Alphabet Project Loon and Project Wing from moonshots into full businesses

Google parent Alphabet has two new businesses under its name. The firm announced on Wednesday that it's'graduating' Project Loon and Project Wing from moonshots to full-fledged businesses at Alphabet. Project Loon, its internet-bearing balloon initiative, and Project Wing, its drone delivery service, were launched in 2013 and 2014, respectively, as part of its research-and-development lab Google X. Alphabet's Google X announced on Wednesday that its moonshots Project Loon and Project Wing would'graduate' to full companies. Now, Loon and Wing will be included in Alphabet's'Other Bets' category, which includes former Google X moonshots like deep learning research project Google Brain, life sciences research arm Verily as well as self-driving car startup Waymo, among others. The CEO of Loon will be Alastair Westgarth, former CEO of antenna company Quintel, while longtime Google employee James Ryan Burgess is the CEO of Wing, Google X head Astro Teller announced in a blog post.