German Giants Pour Over $500 Million Into Aleph Alpha
by upasana sarbajna Business 07 November 2023
The artificial intelligence startup Aleph Alpha GmbH is trying to develop a European rival to the big language models that Google and OpenAI created and has raised over $500 million from a consortium of the industrial giants and the financial investors.
Schwarz Group, along with the venture counterpart of Robert Bosch GmbH, have joined a group that comprises seven latest investors in the round of financing, which also included SAP SE and the US software organization Hewlett Packard Enterprise, the company mentioned in their statement on Monday.
At the press conference held on Monday, Germany’s vice chancellor, along with the minister for economic affairs Robert Habeck, had framed the investment as a strategy of national priority. “The thought of having our own sovereignty in the AI sector is extremely important,” Habeck mentioned during the press conference. “If Europe has the best regulation but no European companies, we haven’t won much,” he further added.