"Just as we got back to the city, a report came over the wire that Nest had been acquired by Google for $3.2 billion in cash. Nest had been backed by Google Ventures, their biggest win so far."
What does this mean? Isn't Google Ventures a part of Google?
Technically, yes - however, they stay in very separate camps. Google Ventures is the venture capital investment arm of Google Inc., but as explained by Kevin Rose [1], it's a separate company. Google has no visibility into what GV-backed companies are working on: think of Google as an LP of Google Ventures.
What does this mean? Isn't Google Ventures a part of Google?