Baidu invests 140 million dollars to support AI startups
Baidu Inc. invests 1 billion yuan (140 million dollars) in Chinese startups exploring generative AI. It uses its Ernie AI Model to drive innovation.
Baidu Inc. is China’s leader in internet search. The company has invested 1 billion yuan (140 million dollars) to support Chinese startups with a focus on generative artificial intelligence. Bloomberg reported that Baidu is now part of a global wave of investment in ChatGPT-like service.
Baidu invests $140 million in Generative AI Startups
According to a Baidu statement, the investment would be used to support projects that use its Ernie AI Model, with funding up to 10 million yuan per project. IDG Capital and other venture investors will assess pitches by founders. They will then develop demo products, before making a seed funding decision.
The incubation program combines one of China’s leading startup investment firms and its leading AI developer. The media hype surrounding OpenAI’s ChatGPT has catalyzed this new step in China’s aggressive AI strategy.
Source:
https://interestingengineering.com/innovation/baidu-invests-140-million-to-foster-generative-ai-startups
