Google to Create Venture Capital Unit

Google (GOOG) which has invested in many startups over the years, will announce on Tuesday that it is creating a venture capital arm whose main objective will be to turn a profit.

The group, called Google Ventures, is expected to invest up to $100 million over the next 12 months….William Maris, who joined Google about a year ago, said in an interview that Google will tap the connections of its employees and its ties to the venture capital world to find promising startups in areas like the Internet, clean technology and life sciences.

The venture unit comes as Google is rethinking the mission of, its corporate philanthropy, which has invested in areas like clean energy. Some of those investments will now be made by the venture unit. [via NYT]

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