Google Ventures Gains New Partner from GitLab: Boosting Startups in Open Source and AI

Google Ventures Welcomes New Partner for AI and Open-Source Startups. Learn about Michael McBride's role and how it expands GV's investment horizon.

Dec 13, 2023 - 08:23
Dec 13, 2023 - 08:23
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Google Ventures Gains New Partner from GitLab: Boosting Startups in Open Source and AI
Google Ventures Gains New Partner from GitLab: Boosting Startups in Open Source and AI

Google Ventures, backed by Alphabet Inc., has added a valuable team member, Michael McBride, formerly with GitLab. GV, a big investment company, shared that McBride will be their new partner, focusing on helping startups in open-source tech and AI (artificial intelligence).

McBride, who worked as Chief Revenue Officer at GitLab for five years, brings lots of experience. GitLab is known for its tools and went public in 2021. In his new job, McBride wants to help small startups, especially those working with big business customers and using open-source and AI.

He thinks startups can benefit a lot from using open-source tech. McBride believes this is especially powerful for businesses using AI.

McBride highlights that startups using free open-source tech should invest in two things – helping the open-source community and growing their own money-making business. This, according to him, is vital for building a strong foundation for success.

Even though there are challenges in the investment world right now, like changes in interest rates and how companies are valued, GV is still active. In the current year, GV has done 125 investments, spending about $1 billion each year since 2020.

GV, which started as Google Ventures in 2009, is now a big name in investing. The company manages $8 billion in assets, with Alphabet being its main partner. GV has a team of 35 people who invest in different areas like life sciences and digital technology. They focus on various sectors like big businesses, everyday consumers, and new technologies in North America and Europe. GV is known for investing early in companies like Uber and Slack. This year, they’ve also made some unusual moves in the stock market.

Dave Munichiello, a partner at GV, says the company is committed to making long-term investments. They’re flexible and can support companies at different stages, even after they go public. GV sees itself as a partner that can adapt to what the best founders need.

Also Read: Big News: Sam Altman is Back at OpenAI

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