The Canada-headquartered media group will invest over $100m per year in generative AI companies in a bid to enhance its offerings.
The Thomson Reuters Ventures team. Image courtesy of Thomson Reuters Ventures.
Canadian media group Thomson Reuters has set aside $8bn for artificial intelligence-focused strategic investments.
Each year more than $100m will go to generative AI deals that can help improve Thomson Reuters’s products and services.
It runs a corporate venture capital unit, Thomson Reuters Ventures, which invests in seed and series A-stage enterprise technology companies covering tax, legal, fraud, risk, compliance, insurance and financial technologies.
Insurance claim processing tool provider Wisedocs, legal document drafting software supplier Spellbook and Contents.com, which helps businesses create content, are among Thomson Reuters Ventures’ portfolio companies focusing on AI technology.
Thomson Reuters paid some $2bn to buy AI-driven companies in the past 18 months, including SurePrep, Casetext and Pagero.
The firm aims to integrate generative AI tools into its products such as its research tool, which will use the Westlaw Precision AI technology to enhance the research processes. It will also train its 26,000 global employees to learn and use AI effectively.
