Sidewalk Labs, which will be funded by Google, will pursue technologies to cut pollution, curb energy, improve transportation and cut city living costs, according to The Times. Google plans to form the new venture as an independent company.
The new company essentially seeks to transform cities the same way Google and other tech giants want to revolutionize homes and cars through the "Internet of Things" and data analytics.
Google has tapped former New York City Deputy Mayor and former Bloomberg LP CEO Dan Doctoroff to head the venture. Google CEO Larry Page announced the new company Wednesday night.
Doctoroff told The Times that Sidewalk Labs plans to build urban technology itself and invest in partnerships.