PYMNTS.com March 1, 2024

This week, Amazon increased its investments in artificial intelligence, as the eCommerce giant and rival Walmart adopt new technologies to remain competitive.

Amazon’s $1 billion Industrial Innovation Fund is ramping up investments in companies that combine AI and robotics this year to boost efficiency throughout its logistical network, Franziska Bossart, head of the corporate venture capital arm, said.

Among the 12 investments the company has already made is one in Mantis Robotics, a company building a robotic arm that works alongside humans. Amazon has also pledged up to $4 billion to generative AI startup Anthropic.

Additionally, the company is tapping new AI capabilities to grow its revenue through its B2B offerings. Amazon Bedrock, the eCommerce company’s service to make foundation...

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Topics: AI (Artificial Intelligence), Provider, Retailer, Technology
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