Nokia on Monday said it had started a $100 million fund to invest in companies working on connecting cars. The Connected Car fund will identify and invest in companies whose innovations will be important for a world of connected and intelligent vehicles.
Nokia is already providing location intelligence for connected vehicles through HERE. The fund will be run by the company's venture capital arm Nokia Growth Partners.
"NGP has been consistently performing well bringing in both new innovation and financial return to Nokia," said Rajeev Suri, Nokia President and CEO. "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 Connected Car fund extends NGP's global investment activities in the U.S., India, China and Europe where Nokia Growth Partners continue to invest in potential businesses.