David Lee and Pietro Dova are ex-Googlers who were fortunate to be at the search giant in the "early" days, when Google was worth well below its current market value of $140 billion. Today, they're part of a growing number of millionaires and full-time angels seeking to parlay their riches and expertise by investing in and advising startups. So far, so good. Their biggest hit to-date is Tapulous, one of the leading iPhone apps.

Other well-known Google angels, which make up the Google Mafia, include Georges Harik and FriendFeed co-founder Paul Buchheit - both of whom are investors in Vator.

David and Pietro are partners at XG Ventures, an angel outfit focused on Internet and mobile startups. Together with two other ex-Googlers - Andrea Zurek and Greg Lee - the team is seeking innovative and creative companies to invest up to $100,000. 

I caught up with the two at TechStars down at the Microsoft campus. I asked what they were looking for in an investment.

"I think in terms of companies itself, what stands out to us is smart people," said David.

Pietro added that XG seeks entrepreneurs with experience and a solid idea of the business model as well as an easy-to-use product.

Watch the interview to hear about what they're investing in and how the market is affecting or not affecting their investments and outlook.