Google, which has invested in many startups over the years, was expected to announce [that] it was creating a venture capital arm whose main objective would be to turn a profit.
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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 would 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.
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Mr. Maris said during an interview that Google would tap the connections of its employees and its ties to the venture capital world to find promising start-ups in areas like the Internet, clean technology and life sciences.
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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.
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The venture unit comes as Google is rethinking the mission of Google.org, its corporate philanthropy, which has invested in areas like clean energy. Some of those investments will now be made by the venture unit.
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A lot of the things we have done in the energy area are the kinds of things you might see from Google Ventures, Mr. Drummond said. He said that Google’s corporate development arm would continue to make other investments.
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Google Ventures has already made two investments: Silver Spring Networks, a company that makes technology to help manage electric grids, and Pixazza, which links online images with related products that can be purchased. Google declined to say how much it invested in those companies.