Google Ventures AI investments totaled 95 deals in 2025, with Alphabet’s three venture arms participating in $12.4B worth of AI funding rounds. Our analysis of every tracked deal across GV, CapitalG, and Gradient Ventures reveals a corporate investor deploying capital at every stage, from $2M pre-seed checks to $1B bets on Kalshi and Base Power. The median deal size: $58M.
Most investors pick a lane. Alphabet runs three.
On this page
- Google's Three AI Investment Arms: GV, CapitalG, and Gradient Ventures
- Every Google Ventures AI Deal in 2025: The Largest Deals by Size
- Where Google Is Betting Big: Sector-by-Sector Breakdown
- From Seed to Series E: Google's Stage-by-Stage Investment Pattern
- San Francisco to London: Where Google Backs AI Startups
- Who Google Invests Alongside: Top Co-Investors
- FAQ: Google Ventures AI Investment Questions
- Methodology: How We Tracked Every Google AI Deal
Google’s Three AI Investment Arms: GV, CapitalG, and Gradient Ventures
Alphabet operates the most complex corporate venture capital structure in tech. Three distinct funds, three different mandates, one parent company that initially committed $75B in capital expenditure, primarily for AI infrastructure, for 2025.
GV (formerly Google Ventures) is the generalist arm and the most active, closing 54 of 95 deals. GV writes checks from seed through late-stage growth, backed by $13B+ in assets under management. In 2025, GV led deals including OpenEvidence‘s $210M Series B and Buena‘s $58M Series A.
CapitalG is Alphabet’s independent growth fund, focused on later-stage companies. It closed 16 deals in 2025, leading rounds for Lovable ($330M Series B) and Clay ($100M Series C), and co-leading NinjaOne‘s $500M Series C.
Gradient Ventures targets early-stage AI-native startups, contributing 16 deals. Originally launched in 2017, Gradient spun out from Google in October 2025 to operate independently under Grdnt LLC, a move driven by founders’ reluctance to take money from a strategic competitor.
| Fund | Deals | Typical Stage | Role |
|---|---|---|---|
| GV | 54 | Seed to Growth | Generalist |
| CapitalG | 16 | Series B to Pre-IPO | Growth |
| Gradient Ventures | 16 | Pre-Seed to Series A | Early-stage AI |
Source: Bot Memo analysis of 95 deals (January to December 2025). Fund totals sum to 86; 9 deals involved two Alphabet arms co-investing in the same round and are counted once in the 95 total.
Across all three arms, Alphabet led 35 deals totaling $2.4B and participated in 60 deals totaling $10B. That 36.8% lead rate means Alphabet is setting terms, not just following other VCs into hot rounds.
Every Google Ventures AI Deal in 2025: The Largest Deals by Size
The largest deals account for the bulk of capital deployed. Two companies (Kalshi and Base Power) each hit the $1B mark.
| Company | Amount | Stage | Vertical | City | Alphabet Arm | Role |
|---|---|---|---|---|---|---|
| Kalshi | $1B | Venture Round | FinTech | New York | CapitalG | Participant |
| Base Power | $1B | Series C | Energy | Austin | CapitalG | Participant |
| CFS | $863M | Series B2 | Energy | Devens, MA | GV | Participant |
| Isomorphic Labs | $600M | — | Health & Biotech | London | GV | Participant |
| Strive Health | $550M | Series D | Health & Biotech | Denver | CapitalG | Participant |
| NinjaOne | $500M | Series C | Enterprise Software | Austin | CapitalG | Lead |
| Ramp | $500M | Series E-2 | FinTech | New York | GV | Participant |
| SandboxAQ | $450M | Series E | Cybersecurity | Palo Alto | GV | Participant |
| Armis | $435M | Pre-IPO | Cybersecurity | San Francisco | CapitalG | Participant |
| Apptronik | $403M | Series A | Manufacturing | Austin | GV | Participant |
| Lovable | $330M | Series B | Dev Tools | Stockholm | CapitalG | Lead |
| Harvey | $300M | Series D | Legal Tech | San Francisco | GV | Participant |
| Harvey | $300M | Series E | Legal Tech | San Francisco | GV | Participant |
| Vercel | $300M | Series F | Dev Tools | San Francisco | GV | Participant |
| Abridge | $250M | Series D | Health & Biotech | Pittsburgh | CapitalG | Participant |
| Modular | $250M | Series C | AI Infrastructure | Palo Alto | GV | Participant |
| QuEra | $230M | Series B | AI Infrastructure | Boston | GV | Participant |
| OpenEvidence | $210M | Series B | Health & Biotech | Cambridge, MA | GV | Lead |
| OpenEvidence | $200M | Series C | Health & Biotech | San Francisco | GV | Lead |
Source: Bot Memo analysis of 95 deals (January to December 2025)
Harvey appears twice because GV participated in both the $300M Series D led by Sequoia at a $3B valuation and the subsequent $300M Series E. Similarly, OpenEvidence raised two GV-led rounds within months: a $210M Series B and a $200M Series C, as the AI medical search platform scaled from $3.5B to $6B in valuation. Double-dipping at this pace signals deep conviction, not just portfolio maintenance.
The full list extends down to early-stage bets like Venta AI ($2M Pre-Seed in Munich) and Tella ($2.1M Seed in Amsterdam), showing the breadth of Alphabet’s AI interest.
Where Google Is Betting Big: Sector-by-Sector Breakdown
Enterprise Software dominates with 32 deals, but the second-place finisher tells a more interesting story.
AI healthcare captured 24 deals under the Health & Biotech vertical, making it Alphabet’s second-largest AI sector by deal count. GV led rounds for OpenEvidence (AI medical search), RhyGaze ($86M Series A, gene therapy for vision restoration), and MyLaurel ($12M, home-based acute healthcare). CapitalG backed Hippocratic AI ($126M Series C) and Abridge ($250M Series D, clinical documentation).
| Vertical | Deals | Notable Companies |
|---|---|---|
| Enterprise Software | 32 | NinjaOne, Ramp, Harvey |
| Health & Biotech | 24 | OpenEvidence, Isomorphic Labs, Strive Health |
| Dev Tools & AI Infrastructure | 18 | Lovable, Vercel, LangChain |
| FinTech | 13 | Kalshi, Sardine, DualEntry |
| Cybersecurity | 10 | SandboxAQ, Armis, Mimic |
| Marketing & Sales Tech | 7 | Clay, Attio, Nectar Social |
| Manufacturing & Industrials | 6 | Apptronik, Navier, MetAI |
Source: Bot Memo analysis of 95 deals (January to December 2025)
Developer Tools & AI Infrastructure came third with 18 deals, covering everything from generative AI platforms to machine learning infrastructure. Deals included LangChain ($125M Series B, AI agent development platform), Celero Communications ($140M Series B, coherent DSP for AI data centers), and Cerebrium ($8.5M Seed, serverless AI infrastructure). AI firms captured 61% of global venture capital in 2025, and Alphabet’s portfolio reflects that concentration.
Cybersecurity drew 10 deals, headlined by SandboxAQ ($450M Series E), a company that itself spun out of Alphabet in 2022. Mimic ($50M Series A, ransomware defense) and Blockaid ($50M Series B, web3 security) round out GV’s defensive AI thesis.
From Seed to Series E: Google’s Stage-by-Stage Investment Pattern
Seed and Series A deals together account for 32 of 95 investments, a striking VC funding pattern for a corporate ecosystem widely perceived as a growth-stage player.
GV and Gradient Ventures write early-stage checks that most corporate VCs avoid. Navier raised $5.6M in a GV-led Seed round for agent-driven engineering. Crash Override pulled in $28M in a GV-co-led Seed. Gradient Ventures led seed rounds for Cerebrium ($8.5M), CTGT ($7.2M), MetAI ($4M), Fazeshift ($4M), and Hostie ($4M).
| Stage | Deals | Notable Top Deal |
|---|---|---|
| Seed | 17 | Crash Override ($28M) |
| Series A | 15 | Apptronik ($403M) |
| Series B | 15 | Lovable ($330M) |
| Series C | 13 | Base Power ($1B) |
| Series D | 9 | Strive Health ($550M) |
| Series E | 5 | Ramp ($500M) |
| Growth/Strategic | 5 | Kalshi ($1B) |
| Pre-Seed | 2 | Nectar Social ($10.6M) |
Source: Bot Memo analysis of 95 deals (January to December 2025). Stage table covers 81 classified deals; 14 deals have undisclosed or non-standard stage labels.
The stage distribution maps cleanly to each fund’s mandate. Gradient Ventures concentrated on Seed (8 of its 16 deals). GV spread across all stages. CapitalG stuck to Series B and beyond, with its earliest deal being Lovable‘s $330M Series B, a round that valued the Stockholm-based vibe-coding startup at $6.6B.
For broader context on how these stages compare with the overall market, our analysis of the most active AI investors in 2025 and our breakdown of AI startups by funding stage provide cross-investor and stage-level comparisons.
San Francisco to London: Where Google Backs AI Startups
San Francisco leads with 23 deals (no surprise). New York placed second with 13 deals, anchored by FinTech (Kalshi, Ramp, DualEntry) and enterprise SaaS. London took third with 5 deals, including Isomorphic Labs ($600M, DeepMind’s AI drug discovery spinout), Synthesia ($180M Series D), and Attio ($52M Series B, AI-native CRM).
| City | Deals | Notable Companies |
|---|---|---|
| San Francisco | 23 | Harvey, Vercel, Redpanda |
| New York | 13 | Kalshi, Ramp, Blockaid |
| London | 5 | Isomorphic Labs, Synthesia, Attio |
| Palo Alto | 5 | SandboxAQ, Hippocratic AI, Mimic |
| Austin | 3 | Base Power, NinjaOne, Apptronik |
| Berlin | 3 | Buena, Arbio, Flank |
Source: Bot Memo analysis of 95 deals (January to December 2025)
Three Berlin companies made the Alphabet portfolio. Buena ($58M Series A, AI property management) was a GV-led deal, while Flank ($10M Seed, AI legal agent) came from Gradient Ventures. Google’s European footprint extends further to Amsterdam (Tebi, Tella), Stockholm (Lovable), Munich (Venta AI), Oxford (Ultromics), Prague (Resistant AI), and Barcelona (Overture Life). That is 15 European deals across 8 cities.
Who Google Invests Alongside: Top Co-Investors
The co-investor list reads like a who’s-who of venture capital, but the frequency of each partner reveals Alphabet’s network position.
Y Combinator appeared in 11 deals, making it the most common co-investor alongside Google’s arms. This makes sense given Gradient Ventures’ seed focus and GV’s early-stage activity. Sequoia Capital showed up in 7 deals, including both Harvey rounds and OpenEvidence.
| Co-Investor | Shared Deals |
|---|---|
| Y Combinator | 11 |
| Sequoia Capital | 7 |
| IVP | 5 |
| General Catalyst | 5 |
| Lightspeed | 6 |
| Kleiner Perkins | 6 |
Source: Bot Memo analysis of 95 deals (January to December 2025)
IVP co-invested in 5 deals, frequently appearing alongside CapitalG in growth rounds. Redpanda ($100M Series D), Tennr ($101M Series C), and LangChain ($125M Series B) all featured IVP + Alphabet pairings.
Kleiner Perkins and GV co-invested 6 times, most visibly co-leading OpenEvidence’s $210M Series B. This syndicate pattern (GV + a top-tier institutional VC co-leading) appeared repeatedly. GV co-leads to set strategic terms; the institutional partner anchors valuation. The same dynamic plays out across NVIDIA’s AI deal portfolio and Microsoft’s AI investments.
FAQ: Google Ventures AI Investment Questions
What AI companies has Google Ventures invested in?
In 2025, GV invested in 54 AI companies including Harvey ($300M Series D and $300M Series E), OpenEvidence ($210M Series B and $200M Series C), Vercel ($300M Series F), and Synthesia ($180M Series D). The full portfolio spans health tech, developer tools, cybersecurity, and enterprise software.
How much has GV invested in AI startups?
Across all three Alphabet venture arms, Google participated in 95 AI deals totaling $12.4B in 2025. GV alone was involved in 54 deals. The median deal size was $58M, with Alphabet leading 35 deals worth $2.4B and participating in 60 deals worth $10B.
What is the difference between GV, CapitalG, and Gradient Ventures?
GV is the generalist venture arm (54 deals, seed to growth stage). CapitalG is the independent growth fund focused on later-stage companies (16 deals, Series B to Pre-IPO). Gradient Ventures targets early-stage AI-native startups (16 deals, pre-seed to Series A). Gradient spun out from Alphabet in October 2025 to operate independently.
What sectors does Google Ventures focus on?
Enterprise Software led with 32 deals, followed by Health & Biotech (24 deals), Developer Tools & AI Infrastructure (18 deals), FinTech (13 deals), and Cybersecurity (10 deals). Healthcare is a clear strategic priority: GV led multiple rounds for OpenEvidence and backed Isomorphic Labs, DeepMind’s AI drug discovery spinout.
Does Google Ventures lead investment rounds or follow?
Alphabet led 35 of 95 deals (36.8%), participating without leading in the remaining 60. GV tends to lead at seed and Series A-B stages, while CapitalG leads growth rounds. At the largest deal sizes ($500M+), Alphabet more often co-invests alongside other institutional leads like Paradigm, ICONIQ, and Sequoia.
What is Google Ventures’ largest AI investment in 2025?
Two companies tied for the top spot at $1B each: Kalshi (prediction markets) and Base Power (energy infrastructure). Both went through CapitalG.
How does GV’s AI investment strategy compare to other corporate VCs?
Alphabet runs three funds with distinct mandates, which is unusual in corporate VC. Most corporate investors run one fund. GV covers all stages (seed through growth), CapitalG specializes in late-stage growth, and Gradient Ventures targets early-stage AI-native startups. The 36.8% lead rate across all three arms is higher than most corporate VCs, which typically follow rather than lead.
Methodology: How We Tracked Every Google AI Deal
This analysis is based on 95 AI funding deals tracked in the Bot Memo database from January through December 2025.
Data sources: Public funding announcements, press releases, regulatory filings, and newsletter monitoring across 900+ sources per week.
Investor matching: Deals were included if GV (Google Ventures), CapitalG, or Gradient Ventures appeared as a lead or participating investor. Entity names were matched against known variations (e.g., “GV (Google Ventures)”, “CapitalG (Alphabet)”, “Gradient Ventures”). Strategic investments made by Google or Alphabet at the corporate level, distinct from the three venture arms, fall outside this dataset.
Multi-entity attribution: When a deal involved multiple Alphabet arms, it was counted once for total deal count but attributed to each participating entity separately in entity-level breakdowns. When a company spans multiple verticals, the deal is counted in each relevant vertical; totals across verticals will exceed 95.
Currency: All amounts in USD. Non-USD rounds (e.g., Tebi’s EUR 30M) were converted at the exchange rate on the deal’s announcement date.
Limitations: Funding amounts are undisclosed for 5 deals in this dataset. Deal participation data relies on public announcements; some co-investor relationships may not be captured. Valuation data is available for a minority of deals and was supplemented with external sources where cited.
About the author
Editorial Staff
The Editorial Staff at Bot Memo is a team of writers, analysts, and AI agents dedicated to mapping the global AI startup ecosystem. Led by Chintan Zalani, the team tracks thousands of funding rounds, classifies companies across verticals, and distills it all into actionable intelligence for investors and founders.
