Google launches AI startup fund offering access to new models and tools

Google launched an artificial intelligence fund to invest in startups.
Eligible startups will get Google investment, early access to AI models and hands-on support from Google employees.
Amazon and Microsoft, OpenAI's principal investor, are backing generative AI startups with hefty investments.

Google will begin a new fund aimed at investing in artificial intelligence startups, the company announced Monday.

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Through a fund it calls the "AI Futures Fund," eligible startups will get Google investment; early access to AI models; and hands-on support from Google researchers, engineers and go-to-market specialists, the company said in a blog post Monday. They will also get credits to use on Google Cloud.

"Select startups get the opportunity to seek direct investment from Google to fuel growth and scale AI development," the blog post states.

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The fund comes as the company tries to get more exposure to the latest AI companies and trends. It also comes as hot AI startups seek alternate funding as the initial public offering market remains mostly dry amid economic woes.

Amazon and Microsoft, OpenAI's principal investor, are backing generative AI startups with hefty investments and developing their own technologies.

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Earlier this year, Google invested more than $1 billion in generative AI startup Anthropic, which builds on Google's past investments of $2 billion in Anthropic and 10% ownership stake in the startup, as well as a large cloud contract between the two companies.

The fund will support founders with Gemini models, according to the application page.

"We work closely with ambitious startups across all stages to quickly enable groundbreaking 0-to-1 products and features, providing early access to Google's advanced AI models, expertise, and potential funding to bring audacious AI ideas to life," the fund's mission reads.