Microsoft sets up $3.5 million competition for artificial-intelligence startups

#AI: Microsoft sets up $3.5 million competition for artificial-intelligence startups #Tech

  • Microsoft Ventures will invest $3.5 million in artificial-intelligence startups after competitions for the money in North America, Europe and Israel.
  • The bake-off, dubbed Innovate.Ai, will see Microsoft Ventures award $1 million loans that convert to an equity stake to one startup each from North America, Europe and Israel.
  • A separate, $500,000 investment will go to a startup Microsoft judges to be building products designed to improve society.
  • Israel is a hotbed of cutting-edge software research; Microsoft’s startup investment arm has an office there, and the company has acquired a few Israeli startups in recent years.
  • Microsoft has leaned heavily on such freebies to get companies interested in its technology after Amazon Web Services built a wide lead in providing cloud-computing services to startups.

Microsoft Ventures will invest $3.5 million in artificial-intelligence startups after competitions for the money in North America, Europe and Israel. Plans for the Innovate.Ai awards come as Microsoft ramps up its corporate focus on software that uses machine learning.
Continue reading “Microsoft sets up $3.5 million competition for artificial-intelligence startups”