Micron Technology, Inc., (NASDAQ:MU), a San Francisco, CA-based provider of memory and storage solutions, will invest up to $100m in AI and machine learning startups.
Launched in 2006, Micron Ventures invests in technology startups aligned with the company’s strategic interests. It backs entrepreneurs who wants to revolutionize industries with advances in AI for applications such as augmented and virtual reality and autonomous driving, while advancing foundational capabilities such as deep learning.
As part of the $100m investment, the initiative will target up to $20m to fund startups led by women and other underrepresented groups.
Led by President and CEO Sanjay Mehrotra, Micron is an industry leader in innovative memory and storage solutions that enable artificial intelligence, machine learning, and autonomous vehicles, in key market segments like cloud, data center, networking and mobile.
Commenting on the vc initiative launch, Micron Executive Vice President and Chief Business Officer Sumit Sadana said: “Micron Ventures is focused on accelerating innovation in AI and machine learning in order to unlock the vast potential of these promising technologies to enrich human life.
“Our investments, coupled with our industry-leading portfolio of memory and storage products, technologies and capabilities, will enable these startups to realize the full potential of their innovations.”
In an additional press release, Micron Foundation (Nasdaq:MU) announced a $1m grant for universities and nonprofit organizations to conduct research into how artificial intelligence (AI) can improve lives while ensuring safety, security and privacy.