Google Ventures has said it will invest part of the $1bn it has to spend over the next five years in biotech firms.
US-based search engine Google’s corporate venturing unit has been broadening its portfolio for some time, stepping outside its traditional investments in online media companies. This month, Google participated in a $42.5m series B round for molecular tech firm Foundation Medicine; its second investment in the firm.
Earlier in the year, Google took part in a $17.7m venture round for biofuel firm CoolPlanet Energy Systems.
“There’s a whole world of innovation out there outside of social media. It is a huge growth area, but we are investing a lot of money in life sciences,” said Google Ventures managing partner William Maris to news provider CNBC.
Maris said in his appearance on CNBC that Google was looking to take gambles on riskier biotech firms such as cryogenics and nanotechnology.
“Part of my job is to discern the fine line between crazy and genius. We’re looking for entrepreneurs that want to change the world for the better and that’s important. So I do think our values are a little bit different than the typical sort of venture capitalist you might meet.”