Alphabet's (GOOGL) - Get Report Google has started a new venture capital program aimed at artificial intelligence, Axios reports.

The program marks the first time Google has had an investment initiative targeting a particular type of technology.

The program will be spearheaded by Anna Patterson, a longtime Google VP of engineering, and will be comprised of Google AI engineers.

The effort is reportedly seeking investment opportunities costing between $1 million and $10 million. If the opportunity is right, the new program may co-invest with Google Ventures.

Shares of Alphabet were higher during afternoon trading on Friday. 

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