Amazon Web Services (AWS) and venture capital firm Accel have partnered to launch ML Elevate 2023, a six-week accelerator program for generative AI startups. The program aims to support startups that are building innovative generative AI solutions by providing them with access to impactful AI models and tools, business and technical mentorship, curated resources, the AWS Activate program, and up to US$200,000 in AWS Credits.
Generative AI applications have gained popularity due to their ability to comprehend and generate realistic conversations, stories, images, videos, and music across various domains. These applications are powered by Machine Learning (ML) models known as foundation models (FMs), which are pre-trained on large amounts of data. ML models built on AWS offer tangible value by streamlining supply chains, personalizing digital experiences, and making goods and services more accessible and affordable.
According to a recent study by the National Association of Software and Service Companies (NASSCOM), generative AI startups in India have raised over US$475 million in private investments from January 2021 to May 2023. This highlights the growing interest and potential in the generative AI space.
To be eligible for ML Elevate, startups must have already developed a Minimum Viable Product (MVP) and intend to seek funding in the next 12-18 months. Selected startups will participate in live virtual masterclasses, fireside chats, and panel discussions conducted by investors, industry leaders, and AWS experts. They will also have the opportunity to pitch their ideas to leading VC funds, angel investors, and industry leaders during a dedicated Demo Week.
Vaishali Kasture, Director of AWS India and South Asia, stated that generative AI offers an unprecedented opportunity to revolutionize global businesses. Through ML Elevate, AWS aims to support startups in developing industry-focused solutions and driving innovation in the digital economy. Prayank Swaroop, Partner at Accel, expressed excitement about collaborating on ML Elevate, emphasizing the potential for innovation and productivity in the generative AI space.
AWS, with over 25 years of experience in ML, enables customers to build flexible, secure, and cost-effective generative AI applications. The company recently announced innovations such as Amazon Bedrock and the general availability of Amazon CodeWhisperer, Amazon Elastic Compute Cloud (Amazon EC2) AWS Inferentia2 (Inf2) instances, and Amazon EC2 Trn1 instances powered by AWS Trainium chips. These advancements make generative AI accessible to businesses of all sizes, reduce the cost and energy required to run AI applications, and simplify coding for developers.
Several leading startups, including Stability AI, Anthropic, and AI21, already utilize models that run on AWS, driving innovation and greater adoption of generative AI technology.
ML Elevate builds on AWS’s long-term commitment to India, as the company has pledged to invest US$12.7 billion in the country by 2030. This investment is projected to contribute US$23.3 billion to India’s GDP by 2030 and support approximately 131,700 full-time jobs annually.
The collaboration between AWS and Accel aims to empower generative AI startups and foster innovation and digital transformation in India. ML Elevate provides startups with the necessary resources, expertise, and networking opportunities to accelerate their growth and make a significant impact in the generative AI space.
