Salesforce.com has a venture wing that plans to invest $50 million USD in start-ups using artificial intelligence, said the cloud computing firms to Reuters on Tuesday.
Salesforce is a cloud computing company which helps businesses market, sell and track customer's decisions, purchases and moves. Just last year, Salesforce launched its 'Einstein' technology and now they are committed to enhancing the technology using artificial intelligence. Einstein uses data-driven features and automation.
John Somorjai, the executive vice president of Salesforce ventures said “there's a tremendous surge in companies who are providing unique AI innovations. We want more of those companies to do these innovations on Saleforce's platforms.”
Salesforce's income has increased at an alarming rate in the past few quarters thanks to the companies increase in spending on research and development. The increase in spending may be due to the serious competition from companies such as Oracle Group and Microsoft.
Many venture capital investment firms are racing to invest in AI start-ups. Global financing for AI start-ups is expected increase more than $10.8 billion by the end of 2017 compared to the $5.6 billion invested in 2016, according to research from CB Insights.
Salesforce venture capital firm has brought greater than $700 million to over 250 startups in the past eight years. With the new fund, Salesforce's goal is to engage even more developers to create AI apps which work with the products of Salesforce. Somorjai stated “What we're doing with this fund is really doubling down on that commitment to bring more AI-centric solutions to our customers.”