On Monday, Google announced the launch of the AI Futures Fund. This is a new initiative to invest in startups building the latest AI tools from Google Deepmind’s latest AI tool, AI R&D Lab.
The fund provides varying degrees of support, including supporting seed to late startups, allowing founders to access DeepMind’s Google AI model early, and working with Google experts at DeepMind and Google Labs. Some startups also have the opportunity to receive direct investments from Google.
“The AI Futures Fund does not follow a batch or cohort model,” a Google spokesperson told TechCrunch. “Instead, we will consider opportunities on a rolling basis. There are no fixed application windows or deadlines. If you come across a company that fits your fund’s paper, you can choose your investment. At this time, we cannot announce a specific fund size.
The AI Futures Fund already has several case studies. Startups such as Meme-Making Platform Giggle and Webtoon App Toonsutra participated in the program.
Startups can apply here from May 12th.
Over the past few months, Google has made a major commitment to supporting the next generation of AI talent and scientific breakthroughs.
Last November, the company’s charity Google.org announced its $20 million cash commitment to researchers and scientists working for AI. Previously, in September, Google CEO Sundar Pichai announced that it was creating a $120 million Global AI Opportunity Fund to help the company bring AI education and training to more locations around the world. Google.org has also launched a $20 million generation AI accelerator program to cut checks for AI Tech developers.
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Google also has Startups Founders Funds, which supports founders of a variety of industries and background companies, including AI companies. A spokesperson told TechCrunch in February this year the fund will begin investing in US AI-centric startups, providing more information at a later date.