VC firms team up to invest in Google Glass ideas

VC firms team up to invest in Google Glass ideas

Credit: Getty Images

SUN VALLEY, ID - JULY 12: Google co-founder Sergey Brin (L) wears Project Glass prototype glasses at Allen & Company's Sun Valley Conference on July 12, 2012 in Sun Valley, Idaho. Since 1983, the investment firm Allen & Company has annually hosted the media and technology conference which is usually attended by powerful media executives. (Photo by Kevork Djansezian/Getty Images)

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KMOV.com

Posted on April 11, 2013 at 12:50 PM

Updated Thursday, Apr 11 at 3:09 PM

SAN FRANCISCO (AP) -- Three influential venture capital firms are teaming to find and finance entrepreneurs who want to create applications and other accessories for Google Glass. That's an Internet-connected device that is setting out to turn wearable computing into the latest fashion trend.

   The partnership announced Wednesday will join Google's own venture capital arm with two other investment firms, Kleiner Perkins Caufield & Byers and Andreessen Horowitz.

   The firms are pledging to work together to arrange seed funding ranging from $250,000 to $2 million to support ideas for software and other gear built for Google Glass.

   The formation of the "Glass Collective" is likely to heighten the anticipation surrounding Google Glass. The device isn't expected to be released on the mass market until next year.

 

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