More Money For AI Startups As Chinese Tech Firm Baidu Unveils $145 Million Venture Fund

It looks like AI startups are going to get plenty of love this season as we witness one of China’s tech giants make big plans to venture into AI.

We’re talking about the leading search firm Baidu which just unveiled a massive $145 million project that’s better described as a venture fund.

The purpose is to provide financial assistance for start-up firms that are designed to produce content through AI apps.

Now, Reuters mentioned in the past through one of its reports how the firm would be launching more competition. This would enable developers to create apps through giant language models and combine them into products that are currently seen in the market.

It looks like the company is taking notes from OpenAI by setting aside money for this endeavor. And so far, things are looking great and very promising.

Both firms are not alone in terms of their desire to fund such projects as they may turn into clients and help them achieve their targets with ease. Search engine giant Google is taking part in a new phase of its own funding. It would be giving out financial support for its project called Runway AI where the software is designed to conjure pictures and videos depending on a few words.

In places like China, so many leading firms are trying hard to reach the front of the pack when they’re surrounded by competition in the form of generative AI.

Just some days back, the billionaire for Baidu mentioned how the firm would be launching new kinds of language models that support the ChatGPT services and more of its kind like Ernie Bot.

This is just the start as we’re also seeing another leading tech firm from China, Alibaba mentions in the previous month that it had its own language model to offer. And it hoped it may implement that endeavor through businesses so as to better the whole user experience.

Another firm, Tencent claims to be putting its effort across foundation models such as HunyuanAide. So right now, it’s all trailing and we’ve got OpenAI’s famous AI chatbot receiving a ban from China who claims the technology wouldn’t be allowed for use in the country. This decision was announced in February of this year, and it certainly raised plenty of eyebrows.

Read next: New Survey Says 58% Of American Adults Know About ChatGPT But Only 14% Use It
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