Google has announced Google Ventures, the company’s new venture capital arm that will invest in early-stage startups. Google says it plans to invest $100 million over the next 12 months across a wide range of industries including internet, cleantech, life sciences, and health care.
Android founder Rich Miner will co-manage Google Ventures with Google employee William Maris, and the fund will be overseen by Google’s senior vice president of corporate development and chief legal officer, David Drummond.
Google says the purpose of the fund will be to turn a profit and its first two investments are Silver Spring Networks, a company that develops technology to manage electric grids, and Pixazza, a startup that connects online images to product purchases. Google hasn’t disclosed how much it invested in either company.
Given Google’s interest in location-based services it’ll be interesting to see if it makes any LBS investments over the next year. You can find more information at Google Ventures.