Google Ventures adds general partner to back AI, open source startups

By Krystal Hu

December 13, 20239:55 AM CST Updated 8 hours ago

Dec 13 (Reuters) - Venture capital firm GV, backed by Google parent Alphabet Inc (GOOGL.O), has hired Michael McBride from software firm GitLab (GTLB.O) as its latest general partner to focus on open-source and AI startups, the firm told Reuters.

McBride served as the chief revenue officer for five years at GitLab, an open-source developer tools maker in GV's portfolio that went public in late 2021.

The software industry veteran said he would concentrate on early-stage startups that focus on enterprise customers, including those that use open-source and AI-driven approaches.

"I've learned a lot about how open source can give startup and growth companies a big advantage. I think it's going to be a powerful business model in AI," McBride said.

It was important for startups built on free open-source technology to invest in both the open-source community and in growing their revenue-generating business, he said.

While venture capital funding has slowed due to interest rate hikes and valuation resets, GV has completed 125 investments this year with an average of $1 billion invested annually since 2020.

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