Baidu invests $140 million to promote generative AI startups
June 02, 2023 By Awanish Kumar
(Image Credit Google)
Image credit : NBC News
Leading Chinese internet search company Baidu Inc. has committed 1 billion yuan ($140 million) to the development of generative AI-focused Chinese businesses.
According to Bloomberg, the action adds Baidu to the global investment tidal wave focused on ChatGPT-like services.
Baidu's $140 million Investment in Startups Using Generative AI
The financing, which may total up to 10 million yuan per project, would be used to support initiatives that make use of Baidu's Ernie AI model, the
company said in a statement. Entrepreneurial investors, such as IDG Capital, will assess founders' pitches before making a judgment on startup funding.
One of China's top startup funding organizations and its top AI developer have joined forces to create this incubator program. The media flurry around the launch of OpenAI's ChatGPT has served as a catalyst for China's aggressive AI investment policy, which has led to this advancement.
As a retaliation, Baidu introduced Ernie Bot, its own version of ChatGPT. This led rivals including Alibaba Group Holding Ltd., Tencent Holdings Ltd., and SenseTime Group Inc. to compete by releasing their own platforms. Aspiring entrepreneurs that intend to use Ernie to extend their services will submit ideas to Baidu, which will review them in collaboration with investment capitalists.
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Baidu Headquarters (Image credit : Wikipedia)[/caption]
The Function of Ernie AI in China's Growing AI Market
"Large-language models will give birth to AI-native applications," said billionaire Baidu founder Robin Li at a recent event where he announced an upgrade to Ernie. "Baidu will become the first company to rework all of its products. It's not about integrating or
accessing AI. It's about rework and restructuring."
By Awanish Kumar
I keep abreast of the latest technological developments to bring you unfiltered information about gadgets.