OpenAI, Microsoft team up to launch OpenAI startup fund for AI startups

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SaaS News -OpenAI’s-$100M-startup-fund(source: SaaS Industry)
At a Glance

AI researcher and deployer OpenAI, in collaboration with Microsoft, has launched an OpenAI startup fund initiative to invest in early-stage AI startups that create a profound and positive impact in the world. Areas such as healthcare, climate change are preferred.

San Francisco-based AI research and deployment company OpenAI has launched its $100 million OpenAI startup fund in collaboration with Microsoft to boost AI companies working towards creating a profound, positive impact in the world. Sam Altman, co-founder, and CEO of OpenAI announced in a prerecorded video,

The focus shall be to inject funds into a small number of early-stage startups in fields where AI can produce a transformative effect. 

Healthcare, climate change, and education are under the targeted areas where a profound impact can be created. In the video, Sam stressed that OpenAI would also consider productivity improvements such as the GPT-3s.

We think that helping people be more productive with new tools is a big deal. And we can imagine brand new interferences that weren’t possible a year ago. We’re excited about the opportunity for startups, for the industry, and for people everywhere who can put AI to work improving their lives,” Altman added.

Applications for entrepreneurs and startups working in the field are open now. Those chosen shall be entitled to early access to new OpenAI systems and Azure resources from Microsoft, which would help them scale from the program. 

Expressing delight at the initiative, Kevin Scott, Microsoft CTO, added,

“We know it’s you, the developers, who can use powerful tools like GPT-3 to create ambitious applications that will leave a positive mark on the world. Microsoft is thrilled to be able to support this fund,” he added.

Kevin Scott, CTO – Microsoft

In July 2020, Microsoft had invested $1 billion in OpenAI to develop AI on its Azure cloud. OpenAI had agreed to license some of its Intellectual Property (IP) to Microsoft. As OpenAI had worked on developing next-generation computing hardware, Microsoft planned to use them to sell to partners for training and running AI models on Azure. 

In September that year, Microsoft had announced that it would license GPT-3, develop and deliver AI solutions for customers, and harness the power of natural language generation.

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