IBM, the tech behemoth known as “Big Blue,” is seeking startups for its new $500 million artificial intelligence-focused venture fund.
The company announced the fund on Tuesday with plans to invest in companies at any stage, from early-stage to hypergrowth startups. It wants to find the “current and future AI leaders” and develop its product offerings, according to a release.
“AI is slated to unlock nearly $16 trillion in productivity by 2030. With the launch of the IBM Enterprise AI Venture Fund, we’re opening another channel to harness the enormous potential of the AI revolution into tangible, positive outcomes for IBM and the companies we invest in,” Rob Thomas, a senior vice president and COO at IBM, said in a prepared statement.
Companies that receive investment can become a partner and receive operational support from IBM.
While the Tampa Bay tech scene isn’t known for its AI companies, AI is becoming a trend, nationally and regionally, with many companies founding or pivoting to the innovative tech. IBM has a connection to Tampa and the Southeast, with an office space in Rocky Point and IBM attending the Synapse Summit in past years.
IBM has already invested over $200 million into companies like Hugging Face and HiddenLayer. It also sells Watsonx, an AI model for business support, and aims to improve the tool.
