JAKARTA - The GV venture capital firm, backed by Alphabet Inc, has recruited Michael McBride of software company GitLab as its newest general partner to focus on open-source startups and artificial intelligence (AI).
McBride served as chief revenue officer for five years at GitLab, an open-source developer who entered the GV portfolio and took the floor on the stock market at the end of 2021.
The software industry veteran said he would concentrate on early-stage startups focused on company customers, including those using an open-source and AI-based approach.
"I've learned a lot about how open source can provide huge profits for startups and growth. I think this will be a strong business model in the AI sector," McBride said.
He emphasized the importance for startups built on free open-source technology to invest both in open-source communities and in developing revenue-generating businesses.
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Although venture capital funding has slowed due to rising interest rates and valuation adjustments, GV has completed 125 investments this year with an average investment of around $1 billion annually since 2020.
The venture capital firm, which focuses on early-stage investments and has supported companies such as Uber and Slack, has also made some unusual investments in the public market this year, buying shares from its portfolio companies ranging from GitLab to Verve Therapeutics.
"We are long-term investors and have the flexibility to invest in every stage of the company's life, even after their IPOs. We are not limited and we consider ourselves to be in line with what the best founders need," said Dave Munichiello, a common partner at GV.
Launched as Google Ventures in 2009, GV now has 8 billion US dollars (Rp 124 trillion) assets under management from Alphabet, its only limited partner. The GV investment team consisting of 35 people is divided between the focus of life science and digital focus, which includes company technology, consumers, and frontiers in North America and Europe.
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