to jump into the AI investing race with a bright sign advertising that its VC arm is open for business.: "If you look at IBM over the last three years, we're a dramatically different company that we were three years ago," Rob Thomas, IBM senior vice president of software and chief commercial officer, told Axios, when asked why the company is announcing an allocation to investing in AI startups.
IBM is particularly interested in startups focused on tools for specific verticals or on a specific business process — as long as the startup doesn't compete too much with IBM's own businesses. IBM also says it will avoid investing in companies that are direct competitors to startups they've already backed.: "One thing that's come up this year: everybody's done a lot of experimentation but not a lot of ROI," says Thomas of the feedback IBM has heard from its clients about AI tools so far.
Naturally, he expects that more AI companies will shift to catering to business users as they seek sustainable business models.Thomas predicts that unlike a number of prior technological shifts, this one may be led by companies and markets outside the U.S., though he maintains that he looks for investments everywhere.
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