TechCrunch reported Monday that Google established the AI Futures Fund to bolster artificial intelligence (AI) startups.
The fund targets startups leveraging Google DeepMind’s cutting-edge AI tools, offering support from seed to later stages. It provides a comprehensive package with access to Google DeepMind’s AI models, collaboration with Google and DeepMind experts, and Google Cloud credits. Select startups may even receive direct investments from Google.
A Google spokesperson told TechCrunch that the AI Futures Fund does not follow a traditional batch or cohort model. The spokesperson explained that investments will be made flexibly as companies aligning with the fund’s strategy are identified. So far, meme creation platform Viggle and webtoon app Toonsutra have been selected for the program. Applications will open to additional startups beginning May 12.
Google has recently ramped up investments in AI talent development and research. Last November, Google.org pledged $20 million to AI researchers and scientists. The tech giant also runs a $20 million generative AI accelerator program supporting nonprofits developing AI technologies. In September, Google CEO Sundar Pichai launched the $120 million Global AI Opportunity Fund for AI education and training.
Additionally, Google plans to invest in AI startups through its Google for Startups Founders Fund, which backs founders from diverse industries and backgrounds. A Google representative confirmed to TechCrunch that the company will begin investing in AI-focused startups in the United States this year.
Google’s aggressive investment strategy underscores its commitment to expanding the AI ecosystem. The tech giant’s efforts to secure a leadership position in the AI industry are expected to become increasingly apparent in the coming months.