Culver City-based XPRIZE Foundation and IMAGINE Global, a startup and venture ecosystem, announced in December the two organizations would collaborate to fund new technologies in the artificial intelligence and deep tech space.

On its face, the strategic partnership is an unlikely pairing. IMAGINE Global, which launched in July to fund AI ventures, is a network of capital, startup incubators and market experts that invests in deep tech and AI ventures while also growing a handful of startup studios.

The company has set aside around $1.25 million for investments and an additional $200 million for supporting startup studios. 

“We’re raising the bar for how companies are supported,” Ani Chahal Honan, IMAGINE Global founder and managing partner, said in a statement. “By fostering a human-centered ecosystem, we’re ensuring these technologies serve society’s best interests.”

XPRIZE Foundation, on the other hand, is something of a large-scale money-laden hackathon – the organization was founded around 30 years ago after entrepreneur and technologist Peter Diamandis offered $10 million to anyone in the world who could make private space travel possible.

Eight years later, he handed off the money to its winner. Today, the foundation offers monetary prizes to first-movers to successfully finish challenges.

Per the partnership, XPRIZE Foundation will receive 1% equity interest in IMAGINE Global, while Chahal Honan will join the XPRIZE Foundation board of trustees.