Google's New Role: Venture Capitalist

Just as it has done to companies in the software, publishing, and advertising industries, Google is becoming a thorn in the side of venture capitalists. The owner of the world's largest Web search engine is scooping up young tech outfits for a relative pittance, giving itself first dibs on hot-growth technologies and in some cases boxing VC funds out of potential big-bang acquisitions and initial public offerings.

http://rjrcos.blogspot.com/2007/09/googles-new-role-venture-capitalist.html