On Monday, Google unveiled its AI Futures Fund, an initiative designed to invest in startups harnessing cutting-edge AI technology from Google DeepMind, the company’s research and development arm in artificial intelligence.
The fund aims to support startups at various stages, from seed funding to late-stage investments. It will provide a range of benefits, including early access to Google’s AI models, collaboration opportunities with DeepMind and Google Labs experts, and cloud credits for selected startups. Some participants may also receive direct financial backing from Google.
Already, the AI Futures Fund has seen involvement from companies like Viggle, a platform for meme creation, and the webtoon application Toonsutra, which have benefited from the program’s offerings. Startups interested in participating can submit applications starting May 12.
Google has recently intensified its efforts to nurture the next wave of AI talent and stimulate scientific advancements. Last November, Google.org, the company’s philanthropic division, committed $20 million to support researchers and scientists in the AI field. Additionally, in September, CEO Sundar Pichai announced a $120 million Global AI Opportunity Fund aimed at expanding AI education and training worldwide. Google.org also launched a generative AI accelerator with a $20 million budget to fund non-profit organisations developing AI technologies.
Moreover, Google has established its Google for Startups Founders Funds, which assists entrepreneurs across diverse industries, including those focused on AI. A spokesperson revealed in February that investments in AI startups within the U.S. would commence this year, promising further details to come.
This multifaceted approach not only underscores Google’s commitment to fostering innovation in AI but also reflects its strategic emphasis on collaboration and investment in emerging technologies.
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