Google’s Venture Capital Wing Invests In Biotech Company
Google's venture capital group is investing millions into Adimab, a biotech company that will construct a massive library of antibodies, some of which may yield powerful new drugs, the New York Times blog Bits reports. A Google Ventures executive said the company invests in "a variety of fields that don't necessarily directly correlate with Google products or services," but acknowledged that because "heavy-duty computation" is now a key part of biotech development, Google may collaborate with Adimab (Pollack, 10/1).
The executive also told Dow Jones VentureWire/Wall Street Journal, "Google Ventures has a pretty broad mandate." VentureWire reports "The firm, which invests for financial return, is considering opportunities in biotech, genomics, diagnostics and health care-IT, including the field of electronic medical records" (Gormley, 10/1).