Salesforce doubles generative AI fund

 

Salesforce is doubling the size of its generative AI venture fund from $250M to $500M.  The news comes just four months after it announced the initial commitment in March earlier this year.  The cloud-based software products maker also announced its AI-focused line of products would be placed under its AI Cloud product portfolio, sitting alongside fellow major product lines Sales Cloud and Service Cloud.  The move indicates that Salesforce expects its AI products to be a major driver of growth and revive its sales.  CEO Marc Benioff said during an earnings call that "generative AI is going to spark a massive new tech buying cycle." Salesforce intends to launch AI tools for sales and customer support this summer, after which it intends to roll out AI features for the rest of the products within its portfolio.  Bloomberg Intelligence predicts that generative AI will produce $1.3T in sales by 2032.