Google launches new initiative to back startups building AI

On Monday, Google announced the launch of its AI Futures Fund, a new initiative that seeks to invest in startups that are building with the latest AI tools from Google DeepMind, the company’s AI R&D lab. 

The fund will back startups from seed to late stage and will offer varying degrees of support, including allowing founders to have early access to Google AI models from DeepMind, the ability to work with Google experts from DeepMind and Google Labs, and Google Cloud credits. Some startups will also have the opportunity to receive direct investment from Google. 

AI Futures Fund already has some case studies. Startups such as the meme-making platform Viggle and the webtoon app Toonsutra participated in the program. 

Startups can apply here starting May 12. 

Google has been making big commitments over the past few months to support the next generation of AI talent and scientific breakthroughs.

Last November, Google.org, the company’s charitable wing, announced a $20 million cash commitment to researchers and scientists working in AI. Before that, in September, Google CEO Sundar Pichai announced the company was creating a $120 million Global AI Opportunity fund to help bring AI education and training to more places across the world. Google.org also launched a $20 million generative AI accelerator program to cut checks to nonprofits developing AI tech.

Google also has its Google for Startups Founders Funds, which supports founders from an array of industries and backgrounds building companies, including AI companies. A spokesperson told Tech Zone Daily in February that this year, the fund would start investing in AI-focused startups in the U.S., with more information to come at a later date.