Baidu to launch $145M VC fund for AI-focused startups - report
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Baidu (NASDAQ:BIDU) is planning to establish a RMB 1B ($145M) venture capital fund to help start-ups focused on content generated by artificial intelligence (AI) applications, Reuters reported.
The China-based search engine will also launch a competition for developers to make applications off its ERNIE large language model (LLM) or integrate the model into their existing products, the report added.

Chinese organizations have launched 79 large language models in the past three years in an effort to develop artificial intelligence algorithms, according to a recent study.
Following the release of Microsoft (MSFT)- backed OpenAI's ChatGPT, Chinese companies including Baidu, Alibaba (BABA) (OTCPK:BABAF), SenseTime Group (OTCPK:SNTMF) launched their own generative AI services.
Earlier in May, Baidu CEO Robin Li noted that the company would launch its AI-powered LLM chatbot Ernie 3.5 "very soon."
The Chinese government is also taking note of the rise in AI, as the country's cyberspace regulator unveiled draft measures in April to manage generative AI services.
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