India, May 6 -- Alphabet-owned Google has launched a new film and TV production initiative to scout for potential projects to fund or co-produce amid challenges of rising production costs, Business Insider reported on Monday.

Google's "100 Zeros" initiative will be a multi-year partnership with Range Media Partners, a talent firm and production company known for projects like "A Complete Unknown" and "Longlegs."

Through the initiative, Google is looking to increase the adoption of its Artificial Intelligence (AI) and spatial computing tools to blend the physical and virtual worlds, the report said.

"100 Zeros" backed the marketing of indie horror film "Cuckoo" as it was also one of the co-producers of the last year's project.

Google's...