Rajeev Suri announces Nokia Connected cars project at $100 million
Smartphone companies are showing getting interested in the new technology and whole new dimension that technology can add to cars and driving experience. Google has come up with driverless cars that is getting tested on roads, Apple has just come up with CarPlay, a safer way to use iPhone in the car, Land Rover is testing new 'see-through' augmented reality view of the terrain ahead in cars and LG gave a glimse of flexible oled lights for BMW cars. Now it appears Nokia is ready to set the road cracking with its new effort.
The company soon after sale of its handset and devices business to Microsoft has announced its new project of “Connected Cars”.
The company has announced a USD 100 million Connected Car fund to be managed by Nokia Growth Partners (NGP). The fund will identify and invest in companies whose innovations will be important for a world of connected and intelligent vehicles. “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 company says.
This new project has been announced by the new President and CEO Nokia, Rajeev Suri, who said "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."
The NGP is realizing that apart from phones and tablets, vehicles are also becoming smarter and are the coming up as a new platform for technology adoption very similar to phones or tablets. Paul Asel, Partner at Nokia Growth Partners said “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."
The Connected Car fund extends NGP's global investment activities in the US, India, China and Europe where Nokia Growth Partners continue to invest in high potential businesses. The new fund brings Nokia's commitments managed by NGP to USD 700 million. As an independent VC sponsored by Nokia, NGP has a strong track record of investing in technology companies that have made an impact in their respective industries globally, including Rocket Fuel, Heptagon and UCweb.
After Google Driverless cars, get ready for Nokia Connected cars