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Alternative Assets  + Latest News  + VC  |  March 9, 2023
Salesforce Ventures Launches $250M Fund for “Responsible AI”
Joe Palmisano
By: Joe Palmisano

Salesforce Ventures Launches $250M Fund for “Responsible AI”

Salesforce Ventures, the investment arm of Salesforce, launched a $250 million generative artificial intelligence (AI) fund to spark the “development of responsible AI.” The fund coincides with Salesforce’s Einstein GPT, a generative AI tool for customer-relationship management.

The fund will initially invest in four generative AI-focused startups, including Anthropic, Cohere, Hearth.AI and You.com.

More than two-thirds of leaders will be prioritizing generative AI over the next 18 months, but technical and ethical concerns with the technology remain a top concern, according to Salesforce Ventures.

Salesforce’s latest investments in generative AI comes amid an increasing number of corporations quickly integrating the new technology within their products, including OpenAI’s ChatGPT platform, which will receive a $10 billion investment from Microsoft.

The new fund is Salesforce Ventures’ largest by leaps and bounds. Over the past decade, the firm has raised more than a dozen funds, ranging in size from $50 million to $125 million. In 2017, it raised $50 million for an AI Innovation fund to support its Einstein AI tool set.

The investment comes amid a battle with five powerful activist investors who have complained about Saleforces’ weak business performance and have clamored for change on the board of directors.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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