Amazon Announces $230m Investment to Boost AI Startups

Amazon Web Services, Inc., a subsidiary of, Inc., has announced a $230m investment towards supporting worldwide startups focused on developing generative AI applications.

This initiative is designed to provide early-stage companies with AWS credits, mentorship, and education. In a statement released on  June 13, 2024, the AWS is designed to enhance its capabilities in artificial intelligence and machine learning technologies. The AWS credit will be channeled towards the second cohort of its Generative AI Accelerator program, the technology.

This initiative offers hands-on expertise and up to $1m in credits to each of the top 80 early-stage startups leveraging generative AI to address complex challenges. Applications for the AWS Generative AI Accelerator program are now open and will be accepted until July 19, 2024.

According to the Vice President of Artificial Intelligence Products at AWS, Matt Wood, said, “For more than 18 years, AWS has helped more startups build, launch, and scale their businesses than any other cloud provider—it’s no coincidence that 96 percent of all AI and ML unicorns run on AWS.

“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.”

Using the AWS credits, Startups can access high-performance tech tools such as AWS compute, storage, and database technologies, as well as AWS Trainium and AWS Inferentia2, energy-efficient AI chips at the lowest cost.

These credits can also be used on Amazon SageMaker. This fully managed service helps companies build and train their FMs and access models and tools to easily and securely build generative AI applications through Amazon Bedrock.

The AWS Generative AI Accelerator identifies the top 80 early-stage startups using generative AI to solve complex financial services, healthcare and life sciences, media and entertainment, business, and climate change challenges.

However, the 80  startups will be invited to attend and showcase their solutions to potential investors, customers, partners, and AWS leaders in December at re: Invent 2024 in Las Vegas.




Ojeyemi Adeleye
Ojeyemi Adeleye
I am Ojeyemi Adeleye, a theatre arts graduate of the University of Ilorin and a masters degree holder in Dramatic Arts, Obafemi Awolowo Univerisity. I am a content writer who believes the world can be brought to your doorsteps through writing.

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