Schmidt served as CEO of Google from 2001 until 2011, and founded Innovation Endeavors alongside Dror Berman the year before he stepped down as Google CEO. He has also continued to serve as executive chairman of Google and Alphabet in the years since.
Innovation Endeavors has some notable investments on its roster, including Uber, while it has some shared portfolio companies already with Marker LLC, including Beamr, Team8, and Endor. Indeed, the duo have already worked closely together since 2013, “forging a bond through a partnership of complementary equals,” according to a statement announcing the merger.
The new entity will take Innovation Endeavors’ name, and will now lay claim to hubs in Silicon Valley, Herzliya (Israel), and New York City.
Schmidt will remain as an official cofounder in the new firm, while also serving as “non-managing member” and the anchor LP. The broader team will be spearheaded by founding partners Dror Berman, Rick Scanlon, Scott Brady, and Yuval Shachar. “We will continue to invest in early- and expansion-stage technology companies,” the statement added.