 2022, strives to help startups creating automation instruments for warehouses. It instantly invests in startups, and at present has 10 listed portfolio firms, seven of that are within the robotics business.

To use for the fund, go to right here.

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