Amazon founder Jeff Bezos has revealed he is launching a new £4.7billion AI company called Project Prometheus.
Bezos will be the co-chief executive of the start-up, which aims to utilise artificial intelligence in the manufacture of computers, aerospace parts and cars, The Telegraph reports.
The move marks a dramatic return to business for billionaire Bezos, who stepped down as the head of Amazon four years ago.
The New York Times reports Bezos will run Project Prometheus alongside Vik Bajaj, who was previously involved in launching biotech company Verily.
Project Prometheus has already reportedly raised £4.7billion from investors - including Bezos - despite not having been officially announced yet.
The 61-year-old, who is the world's third-richest person, has said artificial intelligence is in a “kind of industrial bubble” but that society will see “gigantic benefits”.
The new company hopes to utilise AI in manufacturing, something Elon Musk is also aiming to do with Tesla's AI-powered Optimus robots.