Google/V-Vehicle Tie Disclosed

Google, a Mountain View, CA company engaged in public cloud computing and internet search technologies, revealed in the annual proxy statement its investment in V-Vehicle Company.

Investment in V-Vehicle Company

In July 2009, Google Ventures LLC invested approximately $4 million in the Series B preferred stock financing of V-Vehicle Company, a new car manufacturer. Prior to Google’s investment in this financing, Google also invested approximately $1 million in a convertible debt financing, which was converted into Series A preferred stock as part of this financing transaction. KPCB Holdings, Inc., as nominee for certain funds of Kleiner Perkins Caufield & Byers and several of the managers of the fund, holds more than 10% of the outstanding shares of V-Vehicle. L. John Doerr, who is a member of the board of directors of Google, is a managing director of these funds and the general partner of certain Kleiner Perkins Caufield & Byers funds. L. John Doerr is also a director of V-Vehicle.

Lincoln Parish News Online had reported on the connection last August.

Lincoln Parish News Online has reported extensively on the controversial company and the Monroe project. Archived stories can be found here. We will continue to report on this ongoing story.