Nokia has announced the launch of a $100 million Connected Car Fund to invest in connectivity and car technologies.
Although Nokia’s device and services division now belongs to Microsoft as part of a $7.2 billion deal last month, the Nokia Growth Partners (NGP) have announced plans to expand in the realm of connected and intelligent vehicles.
The $100 million in funds will be used to „identify and invest in companies whose innovations will be important for a world of connected and intelligent vehicles,“ the company has said.
With its mapping and location intelligence service HERE, NGP have already shown their potential for success in the automotive tech industry. Nokia’s HERE unit was notably absent from the sale to Microsoft.
„We are excited to deepen our collaboration with HERE through the Connected Car fund to invest in companies that are driving the future of the auto ecosystem, local services and personal mobility,“ said Paul Asel of Nokia Growth Partners. Michael Halbherr, CEO of HERE, said the new fund shows potential for rethinking connectivity in the car environment:
“We believe that connected cars equipped with precise location awareness and sensor data can become powerful devices capable of helping drivers make sense of the world around them. With more than 25 years of experience in creating automotive grade maps for the automobile industry, we look forward to working with promising companies in NGP’s new fund to create a whole new class of services that keep drivers safe and connected.”
NGP has previously made several strong investments in other technology fields, and has acquired numerous firms such ad targeting company Rocket Fuel and micro optics researcher Heptagon.
Last week Apple and Ebay relocated over $12 and $9 billion in funds respectively to the US to prepare for major acquisitions.
Feature image: SALO, FINLAND – JANUARY, 26: Closed gate at the closed Nokia factory in Salo, Finland on January 26, 2013. Nokia Corporation’s results for fiscal year 2012 were negative via Shutterstock / copyright: Taina Sohlman