Google LLC today announced a new initiative that aims to invest in hot artificial intelligence startups.

The AI Futures Fund will back startups ranging from seed to late stage, with various degrees of support on offer. For instance, some startups will receive direct investment from Google, while others will get access to the company’s Gemini AI models. There’s also hands-on support from Google’s expert researchers, engineers and go-to-market specialists, and some startups will receive credits for Google Cloud, too.

In a statement to TechCrunch, Google explained that the AI Futures Fund is different from similar initiatives in that there’s no batch or cohort model. Rather, it will consider its investments on a rolling basis. By that, it means that if it comes across a startup that aligns with the funds’ thesis, it can choose to back it.

“We’re not announcing a specific fund size at this time, and check sizes vary based on the company’s stage and needs — typically early to mid-stage, with flexibility for later-stage opportunities as well,” a Google spokesperson said.

Google said it has already backed 12 startups through the program, with some of the notable ones including the Indian digital comic startup Toonsutra Inc., which uses Gemini’s translation capabilities to make its cartoons more accessible. Another is Viggle, an AI video meme creation platform, and Things Inc., the creator of an application called Rooms that allows users to create, share and play in interactive 3D spaces.

The fund is just the latest Google initiative aimed at backing AI startups and entrepreneurs. In November, the company’s charitable wing Google.org announced a $20 million cash grant to researchers and scientists working on AI projects. That followed the launch of a $120 million Global AI Opportunity fund announced by Chief Executive Sundar Pichai in September, which aims to support AI education and training programs around the world. Last year, Google.org created a $20 million generative AI accelerator program specifically to support nonprofit organizations’ AI initiatives.

Separately, Google also operates the Google for Startups Founders Fund, which supports startups across an array of industries, including many that are focused on AI technologies.

With the AI Futures Fund, Google is looking to increase its exposure to AI startups and trends, so it can explore the most promising new technologies itself and, with any luck, get more cloud customers. The launch of the fund is timely, as AI startups are increasingly seeking alternative funding sources due to an economic climate that’s unfavorable for initial public offerings.

Google’s rivals Amazon Web Services Inc. and Microsoft Corp. have also backed numerous AI startups with hefty investments and other support. Google is also the main backer of one of OpenAI’s biggest rivals, Anthropic PBC, having invested $1 billion in the company in January, adding to an earlier investment of $2 billion. Google owns a 10% stake in Anthropic, which is a major Google Cloud customer.

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