Business News Report Technology
June 22, 2023

Dropbox Launches $50M AI-focused Fund, Introduces Two New AI-powered Products

In Brief

Dropbox has launched a new $50 million venture initiative to invest in AI startups.

The company has also launched two new AI-powered products, Dropbox Dash and Dropbox AI

Joining the AI craze, Dropbox has announced the launch of Dropbox Ventures, a new $50 million venture fund aimed at supporting startups using AI to transform work in innovative ways. 

Dropbox Launches $50M AI-focused Fund, Introduces Two New AI-powered Products

Dropbox will provide portfolio companies with financial resources, mentorship, and the potential to introduce new experiences to the company’s vast user base of over 700 million registered users. Dropbox has also introduced two new AI-powered offerings aimed at helping customers improve their workflow and extract more value from their content. 

Dropbox Dash is a universal search tool that connects all tools, content, and apps in a single search bar, while Dropbox AI serves as a summarizer that can also answer questions about content saved in Dropbox, starting with file previews.

“We’re excited to roll out Dropbox Dash, AI-powered universal search, and Dropbox AI for file summarization and Q&A, today to help our customers search, organize, and gain insights from not only their files but all of their cloud content,” said Drew Houston, co-founder and CEO of Dropbox, in a statement.

According to a press release, Dropbox Dash connects to major platforms like Google Workspace, Microsoft Outlook, and Salesforce, allowing customers to locate their content in a unified platform, thus removing the need to toggle between multiple apps to share content or join a meeting. Powered by machine learning, Dash evolves and improves the more it’s being used.

In addition to universal search, Dash delivers new features through the browser extension, including:

  • Stacks: Smart collections for links that offer a quick way to save, organize, and retrieve URLs.
  • Start Page: A single dashboard lets customers access Dash universal search, view Stacks, get shortcuts to recent work, and start meetings.

Dash will soon be able to pull relevant info from customer and company information to answer questions and surface relevant content using generative AI.

Applying AI to file previews, Dropbox AI allows customers to quickly comprehend large documents or videos without the need to go through the entire file. By simply clicking a button, users can generate concise summaries of content, such as contracts and meeting recordings. Users can also ask a question and get a response within seconds. 

Currently in alpha, Dropbox AI will be available in the U.S. to all Dropbox Pro customers and select Dropbox Teams starting today.

As part of its efforts to build trust with its customers, Dropbox has also published its AI Principles to serve as a guide for the company to develop AI products responsibly.

“In this next era of AI, it’s more important than ever that we protect our customers’ privacy, act transparently, and limit bias in our AI technologies so they’re built as fairly and reliably as possible,” the company wrote in a blog post.

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About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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