Salesforce to launch $50 million artificial intelligence fund - ETtech

The venture arm of Salesforce.com is launching a $50 million fund to invest in startups employing artificial intelligence, the cloud computing firm told Reuters on Tuesday. Salesforce, whose software helps businesses sell, market and track customer activity, has been increasing its use of AI since launching its'Einstein' technology a year ago, which uses automation and data-driven features. "There's a tremendous surge in companies who are providing unique AI innovations," said John Somorjai, executive vice president of Salesforce Ventures. "We want more of those companies to do these innovations on Salesforce's platform." Salesforce revenues and income have grown rapidly in recent quarters, and it has boosted spending on research and development in the face of tough competition from rivals such as Oracle and Microsoft.