Amazon's $1 billion Innovation Fund looking for AI startups


Amazon plans to invest more in startups that bring artificial intelligence to robots this year.

Franziska Bossart, head of Amazon's $1 billion industrial innovation fund, said Financial Times Wednesday that Amazon will focus on generative AI investments this year, particularly in startups that combine generative AI with robotics to support Amazon's broader business goals. Automation of logistics in its warehouses continues to be a priority for the company.

“This year, we want to further establish the Fund as a venture investor of choice for innovative startups of all sizes within the robotics, fulfillment and logistics space,” Bossart said in a statement. Press release. She further revealed that AI advances are helping the company automate a “wider range” of responsibilities.

Connected: Klarna says its AI Assistant does the work of 700 people. The company laid off the same number of employees 2 years ago.

For example, Amazon announced a pilot with Agility Robotics last year to test the company's bipedal robot in its warehouses.

Agility Robotics' bipedal robot in action. Credit: Amazon

Bossart told him Financial Times that automation through new hardware and software would not eliminate people entirely, but would shift jobs away from dangerous or repetitive tasks.

“We're also a long way from replacing all people,” Bossart told the media.

Bossart separately announced that Amazon's innovation fund will expand its investments in autonomous transportation this year, although other companies appear to be taking a different route. Apple, for example, has been removed a ten-year project to create an autonomous, all-electric car on Tuesday.

Connected: Apple cancels 10-year electric car project, moves some employees to AI division

Amazon's innovation fund, which was founded in 2022, tries to support startups developing automation tools for warehouses. It invests directly in startups, and currently has 10 listed portfolio companiesseven of which are in the robotics industry.

To apply for funding, visit here.



Source link