Microsoft Ventures has launched an artificial intelligence investment fund, signaling its parent company's growing focus on the emerging technology.

The VC arm of Microsoft has also funded Element AI, an incubator to help organizations embrace an AI-first strategy, Nagraj Kashyap, corporate vice president of Microsoft Ventures, said Monday in a blog post.

"AI holds great promise to augment human capabilities and improve society by tackling some of the world’s biggest problems," Kashyap wrote. "We’ll make investments in startups that are responsibly harnessing the promise of AI to empower people and businesses."

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