Salesforce launches a $250 million fund targeting generative AI startups

CTOnews.com, March 8 (Xinhua)-- Salesforce, the world's largest provider of CRM software services, launched a $250 million venture capital fund on Tuesday local time to target generative artificial intelligence start-ups, the Wall Street Journal reported.

Salesforce says its target customers are startups that are developing technologies like ChatGPT that can be used with their commercial software applications.

In addition, Salesforce announced on the same day that it will integrate artificial intelligence technology into the new version of the software to provide functions such as answering customer questions and writing marketing emails. The new product, called Einstein GPT, uses artificial intelligence technology from ChatGPT developer OpenAI.

Clara Shih, chief executive of Salesforce's service cloud business, pointed out earlier this week: "We are still in a very early stage, but we are seeing large language models changing many disciplines."

According to the financial report, Salesforce's total revenue in the fourth quarter of fiscal 2023 was $8.384 billion (currently about 58.353 billion yuan), an increase of 14% year-on-year, and 17% year-on-year growth excluding exchange rate changes.

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