General Electric to sell its startup arm GE Ventures


General Electric is crumbling and is set to sell its startup arm GE Ventures.

General Electric has reached a $1.5 billion settlement with the US Justice Department to do so.

Launched in 2013, GE Ventures has invested in more than 100 early-stage companies.

Selling GE Ventures is expected to help the conglomerate to settle its debts.

The piling debts have been due to General Electric’s years of poorly-timed acquisitions, generous share buybacks and expensive support for its financial arm.

The news of a potential sale of GE Ventures was reported earlier by CNBC.

 “During this time of transformation for GE, we are evaluating strategic options for GE Ventures to continue delivering returns for our shareholders and partners,” according to a statement.

Startups invested into by General Electric includes in sectors such as blockchain, artificial intelligence, smart mobility and big data.

GE has already sold — or is in the process of selling — many businesses, including ones closely associated with the storied company’s identity.