NEW YORK (Bernama-dpa) — US tech giant International Business Machines Corp (IBM) plans to invest half a billion dollars in artificial intelligence (AI), reported dpa news.
IBM announced on Tuesday that it will be launching a USD500 million venture fund to invest in a range of AI companies from early-stage to hyper-growth startups.
With a dedicated portfolio development team, the fund will provide start-ups with opportunities to develop partnerships with the company.
According to IBM, the company has a long history of bringing proven enterprise AI technology and capabilities to organisations around the world. Watsonx is the company’s AI and data platform.
“This fund is yet another way we’re doubling down on our commitment to responsible AI innovation through Watsonx and helping organisations put this transformational technology to work,” commented Rob Thomas, software and chief commercial officer at IBM.
On Monday, IBM shares closed at USD148.97 on the New York Stock Exchange.
