"Google Inc. announced more details about its highly anticipated venture-capital fund, in which it plans to commit roughly $100 million over the next year, said people familiar with the matter.
In a blog post Monday night, the company announced William Maris, a former entrepreneur whom Google hired to start the fund, and Rich Miner, a former executive in its mobile unit, as managing partners with the fund...
... The fund is seeking to operate less like a traditional corporate venture arm that backs companies related to its product lines, said people familiar with the matter. Instead, the company is going to manage for returns and consider a wide range of investments, they said.
Google has a history of investments, both through its business-development department and Google.org, its nonprofit division. Those units have recently become more aligned as Google's vice president of new business development, Megan Smith, has also become general manager of Google.org.
The fund has already invested in Pixazza Inc., a Mountain View, Calif., start-up that allows Web publishers to earn money off images on Web sites by tagging items, like clothing, with links back to where the items can be purchased."
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