AWS Commits $230 Million to Boost Generative AI Startups

Amazon web services (AWS) announce $230 funding to support AI startups

Amazon Web Services (AWS) has announced a $230 million initiative to accelerate the development of generative AI applications, allocating millions in funding to support AI startups.

Targeting Early-Stage Startups

The initiative focuses on early-stage startups, offering AWS credits for cloud computing power, along with mentorship and educational resources. A portion of the funding will also support the AWS Generative AI Accelerator program, which assists AI startups in staged cohorts.

AWS Generative AI Accelerator Program

As part of this announcement, AWS revealed that a second cohort of AI startups will participate in the program, with the top 80 early-stage startups eligible for up to $1 million in credits. To join the program, startups must use or plan to use generative AI to address complex challenges, including social and environmental issues.

“With this new effort, we will help startups launch and scale world-class businesses, providing the building blocks they need to unleash new AI applications that will impact all facets of how the world learns, connects, and does business," said Matt Wood, VP for Artificial Intelligence Products at AWS.

Benefits for Participants

The credits provided will allow companies to access compute, storage, and database technologies, as well as AWS Trainium and AWS Inferentia2 AI chips. In addition to AWS credits, participants in the 10-week program will benefit from industry expertise, technology, and technical sessions from Nvidia.

Program Timeline and Application

The selected startups for the second cohort, to be confirmed on September 10, will gain exposure to potential investors, customers, and partners at re:Invent 2024 in December. Startups interested in this opportunity can visit startups.aws to learn more and start the application process.