Google has launched a bold new initiative, the AI Futures Fund, to accelerate the growth of AI startups by giving them access to its most advanced technologies and expert support.
The fund, introduced just days before Google’s annual I/O developer conference, is designed to nurture promising startups at all stages, from seed to late growth, without restricting them to traditional batch programs or strict timelines.
Backing Innovation Without Boundaries
Unlike other accelerator models, the AI Futures Fund operates on a rolling basis, meaning startups don’t have to wait for specific application windows. Instead, Google will invest when it identifies startups aligning with its strategic AI innovation vision.
“We’re not announcing a specific fund size at this time, and check sizes vary based on the company’s stage and needs — typically early to mid-stage, with flexibility for later-stage opportunities as well,” said a Google spokesperson.
DeepMind at the Core
Startups selected under the initiative will gain early access to Google’s cutting-edge AI models, including those developed by Google DeepMind. In addition to technical tools, Google offers hands-on mentorship from Google DeepMind and Google Labs experts, as well as Google Cloud credits to reduce the cost of scaling.
Some ventures may also secure direct investments from Google, depending on their growth potential and alignment with the fund’s goals.
A Strategic Move to Shape the AI Ecosystem
This move marks Google’s latest effort to deepen its footprint in the AI ecosystem. It’s a tactic similar to Microsoft’s with its OpenAI partnership and Amazon Web Services, which also supports AI startups to solidify cloud dominance.
By offering exclusive tools and support, Google is not just fueling startup growth. It’s cultivating an ecosystem where its Gemini AI models could become a foundational standard for emerging AI solutions.
Early Beneficiaries and Broader Vision
So far, 12 startups have already benefited from the program, including:
- Toonsutra Inc., a digital comic platform from India, uses Gemini’s translation features to reach multilingual audiences
- Viggle, an AI-powered video meme creator
- Things Inc., known for Rooms, a platform that lets users design and explore interactive 3D environments
- These early collaborations showcase the fund’s interest in diverse applications from entertainment to immersive virtual spaces.
Part of a Larger AI Commitment
The AI Futures Fund builds on Google’s broader efforts to advance global AI development. Notably:
- In September, CEO Sundar Pichai introduced the $120 million Global AI Opportunity fund to promote AI education and training worldwide.
- By November, Google.org committed $20 million in grants to researchers and scientists focused on AI solutions.
- A $20 million generative AI accelerator was also rolled out to support nonprofit-driven AI projects.
In addition, Google’s Startups Founders Fund continues to support a wide range of entrepreneurs, with a renewed focus on AI ventures in 2024.
With IPOs slowing and traditional funding becoming harder to secure, Google’s initiative offers a lifeline for AI startups seeking both capital and credibility. It also allows Google to identify emerging technologies early, expand its cloud customer base, and potentially explore future acquisitions.
