[Asia Economy Reporter Jeong Hyunjin] Amazon, the world's largest e-commerce company, has launched a $1 billion (approximately 1.238 trillion KRW) fund to invest in startups developing supply chain and logistics innovation technologies.
On the 21st (local time), according to CNBC and other outlets, Amazon announced the creation of the "Amazon Industrial Innovation Fund," which will focus on new technologies aimed at increasing the speed of logistics processing and improving the experience of warehouse and logistics workers.
The fund will provide capital to companies developing supply chain, logistics, and customer order processing technologies. Amazon selected Modjool, a wearable device manufacturer that provides early warnings to reduce injuries among warehouse workers, as the first startup investment target. Andy Jassy, Amazon's CEO, recently stated that the company will take measures to ensure the safety of warehouse employees.
Three startups developing AI solutions for inventory management improvement and logistics warehouse robot technologies will also receive investments from Amazon.
CNBC reported that this fund is part of Amazon's ongoing investment activities, noting that in 2020, Amazon established a $2 billion fund for climate technology investments and also operates the Alexa Fund for voice recognition technology investments.
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