American auto major, General Motors (GM) announced on Friday that it will start its venture capital (VC) unit.

The new subsidiary has been made so that the company is able to invest funds in what it said "identified and developed innovative technologies".

Name of the subsidiary will be General Motors Ventures LLC and will be headed by Jon Lauckner.

Jon has earlier worked with the company as the Vice President of its Global Product Planning. His new job will begin from July 1. Till then, he will continue at his current post.

As per the details given by GM, it is going to start the corpus with $100 million investment. And for that it is exploring equity investment options in many auto-related technologies. Many business models are also in sight, GM said.

Talking about this, Stephen J. Girsky, vice chairman and vice president corporate strategy and new business development said that the company was looking for best possible technologies to the customers. This is, he added, a part of their corporate goal.

The firm reported an income of $865 million last month, after being hit recession and then getting government aid.