AI companies funded by Google’s new investment arm will receive mentorship, in addition to services and space to operate
Google launched a venture capital fund to invest in start-ups developing products underpinned by artificial intelligence (AI). The fund is led by engineers rather than venture capitalists, a first for Google.
This comes on the heels of Evernote’s Cofounder and former CEO, Phil Libin, launching a new venture capital (VC) fund called All Turtles.
Start-ups who opt for funding from Google’s new AI investment arm will receive mentorship, in addition to services and space to operate. According to an exclusive report by Axios , the new organization is being led by Anna Patterson, VP of engineering at Google who specializes in AI. Patterson will report to executives at Google instead of parent company Alphabet. It will be separate from Alphabet’s funding activity within GV (formerly Google Ventures) and CapitalG (formerly Google Capital). The investments would range from $1 Million and $10 million to start with.
With Google CEO Sundar Pichai positioning the company as being “AI first” as opposed to being “mobile first,” it is clear that AI is going to touch almost everything Google does in the future.
Google has acquired 12 AI companies since 2012. AI has been increasingly used across Google’s applications. It has dedicated AI research groups including DeepMind. Earlier this year, Google acquired Kaggle- the world’s largest community of data scientists and machine learning enthusiasts (nearly 8 hundred thousand). These data scientists explore, analyze and understand the latest updates in machine learning and data analytics.
The tech giant uses AI in its search engine, Gmail, Google Maps, Google Photos, and Google Translate, among others. Google is trying to create new products that do things only possible with machine learning – one of them being Google Lens. Through Google Lens, smartphone camera can understand what users see to help them take action. It could, for instance, pull up the name, rating and other listed information in a card that appeared over the photo.
At the Google I/O developer conference it introduced tensor processing unit (TPU) chips to help aid with machine-learning that promise to quicken the training and running of AI models for researchers and businesses.