(CTN News) – In the current AI arms race, cloud infrastructure company ServiceNow, based in California, has thrown its hat into the ring.
ServiceNow announced on Wednesday that it would invest $1 billion in its venture arm, ServiceNow Ventures, in order to make investments in artificial intelligence and automation companies that focus on enterprise applications.
In the venture arm of the company, which started investing in 45 companies in 2015, $300 million has already been invested. By the year 2026, a new $1 billion will be available for the program.
AI is becoming a key component of enterprise operations
As part of its AI efforts, ServiceNow has ramped up its efforts for quite some time now. At the time, the acquisition of Element AI for $500 million in 2020 marked the company’s largest acquisition to date.
ServiceNow acquired a skills mapping platform powered by artificial intelligence a year ago, called Hitch Works.
Earlier this week, ServiceNow announced a major partnership with Microsoft, which invested a whopping $13 billion in the AI giant OpenAI.
There was also a new suite of generative AI tools introduced by the company, which included a generative AI controller that connects ServiceNow to OpenAI’s API that provides large language modeling capabilities.
As a result of the new search feature, users will now be able to search the entire company’s database using a platform that is similar to that of Google.
Despite the fact that generative AI platforms such as ChatGPT and Midjourney have grabbed the attention of everyday consumers, a number of companies are still striving to be the first to offer enterprise-grade generative AI.
It has recently been announced that the Allen Institute for Artificial Intelligence has established a $30 million fund to support AI startups focusing on business applications.
In the meantime, Nvidia has been working on a platform for businesses that would allow them to make industry-specific documents and diagrams by using generative artificial intelligence to create documents or diagrams specific to their industry.
It is also important to mention that Nvidia has also partnered with ServiceNow in order to complete this web of AI partnerships.
With the use of Nvidia’s software, ServiceNow is in the process of developing large language models (similar to those that power the ChatGPT) that can be used by IT teams, customer service departments, and developers for the purpose of improving their customer service.
There has been a relative lack of private market dealmaking, but there has been a significant amount of investment in artificial intelligence.
As a result of the $10 billion round of funding led by Microsoft that was announced in January, more than a third of the funding went to OpenAI.