One of the fastest growing sectors in the technology industry is cars, having morphed from a simple audio jack in the stereo to things like Ford Sync and Google’s self-driving autos. Now Nokia is also looking to invest in this market, announcing a new plan.
The handset maker is setting up a $100 million connected car fund that it plans to use to “identify and invest in companies whose innovations will be important for a world of connected and intelligent vehicles”.
This is not an entirely new endeavor, as Nokia has already perfected its maps and other HERE services. That is precisely what is planned now as well, “The NGP fund, working closely with HERE, will seek to make investments that also support the growth of the ecosystem around HERE's mapping and location products and services”, the announcement reads.
Newly minted Nokia CEO Rajeev Suri notes that “NGP has been consistently performing well bringing in both new innovation and financial return to Nokia”.
This will extend the reach of NGP (Nokia Growth Partners) by seeking investment opportunities in the US, India, China and Europe. It will function as a venture capitalist to help new ideas and startups to get off the ground.