There is no doubt about artificial intelligence and machine learning. It is going to rule the technology world. Considering the fact, tech companies are watching talent outside and providing them right and handful opportunity for their immense growth. Now, the parent company of Google and several former Google subsidiaries, Alphabet has officially launched a venture capital firm called Gradient Ventures to help early stage startups overcome engineering challenges and ultimately create products that use AI to solve modern-day challenges.
The venture firm will not only offer financial backing to AI startups but experts from Google, including futurist Ray Kurzweil, design mastermind Matias Duarte and X lab leader Astro Teller will mentor those startups to become a next billion company.
“If we’re really going to help AI happen faster, we needed to be more involved in the community,” said Patterson, who’s spent about a decade at Google working on Android, search, advertising and AI. “That’s why we decided to do this — to spur innovation in the AI space.”
According to the Patterson’s statement, Gradient Ventures isn’t just another Silicon Valley funding source for startups or even a typical corporate venture capital group. Alphabet already has GV (formerly Google Ventures), which backs startups at all stages, and CapitalG (formerly Google Capital), which invests in later-stage companies. The venture firm, Gradient will back 10 to 15 startups and will typically commit $1 million to $8 million in each, this year.
The venture firm, Gradient Ventures has already invested in four startups, including Algorithmia, Cogniac, Cape, and Aurima. However, Google didn’t provide any details about the invested fund size in its portfolio companies.
Google alone not betting on the artificial intelligence startup. In the past year, a number of tech companies including Samsung and Microsoft have launched funds aimed at AI.