China’s Baidu Inc. has launched a $140 million fund to invest in Chinese start-ups exploring generative artificial intelligence (AI), joining worldwide investors eager to ride the ChatGPT-like services wave. Baidu is China’s premier Internet search engine, and the incubation project partners with one of China’s most high-profile investment firms, IDG Capital, to assess and select founders’ pitches. The start-ups will then build demo products before receiving seed funding. Baidu, along with the VC partners, will evaluate proposals from start-ups planning to operate on their Ernie AI model. China’s frenzy around AI investments began after OpenAI’s ChatGPT created a media frenzy in November.
Baidu invests $140 million in ChatGPT-like startups
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