The great search is on to find emerging startups working to progress artificial intelligence, being underwritten by Microsoft Ventures in collaboration with Vertex Ventures Israel, Notion Capital, and Madrona Venture Group. The Innovate.AI Competition is open to applications until December 31st, whether it be for platforms, services, or intelligent apps that are furthering AI.
One of Microsoft’s core principles is to make AI more valuable and accessible to people worldwide. Through this contest and the funding it provides, Microsoft Ventures will directly fuel growth and innovation in the industry. The partners for this contest share the same goal–further AI’s potential.
The contest is split into three regions with a prize for each: North America (including the United States, Canada, and Mexico), Israel, and Europe each selecting a winner to receive $1 million in venture funding and $500k in Azure credits. A fourth prize, called the ‘AI for Good’ prize, is $500k funding from Microsoft Ventures and another $500k in Azure credits to the startup that leverages AI for the greatest betterment of society.
“Now that they (startups) are leveraging emerging AI platforms, opportunities are increasing to create not only a great business, but one that has a strong and positive impact on society,” says Madrona Venture Group managing director, S. Somasegar. “As partners with our companies, we work every day to foster the kind of innovation that will change lives, and we are excited to work with Microsoft Ventures to identify passionate founders and teams that will build the next generation of intelligent applications.”
In order to apply, startups must have less than $4 million in combined equity funding and/or loans, and must introduce a platform, service, or product that intends to use or uses AI techniques.
