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.
(Alphabet is a core holding in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trial here.)