Sep 19 2017: Salesforce launches $50 million fund for AI startups

Back in Sep 19 2017: Salesforce launches $50 million fund for AI startups

Salesforce Ventures, the investment arm of Salesforce, is launching a $50 million fund to invest in AI startups. With the increasing interest in AI across the industry and the success of Salesforce Einstein, which has over 7,000 developers building AI apps, the fund aims to support startups that can use Salesforce to extend their AI technology.

In 2017 alone, over $6.5 billion of capital has been invested in AI startups. Salesforce Ventures will be looking for startups with innovative products, a talented management team, and a strong company vision.

Fast forward to Jun 12 2023: Salesforce (CRM) Touts AI Strategy, Doubles Generative AI Venture Fund

Salesforce is increasing its investment in AI startups and introducing new generative AI features in its products in an effort to boost sales growth. The company's venture capital fund focused on generative AI will double to $500 million, and its portfolio of AI tools will be called AI Cloud.

Salesforce is prioritizing AI to drive expansion and has introduced security standards to prevent data leaks. Customers will pay additional fees for the new AI features, and they will become available in sales and customer support products this summer. Salesforce aims to resuscitate sales growth with the help of AI technology.

How does Salesforce's increased investment in generative AI align with the company's goals to resuscitate sales growth and address customer concerns about data security?