Google Ventures is making investments in biotechnology and other life sciences companies.
Technology companies investing in other tech startups is nothing new. But the CEO of Google Ventures (GV) wants his company’s investments to make a difference, especially in bringing tools for healthier living to underserved communities.
Following Google’s development of its Alphabet subsidiary which controls the company, Google Ventures is now called GV, and is aiming to continue its investments in machine learning and biotechnology. Nearly 40 percent of its investments last year went to biotech and other life sciences companies, according to Business Insider.
CEO and founder Bill Maris is looking to create structures to help provide everyone with access to healthcare. At a recent conference hosted by the Wall Street Journal, Maris noted that technologies need to be shared across the race and class spectrum, especially when they involve health concerns.
Prior to founding GV, Maris worked with an eye care provider in creating access to cataract surgery in underserved areas in India. He’s now looking to fund similar projects through GV.
The GV life sciences team includes physicians, academics, and other medical experts who help evaluate company’s presentations. Typically GV takes its time vetting companies, and then those invited have one hour to make a pitch for funding, after which the GV team makes its decisions.
In addition to funding, working with GV gives tech companies access to the 60,000 staff members of Google. Unlike other investment firms, GV is funded solely by Google, so GV staff do not have to rely solely on their investments paying off for income.