The venture wing of Salesforce.com Inc., is launching a USD $50 million fund to invest in start-ups creating or deploying Artificial Intelligence, the cloud computing firm disclosed today to Reuters.
Salesforce, whose software helps businesses sell, market and track customer activity (Customer Relationship Management), has been increasing its use of AI since launching its ‘Einstein’ technology a year ago, which uses automation and data-driven features. Their CEO Marc Benioff explained that ability to consult with Einstein has made him a better CEO. “I have the ability to talk to Einstein and ask Einstein everything from product areas that I should be focusing on, geographies that I should be focusing on, the linearity of bookings during the quarter. Every question that I possibly could have, I’m able to ask Einstein.”
By celebrating his anniversary this CRM giant is marking the occasion with the launch of several new features. The new Einstein Forecasting feature uses data mining and machine learning to help sales team leaders make detailed sales projections. Salesforce said the feature is a breakthrough innovation that “uses special logic to translate the data behind each forecast into human language so sales leaders know what to expect from the pipeline and why.”
“There’s a tremendous surge in companies who are providing unique AI innovations,” said John Somorjai, executive vice president of Salesforce Ventures. “We want more of those companies to do these innovations on Salesforce’s platform.”