On Monday, Google announced the launch of its AI Futures Fund, a new initiative aimed at investing in startups using the latest AI tools from Google DeepMind, the company’s AI research and development lab.
The fund will support startups at various stages, from seed to late stage, and provide varying levels of assistance. This includes early access to Google AI models from DeepMind, the opportunity to collaborate with Google experts from DeepMind and Google Labs, as well as Google Cloud credits. Some startups may also receive direct investment from Google.
Investment Approach and Flexibility
Unlike traditional funds that follow a cohort model, the AI Futures Fund operates on a rolling basis. There is no fixed application window, and Google will evaluate opportunities as they arise. The fund’s spokesperson stated that when a company aligns with the fund’s mission, it may receive an investment, but no specific fund size or check amounts have been disclosed. Investments will typically target early to mid-stage companies, but there will be flexibility for later-stage opportunities as well.
The AI Futures Fund already has some success stories. Startups like Viggle, a meme-making platform, and Toonsutra, a webtoon app, have participated in the program. These companies have benefited from the resources and support offered by the fund to grow their AI-driven solutions.
Startups can apply for the program starting May 12.
Google’s Larger Commitment to AI Talent and Innovation
Over the past few months, Google has made significant investments to support the development of AI. In November, Google.org, the company’s charitable arm, committed $20 million to researchers and scientists working in the AI space. In September, Google CEO Sundar Pichai announced a $120 million Global AI Opportunity Fund to promote AI education and training around the world. Additionally, Google.org launched a $20 million generative AI accelerator program to help nonprofits developing AI technology.
In addition to the AI Futures Fund, Google operates its Google for Startups Founders Fund, which supports founders across various industries, including AI. A Google spokesperson noted that this year, the fund will begin investing in AI-focused startups in the U.S., with more details to come.
Author’s Opinion
Google’s decision to launch the AI Futures Fund is a smart move. The fund not only strengthens the company’s foothold in the AI sector but also encourages innovation in a rapidly evolving space. By offering direct investment and support to startups, Google is fostering the development of cutting-edge AI technologies, which can benefit a wide range of industries. This type of funding is crucial for accelerating the growth of AI companies, and it’s encouraging to see tech giants like Google invest in nurturing the next generation of AI solutions.
Featured image credit: Wikimedia Commons
For more stories like it, click the +Follow button at the top of this page to follow us.