Google has formed an investment syndicate with two venture capital (VC) firms named the “Glass Collective” to provide seed funding to startups building for the Google Glass platform.
The company has partnered with Kleiner Perkins Caufield & Byers (KPCB) and Andreessen Horowitz to create a combined fund to provide capital to developers with ideas for Glass, in exchange for a share in the recipient’s business.
“We’ve formed the Glass Collective, an investment syndicate between our three firms, to provide seed funding to entrepreneurs in the Glass ecosystem to help jumpstart their ideas,” said Bill Maris, vice president of Google Ventures. “Smart entrepreneurs and engineers are going to develop amazing experiences through Glass.”
HumanIPO reported last month the first 8,000 people to wear the much anticipated Google Glasses had been picked by the web giant to be part of the first mass-scale testing.
The winners will pay US$1,500 for the privilege of testing the product as well as attending special events in New York, Los Anageles or San Francisco to receive suitable guidance.
“We’re excited by the promise of the Glass platform. Developers are already dreaming up new experiences for Glass, and we want to help bring those ideas to life,” said the group. “The Glass Collective investment syndicate will provide financing and support to entrepreneurs shaping the future through Glass.”
No date has been set for a commercial launch.
Click here to view Google’s video showing off the technology.