Microsoft Ventures, together with Madrona Venture Group, Notion Capital, and Vertex Ventures Israel, has launched the global Innovate.AI competition. The competition seeks innovative startups developing groundbreaking solutions using artificial intelligence (AI). A total of $3.5 million in venture capital and $2 million in Microsoft Azure credits are being offered as prize money.
Startups developing intelligent applications, services, or platforms with artificial intelligence can now apply to Microsoft. The international "Innovate.AI" competition will take place in North America (Canada, Mexico, USA), Europe, and Israel. One winner will be chosen per region, each receiving $1 million in venture capital and $500,000 in Microsoft Azure credit.
“Potential for sustainable solutions”
Additionally, Microsoft Ventures and its partners present the "AI for Good" award, which recognizes the most innovative solution to a societal problem. The award includes an additional $500,000 investment from Microsoft Ventures and $500,000 in Azure credits.
“For Microsoft, artificial intelligence is the technology of the future,”
says Nagraj Kashyap, Corporate Vice President and Global Head of Microsoft Ventures.
"It has the potential to create sustainable solutions that help everyone and address the major challenges of our time. We are particularly pleased to have strong VCs as partners for Innovate.AI, with whom we pursue a common goal: promoting innovation in the field of AI."
Microsoft says it is pursuing the goal of making artificial intelligence equally accessible and usable for everyone. For this reason, the company supports startups that are further developing this future technology. This will enable the enormous potential of artificial intelligence to be harnessed more quickly, for example, to make processes more efficient—and ultimately to solve some of society's major problems. Collaboration with other companies is an important step in advancing the development of intelligent applications.
Ten finalists per region
Until December 31, 2017 Startups can apply for "Innovate.AI." Two requirements must be met to participate: First, a startup must not have received more than four million US dollars in total in venture capital or loans by the application date. Second, it must be developing a product, service, or platform that uses artificial intelligence or at least intends to use it in the future.
Up to ten finalists per region can qualify and then pitch their ideas live against each other.
