Google recently announced its latest investment in Black and Latino entrepreneurs through the 2024 Google for Startups Founders Funds program. This initiative is specifically focused on supporting AI-centered startups owned by underrepresented founders.
Each selected founder will receive $150,000 in non-dilutive cash awards and $100,000 in Google Cloud credits to aid in the operational growth of their businesses. Additionally, the recipients will have access to mental health resources and mentorship from Google experts.
Maya Kulycky, Vice President of Strategy and Operations at Google Research, emphasized the importance of providing capital to founders leveraging AI technology to address pressing issues. She highlighted the transformative potential of AI in product development and problem-solving.
Among the notable recipients are Akeptus, a company specializing in smart home energy management systems, Beta Financial Services, focused on removing human bias from financial services, and Bountiful, an agricultural tech company facilitating crop production insights for farmers.
Google’s commitment to racial equity and economic opportunity is reflected in the Founders Funds program, aiming to level the playing field for Black and Latino entrepreneurs who often face challenges in accessing early capital. Since 2020, Google has allocated over $50 million to Black and Latino founders globally, resulting in follow-on funding exceeding $590 million.
This latest investment underscores Google’s dedication to supporting diverse entrepreneurs and fostering innovation in the AI sector. By empowering underrepresented founders, Google is paving the way for a more inclusive and equitable entrepreneurial landscape.
