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Baidu Plans to Establish a Venture Fund for AI Startups
Chinese tech giant Baidu has announced its plans to set up a venture fund with 1 billion yuan ($145 million) for startups focused on developing applications that generate content using artificial intelligence. According to Reuters, the company also plans to launch a competition for developers that integrate the model into their existing products or build applications using its ERNIE large language model (LLM).
Baidu Takes a Page from OpenAI’s Playbook
Baidu seems to be following the footsteps of OpenAI, the San Francisco-based AI company that allocated $100 million for its startup fund in 2021. The OpenAI startup fund has subsequently increased to $175 million according to recent filings. Other tech giants such as Google are also reportedly participating in funding for startups that could become customers or acquisition targets.
Leading Companies in China Racing to Dominate Generative AI
With many leading companies in China and the US racing to dominate generative AI, Baidu is not alone in its quest to fund AI startups. Alibaba recently announced that it would integrate its large language model Tongyi Qianwen across its businesses to enhance user experience. Tencent is also developing a foundation model called HunyuanAide.
New Version of Baidu’s Large-Language Model to Be Launched Soon
Last month, Baidu’s billionaire founder Robin Li announced that a new version of a large-language model that powers its ChatGPT-like service, Ernie Bot, will be launched soon. The announcement shows Baidu’s commitment to stay ahead in the development of AI-powered applications that generate content.
Conclusion
Baidu’s plan to set up a venture fund for AI startups is a significant development in China’s tech industry, which is seeing increased investments in artificial intelligence. The competition for developers using its ERNIE large language model indicates Baidu’s eagerness to encourage innovation and attract talents in this exciting field. With other leading tech giants involved in investing in startups, the competition in the AI industry is sure to become more intense.
FAQs
What is Baidu’s plan for AI startups?
Baidu plans to establish a venture fund with 1 billion yuan ($145 million) to back startups that focus on developing AI applications that generate content. Additionally, it will launch a competition for developers who build applications from its ERNIE large language model (LLM) or those who integrate the model into their existing products.
Who are the other tech giants that are investing in AI startups?
Other tech giants such as Google and Alibaba are also reportedly involved in investing in AI startups. Google is currently investing in Runway AI’s funding round, while Alibaba plans to integrate its large language model, Tongyi Qianwen, across its businesses.
What is Baidu’s ERNIE model?
Baidu’s ERNIE (Enhanced Representation through kNowledge IntEgration) is a large language model (LLM) that processes and understands natural language, generating human-like responses to queries and text inputs.
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