Globe venture capital arm pursues generative AI

MANILA  -Globe Telecom’s venture capital arm, 917Ventures, is looking at new artificial intelligence (AI) technologies and solutions to add value to its portfolio, which includes mobile wallet giant GCash and telehealth provider KonsultaMD.

Globe said it was keen on generative AI, whose applications include autonomously generating text, images and other media.

“We are building generative AI products to strengthen our tech capabilities. For 917Ventures, the goal is to really strengthen our telco-to-techco strategy and to build the next generation of great companies in the country by maximizing all of the assets of the Globe Group,” said Vince Yamat, 917Ventures managing director.

The telco giant, however, did not provide further details on this “strategic move.”

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“As the company moves into new territories, it remains steadfast in its mission to harness the power of technology for the betterment of society and the environment,” Globe said.

Meanwhile, Globe said 917Ventures would continue to scale its digital health product, KonsultaMD.  It added that 917Ventures was looking into several climate tech initiatives in line with its sustainability commitment.

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“Through collaboration with Ayala Corporation and Gogoro, 917Ventures’ Gogoro Philippines will make Gogoro smart scooters and innovative battery-swapping technology available in Metro Manila by the fourth quarter of 2023,” the statement showed.

917Ventures had so far vetted over 500 ideas and launched 26 ventures. This year, it introduced three new portfolio companies to the market, bringing its total portfolio to 14.