Amazon Web Services (AWS) has announced $230 million in AWS cloud credits for startups to create Generative AI applications.

The company said the investment will speed up the development of new Generative AI apps and speed up their launch on the market.

Additionally, AWS will open up the AWS Generative AI Accelerator to 80 early-stage startups who are using the technology to solve “complex” challenges and provide $1 million in cloud credits to each company.

Startups taking part in the scheme will receive mentorship, and education to further their use of AI and machine learning (ML) technologies. Participants will also get advice on building, training and launching their Generative AI solutions from industry experts and professionals at NVIDIA.

“For more than 18 years, AWS has helped more startups to build, launch, and scale their business than any other cloud provider—it’s no coincidence that 96 per cent of all AI/ML unicorns run on AWS,” said Matt Wood, vice president, artificial intelligence products at AWS.

"With this new effort, we will help startups launch and scale world-class businesses, providing the building blocks they need to unleash new AI applications that will impact all facets of how the world learns, connects, and does business.”

Big Tech firms globally are attempting to position themselves at the forefront of AI development by cultivating innovation in the space. Earlier this month, US cloud software giant Salesforce has chosen London as the location for its first AI centre. Salesforce said that the new facility, situated in London's Blue Fin building, will serve as a hub for industry experts, developers, and customers to collaborate on AI innovation and develop new skills.

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