Baidu to Launch $145M VC Fund for AI-focused Startups in China

Printed: 31 Might 2023, 11:49 am Up to date: 31 Might 2023, 11:50 am

Immediately, Chinese language tech large Baidu revealed plans to launch a $145 million VC fund to again AI-focused startups in China, based on a Reuters report.

Prone to be launched underneath Baidu Ventures (BV), the fund will deal with firms constructing AI merchandise resembling speech recognition, pure language processing, and extra. Baidu Ventures at the moment manages 5 USD and RMB funds with a scale of over $700 million, with an intention of changing into a world-class VC within the AI period.

“We imagine that AI is the subsequent huge wave of innovation, and we wish to be on the forefront of this revolution. By investing in AI start-ups, we might help to speed up the event of this expertise and convey its advantages to a wider vary of individuals,” mentioned Baidu CEO Robin Li.

Baidu Ventures is at the moment specializing in early-stage AI-based tech firms. BV has already invested in additional than 100 firms spanning new power autos, life sciences, company providers, sensible cities, semiconductors, sensible industries, and the Web of Issues. A few of BV’s portfolio firms embrace AI analysis & growth resolution supplier RealAI; AI technology-based industrial safety resolution supplier AI Prime; and Aqrose Know-how, an industrial AI platform developer for pc imaginative and prescient and core robotics expertise.

Along with the fund, Baidu will even launch a contest for builders to construct functions utilizing the corporate’s ERNIE massive language mannequin (LLM) or combine the mannequin into their present merchandise.

In March, Baidu unveiled its personal AI-powered LLM ERNIE. Different Chinese language firms, together with Alibaba, Tencent, and SenseTime Group, launched their very own generative AI providers shortly after. Final week, CEO Robin Li mentioned that Baidu might launch its LLM chatbot ERNIE 3.5 “very quickly.”

Per a report by China’s state-run institutes, Chinese language firms have launched 79 LLMs since 2020 because the nation doubles down on AI algorithm growth. Attributable to U.S.-led export controls, China faces challenges accessing semiconductors crucial to coach LLMs.

The Chinese language authorities has been monitoring the expansion of LLMs within the nation. Final week, the Our on-line world Administration of China launched the draft “Measures for Generative Synthetic Intelligence Providers” to mitigate the dangers and misuse of AI applied sciences whereas encouraging AI innovation that aligns with China’s core values. The draft is more likely to move later this yr.

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