The purpose of the fund is to promote the development of artificial intelligence in the Salesforce platform, for which it will provide capital, access to its customer base, and sales and marketing teams.
Salesforce Investors arm Salesforce Ventures today announced the creation of a $ 50 million fund to encourage new companies to build applications powered by artificial intelligence by leveraging Salesforce Einstein, the Salesforce AI toolkit.
“The goal of the Salesforce AI Fund is to accelerate the development of transformative AI solutions in Salesforce. There is an incredible opportunity for businesses and entrepreneurs to create next-generation artificial intelligence solutions, and our goal is to fuel that opportunity, ” Matt Garratt , vice president, Salesforce Ventures , told TechCrunch .
Although $ 50 million might seem like a small amount of money for venture capital, Garratt says the intent of his fund is to be a secondary investor , making many small investments rather than a few huge ones. In fact, Salesforce Ventures is seeing this fund as an initial commitment to AI and, depending on its development, will see if it deserves additional investment.
When it comes to selecting a company, Garrett explains that they will primarily try to make sure there is a strategic alignment between Salesforce and the startup , with the goal of expanding Salesforce in some way. In addition to capital, the startup also has access to Salesforce’s broad customer base, and in some cases to the corporation’s sales and marketing team around the world.
The top three companies to be funded by the new fund are the artificial intelligence startups Highspot, Squirro and TalkIQ , along with All Turtles , a startup study that works with young companies trying to build products focused on artificial intelligence.