Google launches AI-focused venture fund for startups
Google announced a new venture fund called Gradient Ventures which will offer technical mentorship for early-stage startups focused on artificial intelligence.
Through Gradient, Google says it will provide portfolio companies with capital, resources, and dedicated access to experts and bootcamps in AI. The IT&C giant will take a minority stake in the startups in which it invests.
“AI-powered technology holds a lot of promise—from improving patient health to making data centers more efficient. But while we’ve seen some amazing applications of AI so far, we know there are many more out there that haven’t even been imagined yet. And sometimes, these new ideas need support to flourish,” Anna Patterson, founder and managing partener at Gradient Ventures, said.
The set goal of the venture fund is to help the portofolio companies overcome engineering challenges to create products that will apply artificial intelligence to both today’s and tomorrow’s challenges.
Gradient Ventures already has a few portofolio companies, including Algorithmia, a marketplace for algorithms and functions, and Cogniac, a suite of tools used to create and manage visual models. Also, one of the companies, called Cape, virtualizes drone hardware offering users access to crashproof physical drones located 1,000s of miles away, and fly the drones safely with ultralow latency controls and high resolution video.