2023-05-31 04:49:13 ET
- Baidu ( NASDAQ: BIDU ) is planning to establish a RMB 1B ($145M) venture capital fund to help start-ups focused on content generated by artificial intelligence (AI) applications, Reuters reported.
- The China-based search engine will also launch a competition for developers to make applications off its ERNIE large language model (LLM) or integrate the model into their existing products, the report added .
- Chinese organizations have launched 79 large language models in the past three years in an effort to develop artificial intelligence algorithms, according to a recent study.
- Following the release of Microsoft ( MSFT )- backed OpenAI's ChatGPT, Chinese companies including Baidu, Alibaba ( BABA ) ( OTCPK:BABAF ), SenseTime Group ( OTCPK:SNTMF ) launched their own generative AI services.
- Earlier in May, Baidu CEO Robin Li noted that the company would launch its AI-powered LLM chatbot Ernie 3.5 "very soon."
- The Chinese government is also taking note of the rise in AI, as the country's cyberspace regulator unveiled draft measures in April to manage generative AI services.
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For further details see:
Baidu to launch $145M VC fund for AI-focused startups - report