8JUNE 2024TOP STORIESAMAZON TO INCENTIVIZE GEN-AI STARTUPS BY OFFERING ACCESS TO AWS'S COMPUTING FACILITIESAmazon is making a significant investment in artificial intelligence startups by allocating $230 million in Amazon Web Services (AWS) credits. This initiative aims to attract early-stage generative AI startups by offering them free access to AWS's computing power, AI models, and infrastructure, provided they develop their companies on AWS.This new investment is part of Amazon's broader strategy to support startups, adding to the $1 billion in cloud credits it already offers annually. The focus on generative AI startups is intended to help these companies quickly iterate and scale their operations, according to Matt Wood, Vice President of AI Products at AWS.Additionally, part of the credits will support 80 early-stage companies globally through the AWS Generative AI Accelerator program. Each startup in the accelerator could receive up to $1 million in AWS credits, enabling them to innovate and grow rapidly.Cloud providers, including Microsoft Azure and Google Cloud, commonly offer credits to entice enterprises to use their services, as cloud costs can become substantial as companies scale. This practice is aimed at securing long-term clients by supporting them from their nascent stages.Earlier this year, Amazon expanded its cloud credits to include the use of AI models from providers such as Anthropic, Meta, Mistral AI, and Cohere, enhancing the appeal of its AI platform and aiming to increase its market share. ATHER ENERGY OPTS AURANGABAD FOR ITS THIRD MANUFACTURING FACILITYAther Energy, an electric vehicle manufacturer, has chosen Aurangabad in Maharashtra for its third plant, according to a report by the Business Standard. The company plans to invest Rs 1,000 crore in this new facility, which will be developed in phases over 100 acres in Bidkin town, Aurangabad. The agreement for the new plant is expected to be finalized soon.Ather Energy currently operates an assembly plant and a battery plant in Hosur, Tamil Nadu. This expansion into Maharashtra marks a significant step in the company's growth strategy.In a recent development, Hero MotoCorp acquired an additional 2.2percent stake in Ather Energy for 124 crore. Ather Energy, based in Bengaluru, focuses on the design, manufacturing, production, sale, and servicing of electric vehicles and charging infrastructure. The company also manages storage, distribution, and energy management systems, particularly in the form of batteries.For the fiscal year 2024, Ather Energy reported a revenue of Rs 1,753.8 crore. The company is also preparing for an initial public offering (IPO) planned for early next year. According to a Bloomberg News report from February, Ather has been selecting banks for an IPO that could value the company at about $2 billion. The IPO might seek to raise up to $400 million, although the final size and value could vary.Ather Energy was founded in 2013 by Tarun Mehta and Swapnil Jain, graduates of the Indian Institute of Technology Madras. In 2022, the company raised approximately $128 million in a Series E funding round, which included investments from the National Investment and Infrastructure Fund Ltd. and existing shareholders such as Hero MotoCorp Ltd.
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