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Salesforce Doubles its $ 500 Million Investment in Generative AI, Unveils AI Cloud Offering

CIO Insider Team | Tuesday, 13 June, 2023
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Salesforce, an American provider of cloud-based software, has increased its $500 million investment in generative AI startups by double and announced its Artificial Intelligence (AI) cloud in an effort to draw in more companies by providing AI-powered products under a single roof.

The Salesforce Einstein service, Slack for business messaging, and Tableau for data analysis are all part of the AI Cloud.

The action highlights how technology companies are racing to include generative AI into their platforms, which may generate fresh text, pictures, and other content based on inputs from historical data.

Large-language models (LLMs), the essential piece of software for artificial intelligence systems, will be hosted by AI Cloud alongside the company's other products from suppliers like Amazon Web Services (AWS), Anthropic, and Cohere.

Speaking on the company’s recent investment in AI startups, Salesforce Ventures managing partner Paul Drews said, “We are already seeing AI change the way the world works, and we are excited to build on the momentum of our Generative AI fund. Expanding our generative AI fund enables us to work with even more entrepreneurs who are accelerating the development of transformative AI solutions for the enterprise, and we are excited to support the next generation of innovative founders”.

The new Einstein GPT uses OpenAl's massive language models and databases to create and update developer-friendly computer code, digital ads, and customer-facing emails.

Also commenting, Salesforce Foundation CEO Becky Ferguson said, Notably, Salesforce’s investment in generative Al startups also includes a new startup accelerator program. The ‘Salesforce Accelerator – Al for Impact’ program, aims specifically at more philanthropic organizations to offer money and expert help on using generative Al in their work. The accelerator plans to distribute $2 million to its first cohort and invite them to meet with advisors on how best to leverage generative Al.

Take into consideration how Salesforce unveiled its Einstein GPT service in March and said it was collaborating with OpenAI, the company behind ChatGPT, to integrate the chatbot craze into Slack, its collaboration platform.

Salesforce follows in the footsteps of other IT giants by investing substantially in AI startups.

The company introduced the Einstein GPT service in March and stated that it was collaborating with OpenAI, the firm behind ChatGPT, to integrate the chatbot craze into its Slack collaboration platform.

Salesforce stated that it intended to help stop the LLMs from keeping sensitive customer data in order to safeguard data privacy for enterprises employing such products.

The new Einstein GPT uses OpenAl's massive language models and databases to create and update developer-friendly computer code, digital ads, and customer-facing emails. The generative AI chatbot and its summarization and writing assistance are accessible to users of the Salesforce-owned communication platform through the ChatGPT app that OpenAl is simultaneously launching for Slack.

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