The memory maker launched a corporate venture capital program more than a decade ago, but its investments until now had been “very sporadic” only when “very close to our core business” of making chips.
Sumit Sadana, Micron’s chief business officer, said the outfit could sell more memory chips by expanding its involvement in artificial intelligence because the field deals with huge amounts of data that need to be stored on its products.
He announced the move at Micron’s first artificial intelligence conference in San Francisco where it announced the move.
The newly earmarked funds will be invested in both hardware and software startups working on artificial intelligence, Sadana said. Micron is particularly interested in self-driving car technology, augmented and virtual reality, and the technology for automating factories, he said, because the firm already has businesses in those areas.