Despite the severe recession, Google started up a venture capital arm in March, according to an article in the August issue of Entrepreneur Magazine. Rich Miner, previously in charge of developing Google's Android OS, and Bill Maris, founder of early web-hosting company Burlee.com, manage Google Ventures, and want to invest up to $100 million in their first year.
Areas of investment will likely include software, hardware and Internet startups, as well as clean technology and health care.
So far, Google has invested in two companies based in Northern California, near Google's HQ, the article says: Pixazza, a Google AdSense-style technology that allows users to shop via photographs, and smart-grid metering service Silver Spring Networks.
Pixazza CEO Bob Lisbonne praised Google for being supportive without micromanaging.
Given the success of many of Google's ventures and investments, it would make sense for startups in need of funding to consider contacting Google Ventures to talk.
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