Cloud storage provider Dropbox has launched a $50m venture fund concentrating on AI-based start-ups. Dropbox Ventures will back firms in the sector and provide executive support. The announcement followed the unveiling by Dropbox of two AI-powered products to its cloud storage services. The universal search bar, Dropbox Dash, retrieves files and content from a variety of third-party platforms, compiles Stacks of links and acts as a chatbot to answer questions. Meanwhile, Dropbox AI summarises and extracts information from files. VC initiatives including Dropbox’s have been fuelling the growth of generative AI-based start-ups, which received over $52bn in funding in more than 3,300 deals over the past year, according to data provider GlobalData.
Dropbox Launches $50M AI Venture Fund and Introduces AI Features
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