via NY Times
SAN FRANCISCO — Google, which has invested in many startups over the years, will announce on Tuesday that it is creating a venture capital arm whose main objective will be to turn a profit.
The group, called Google Ventures, is expected to invest up to $100 million over the next 12 months. It will be overseen by David Drummond, who will continue in his role as senior vice president of corporate developing and chief legal officer at Google. Investments will be vetted by William Maris, who joined Google about a year ago, and Rich Miner, a co-founder of Android, a mobile software startup that Google acquired in 2005.
Mr. Maris said in an interview that Google will tap the connections of its employees and its ties to the venture capital world to find promising startups in areas like the Internet, clean technology and life sciences.
Many other companies have set up venture capital units. But those groups typically have dual missions of profiting from investments and advancing their parent company’s strategic goals, and their track record has been mixed. Read more…