Nokia, a Finnish company announced on Monday that it had started a $100 Million fund to invest in automotive technology and services.
“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. Vehicles are becoming a new platform for technology adoption very similar to phones or tablets,” said Paul Asel, Partner at Nokia Growth Partners.
According to sources, this particular fund will be run by the company’s venture capital resource Nokia Growth Partners and will collaborate with Nokia’s “Here” division.
On this, “Our new $100 million venture fund launched today further underlines our belief that the connected car is a significant growth opportunity,” said by Nokia’s CEO Rajeev Suri in a statement.