Amazon to Invest $230 Million in AI Startups as AWS Credits

Amazon is investing $230 million in the form of Amazon Web Service (AWS) credits in AI startups. This will provide startups, especially early-stage companies, with AWS credits, mentorship, and education to further their use of artificial intelligence (AI) and machine learning (ML) technologies.

Part of the new commitment will fund the second cohort of the AWS Generative AI Accelerator, a program that provides hands-on expertise and up to $1 million in credits to each of the top 80 early-stage startups that are using generative AI to solve complex challenges. Applications for the AWS Generative AI Accelerator will be accepted until July 19.

"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,” said Matt Wood, Vice President, Artificial Intelligence Products at AWS.

Further, a part of the credits will also support 80 early-stage companies globally through the AWS Generative AI Accelerator program, Amazon said. In addition, each startup participating in the accelerator program will be eligible for $1 million in AWS credits.

Apart from this, Amazon has expanded its cloud credits to cover the use of AI models from companies like Anthropic, Meta, Mistral AI, and Cohere.