As part of AI push, Chinese tech giant Baidu launches AI venture fund

Image credit: Tomohiro Ohsumi/Bloomberg/Getty Images

AI startups will get more money. Chinese search giant Baidu today announced plans to set up a 1 billion yuan ($145 million) venture fund to back start-ups focused on content generated by artificial intelligence applications. .

According to Reuters, which reported the news earlier, the company will also launch a contest for developers building applications from the ERNIE Large Language Model (LLM) or integrating the model into existing products. .

Baidu appears to be stealing a page from the strategy of San Francisco-based company OpenAI, which has taken the world by storm and secured the first $100 million in OpenAI Startup Fund in 2021. (The fund has since grown to $175 million, according to recent filings.)

Still, both companies aren’t the only ones wanting to fund startups that could be customers or, ultimately, potential acquisition targets. For example, Google is reportedly participating in the latest funding round for Runway AI, software that recalls images and videos based on just a few words. (According to The Information, Google invests from its balance sheet, not through a dedicated fund.)

In China, meanwhile, like the United States, big players are competing to gain the upper hand in a world increasingly saturated with generative AI.

For example, a few days ago, Baidu billionaire founder Robin Li said the company would soon launch a new version of the big language model that powers Erniebot, a ChatGPT-like service that the company premiered in March. Told.

Another Chinese tech giant, Alibaba, announced last month that it would integrate its large-scale language model, Tongyi Qianwen, across its operations to improve user experience.

Tencent is also working on a foundation model called HunyuanAide.