IBM Launches $500 Mln AI Venture Fund

(RTTNews) - IT major International Business Machines Corp. (IBM) announced on Tuesday that it will be launching a $500 million venture fund to invest in a range of AI companies from early-stage to hyper-growth startups.

With a dedicated portfolio development team, the fund will provide start-ups with opportunities to develop partnerships with the company.

According to IBM, the company has a long history of bringing proven enterprise AI technology and capabilities to organizations around the world. Watsonx is the company's AI and data platform.

"This fund is yet another way we're doubling down on our commitment to responsible AI innovation through Watsonx and helping organizations put this transformational technology to work," commented Rob Thomas, Software and Chief Commercial Officer, IBM.

On Monday, IBM shares closed at $148.97 on the New York Stock Exchange.