General Motors Co. has created a venture-capital subsidiary designed to help the company "identify and develop innovative technologies," The Wall Street Journal reported.

General Motors Ventures LLC will be led by Jon Lauckner, who was GM's vice president of global product planning, effective July 1. The endeavor was funded with an initial $100 million investment. It is currently "exploring equity investments in a number of auto-related technologies and business models," GM said.

"We are constantly looking for ways to deliver the best technology for our customers," said Stephen J. Girsky, vice chairman, corporate strategy and new business development. "Our goal is to nurture these innovative technologies to help bring them to market, and to ensure our customers have access to the best technology available."

GM, one of the automakers slammed by the recession, has seen recent signs of strength. The company last month reported income of $865 million in the first three months of the year and generated $1 billion in cash. The results, which came 10 months after GM's exit from bankruptcy, surpassed expectations on Wall Street, making a profitable 2010 seem less out of reach.

It said earlier this week that domestic sales of its four continuing brands jumped 32 percent in May on continued strengthened demand for crossovers and cars.