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Multi-million dollar AI comp launched

Artificial neuron in concept of artificial intelligence. Wall-shaped binary codes make transmission lines of pulses and/or information in an analogy to a microchip. Neural network and data transmission.

Microsoft Ventures has launched a multi-million dollar competition to find startups developing game-changing artificial intelligence (AI) technologies.

The Innovate.AI platform, which is also being supported by the Madrona Venture Group, Notion Capital and Vertex Ventures Israel, is open to young companies which – to date – have received less than $4M in combined equity funding.

Applications are now open – across three regions – until 31 December for startups using AI to pioneer ‘intelligent apps, services or platforms’ through the Microsoft Ventures website. One winner will be selected from the North America, Europe and Israel application regions, with each set to receive $1 million in venture funding plus half a million in Azure credits. There is also an additional prize, AI for Good – worth $500k in venture funding and the same again in Azure credits.

“At Microsoft, the future is rooted in the advancement of AI technologies,” explained Nagraj Kashyap, corporate vice president, global head of Microsoft Ventures. “We’re excited to launch this competition with a strong group of venture capitalists that recognizes the importance of leveraging these technologies to amplify human ingenuity and power innovation in AI forward.”

Around 10 finalists from each region will pitch for the opportunity to bag the million dollar plus prize for their area. Visit the application page for more details.

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