Google's European venture capital fund just made its second investment

Google's European venture capital fund has made its second investment on the continent, the Telegraph reports - in an Oxford University fund called Oxford Sciences Innovation.

Google Ventures Europe launched in July 2014, but since then has been remarkably silent. In the space of almost 12 months, it has made just one investment, in Kobalt - a music publishing and rights company. It invested $40 million of its initial $125 million fund.

Now, GVE has invested in Oxford Sciences Innovation (OSI), a spin-off fund of the world-class Oxford University. First announced in May, OSI was after £300 million to "boost development of science and technology businesses" that will help "develop the University's world-leading scientific research and work with Oxford University's academics to commercialise their ideas into market-leading companies."

Read: It will invest in promising research at Oxford to help find commercial applications.

This funding round was over-subscribed, and OSI has ultimately raised £320 million. Alongside Google Ventures, Charles Dunstone - founder of Carphone Warehouse is investing. Other investors include IP Group, Invesco Asset Management, Lansdowne Partners, Oxford University Endowment Fund, the Wellcome Trust, and Woodford Investment Management, according to The Financial Times.

It's not clear exactly how much Google Ventures Europe has invested, and we've reached out to the firm for clarification. But Google Ventures partners Tom Hulme and Dr. Krishna Yeshwant will join OSI's advisory board, according to The Telegraph, along with Google AI researcher Demis Hassabis.

Hulme says that "Google Ventures' investment in OSI represents our faith in Oxford University's ability to develop the next generation of scientific breakthroughs."