Dropbox Announces New AI-Powered Tools, $50 Mn AI-Focused Venture Initiative

San Francisco: Cloud storage giant Dropbox has announced two new AI-powered tools -- Dropbox Dash and Dropbox AI -- that will help users get more out of their content, and also launched a $50 million AI-focused venture initiative.

According to the company, 'Dropbox Dash' is an AI-powered universal search that will connect all users' tools, content, and apps in a single search bar.

"With connectors to major platforms like Google Workspace, Microsoft Outlook, Salesforce, and more, you can find everything in one place, fast. Now you can skip those time-consuming tasks like toggling between apps to share content, join a meeting, and find a deck your teammate shared," Dropbox said in a blogpost on Wednesday.

Dropbox Dash is currently available in English to select customers in beta.

With 'Dropbox AI', users will get quickly summarised content and answers.

The company said it is applying AI to file previews, one of its most highly trafficked web surfaces with Dropbox AI and soon users will be able to use Dropbox AI on their folders or their entire Dropbox account.

Dropbox AI for file previews is currently in alpha and is available in the US to all Dropbox Pro customers and started rolling out to select Dropbox Teams to test.

Moreover, the cloud storage giant also launched Dropbox Ventures -- a new $50 million venture initiative to propel the next generation of startups who are transforming how we work through innovations in AI.

Portfolio companies will receive financial support and mentorship to build new AI-powered products that will shape the future of work, the company said.

In April, Dropbox announced to lay off 16 per cent of its workforce, or about 500 employees, due to slowing growth.