Google, the internet subsidiary of diversified conglomerate Alphabet, has launched a venture capital program targeting the artificial intelligence (AI) sector, according to Axios.
The initiative would mark the first time that Google has established a vehicle aimed at one specific sector. Investment units GV and CapitalG – set up by Google but since restructured into Alphabet’s corporate venturing arms – instead focus on early-stage and growth-stage companies, respectively.
The AI program will be the direct responsibility of Google rather than Alphabet.
The program is set to be led by engineers rather than professional venture capital investors. The team will be led by Anna Patterson, vice-president of engineering at Google, who specialises in AI.
Patterson is joined by Ankit Jain, who rejoined Google’s engineering department in April 2017 following a stint as vice-president at digital marketing intelligence company SimilarWeb.
The rest of the team is expected to be made up engineers who will rotate through the program.
The fund will make investments between $1m and $10m, though details on an annual or total size of the fund has not yet been revealed. The group will also offer mentoring, incubation space and services.
GV may choose to co-invest in some opportunities, though details have not emerged.