With the rapid growth of artificial intelligence in various sectors of technology, major companies have set aside a particular budget to spend on the development of the same. Especially in the tech world, it is extremely important to keep up with the times. Nobody needs outdated technology and therefore such a company would lose its business. Even one of the pioneers in the tech world, Google is taking significant steps for the same. Recently there was a report that the tech giant is planning to launch the Google AI venture for the same. For this, it will first establish a separate body to take care of the investments.
This new venture by Google will majorly focus on investing in artificial intelligence startups. This clearly signifies that Google is working on developing its AI sector even further in order to retain its position amidst the fast-growing competition. The news was reported on Axios, but Google has declined to say anything about the same. This Google AI venture will be independent of the parent company Alphabet Inc. This means that the funds between these two organizations will also be separate. The move doesn’t come as a surprise as Google CEO Sundar Pichai has been stressing on giving artificial intelligence priority for the past one year.
Which startups will be a part of the Google AI venture
Google will not finance any random startups under this organization. It will first test the eligibility of startups by their efficiency and then decide the allotment of the fund. Only those startups which seem promising will receive funds under this Google AI venture. The amount of this fund might vary from $1 million to $10 million depending on the expertise of the startup. The leader of this initiative will be Anna Paterson who is the VP of the engineering department.
The Google AI venture will include a rotating cast of engineers instead of the investors participating in this project. Artificial intelligence is crucial for Google because it is useful in a majority of its sectors. Without adequate expertise in AI, the service quality of Google might incur a massive loss. Keeping such factors in mind, this step has been taken. Currently, Google is interested in making investments in startups such as Diffbot, Imagen, Anodot etc. Out of these and many others, we will know the shortlisted startups only after the company issues an official statement about the same.