Google launches engineer-led AI investment platform
May 30, 2017
Google has launched a venture capital program focused on AI companies, per an Axios report. Led by Google VP of engineering Anna Patterson and other Google engineers, the group will make small investments of $1 million to $10 million, also per Axios, with the possibility of co-investments from GV.
It's the first industry-specific investment arm for Google, and focusing on AI seems a sound move. As technology in the space becomes more widespread, VC investment in AI is on a steady upswing. There were 390 deals for AI companies for a total of $4.3 billion in 2016, and $3 billion has already been invested in the space this year across 262 transactions, according to the PitchBook Platform. CrowdStrike, a company that uses AI to detect online threats, and Sensetime, which provides AI-enabled facial recognition technology, are among the companies that have brought home big chunks of change this year.