Fircroft: Volvo launches investment fund for tech start-ups

Published: 02 Mar 2018 By Fircroft

rfjujfgjfj

Swedish car maker Volvo has launched a new investment fund aimed at investing in high potential technology start-ups around the globe.

The move comes as car makers of all kinds seek to embrace new digital technologies from infotainment to ADAS (Advanced Driver Assistance Systems) at an ever more rapid pace.

In a statement, Volvo explained that the aim of the Volvo Cars Tech Fund is to ‘invest in strategic technology trends that are transforming the industry, such as artificial intelligence, electrification, autonomous driving and digital mobility services.’

Companies that participate in the fund will benefit in a number of ways, such as the ability to validate their technologies and accelerate the pace of achieving product-market fit. Participants in the fund will also benefit from Volvo’s unique access to the Chinese market, as well as Volvo’s global network of automotive and technology partners.

The first strategic investment as part of the Tech Fund is a seed round investment into a California-based technology firm developing advanced sensors, underlining Volvo Cars’ growing presence in the technology hub of Silicon Valley.

Commenting on the launch of the Tech Fund, Mats Moberg, Board Member for the Tech Fund and Vice President of R&D at Volvo Cars, said:

“We work closely with promising technologies and when we see value creation potential for us as a user, we can now also invest to help accelerate the venture.”

fgjfgjfj

Zaki Fasihuddin, currently Vice President of Strategic Partnerships in the Volvo Cars Silicon Valley Technology Centre, has been appointed CEO of the Volvo Cars Tech Fund and commented:

“We seek to invest in companies that can provide us with strategic access to new technologies, capabilities, and talent. By supporting promising young firms at the forefront of technological development and providing them with both capital and strategic value, we aim to strengthen our leading role in the industry’s technological transformation.”

Volvo is not along in setting up a tech fund, however. As technological transformation rises to the top of the automotive industry’s agenda, companies such as BMW and Toyota have also set-up similar funds.

“We seek to invest in companies that can provide us with strategic access to new technologies, capabilities, and talent. By supporting promising young firms at the forefront of technological development and providing them with both capital and strategic value, we aim to strengthen our leading role in the industry’s technological transformation.”

Volvo is not along in setting up a tech fund, however. As technological transformation rises to the top of the automotive industry’s agenda, companies such as BMW and Toyota have also set-up similar funds.

 

Join the automotive workforce of the future

At any one-time Fircroft has hundreds of technical and engineering jobs available across the world. Browse Fircroft's latest jobs to ensure you don’t miss out!

1069_Fircroft.jpg

Back to listing