Microsoft and Santander are set to collaborate with Oxentia Foundation, Oxford University’s innovation spinout, on the launch of a new AI challenge for entrepreneurs.

Santander X Global Challenge | the AI Revolution competition is open to companies working on AI-related projects designed to address a range of social challenges.

Targeting startups and scaleups in 11 countries, including the UK, Brazil, Poland and the US, six winning projects will be awarded prize money in euros; €10,000 for the three best startups and €30,000 for the three best scaleups.

The winners will be granted membership to entrepreneur community Santander X 100, which gives entrepreneurs access to mentoring, training, and networking opportunities.

The winner will also be offered mentored by Microsoft experts in AI and have the chance to present projects to M12, Microsoft's venture capital arm.

Entry to the awards is open until 29 April.

Diego Calascibetta, global director of Entrepreneurship and Open Innovation at Santander Universities, commented: “With this challenge, we want to support companies that share our vision on AI as a technology that is destined to be ever-present in our lives much sooner than we thought.”

Jens Hansen, general manager EMEA – data & AI at Microsoft said the company has always viewed technology as a “catalyst for progress”.

“We are committed to democratising the use of AI, which is why we are delighted to join Banco Santander in the Santander X Global Challenge | The AI Revolution,” he said.

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