DBX - Dropbox rises as it unveils AI tools including universal search

2023-06-21 09:38:06 ET

Dropbox ( NASDAQ: DBX ) unveiled new artificial intelligence-focused tools on Wednesday, including Dropbox AI for Files and Dash, an AI-powered universal search.

Dash allows for all the tools, content and apps that people use each day to be connected in a single search bar, connecting with platforms such as Google Workspace, Microsoft Outlook, and Salesforce, amongst others.

"As a platform that over 700 million customers already trust to secure their most important information, we have a significant opportunity to improve our customers' working lives with personalized AI-powered product experiences," Dropbox CEO Drew Houston said in a statement. "Today's launch is just the beginning, and we can't wait to leverage the power of AI to deliver even more value to our customers."

In addition to universal search via desktop, Dash has a browser extension that has additional features, including the ability to collect links similar to a file or folder, a start page and others.

Dropbox said Dash is currently available in beta testing for select customers.

Dropbox ( DBX ) said it is also applying AI to file previews via Dropbox AI, allowing customers to get access to information quickly.

The San Francisco-based company also said it was launching a new $50M venture fund known as Dropbox Ventures.

Dropbox ( DBX ) shares rose nearly 1% in early trading on Wednesday.

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