Nokia has launched a $100m Connected Car fund for further development of in-car technologies in collaboration with its vehicle technology startup HERE.
The fund, which will be managed by Nokia Growth Partners (NGP), will be invested in companies that can develop better technologies to support a world of connected and intelligent vehicles.
Nokia president and CEO Rajeev Suri said NGP has been consistently performing well bringing in both new innovation and financial return to the company.
"Our new USD 100 million venture fund launched today further underlines our belief that the connected car is a significant growth opportunity where NGP is poised to make great investments," Suri added.
"For the last few years there has been a surge in innovation that has brought technological advances leading to safer, cleaner, increasingly connected, intelligent and more affordable vehicles.
NGP partner Paul Asel said vehicles are becoming a new platform for technology adoption very similar to phones or tablets.
"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," Asel said.
With the Connected Car fund, NGP expands its global investment activities in the US, India, China and Europe.
HERE CEO Michael Halbherr said NGP's Connected Car fund underscores that connectivity is rapidly reshaping what is possible 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," Halbherr added.
