Google announced on Monday that it will launch a new fund focused on investing in artificial intelligence startups. Called the "AI Futures Fund, " the initiative will provide eligible startups with Google investments; early access to AI models; and hands-on support from Google’s researchers, engineers, and go-to-market experts, the company explained in a blog post. Additionally, startups will receive credits to use Google Cloud services. "Select startups get the opportunity to seek direct investment from Google to fuel growth and scale AI development, " the post highlighted. This fund is part of Google's efforts to gain greater exposure to cutting-edge AI companies and emerging trends.

It also arrives at a time when many promising AI startups are seeking alternative funding sources as the IPO market remains largely inactive due to economic challenges. Meanwhile, Amazon and Microsoft—OpenAI’s primary investor—are making significant investments in generative AI startups while also advancing their own AI technologies. Earlier this year, Google invested more than $1 billion in Anthropic, a generative AI startup, building upon its previous $2 billion investment and 10% ownership stake in the company, as well as a substantial cloud services contract between them. According to the fund’s application page, it will support founders by providing access to Google’s Gemini models. "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 statement reads.