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The Finnish communications and information corporation Nokia announced the launch of a $100 million Connected Car f...
The Finnish communications and information corporation Nokia announced the launch of a $100 million Connected Car fund. In a press release, Nokia said the new car fund, which would be managed by Nokia Growth Partners (NGP), would find, and invest in, companies that enhance the connection of smart cars.
The car industry is not new to Nokia: the company has provided location and mapping services to its business unit HERE. The NGP fund, now working with HERE, will search for investments with the intention of growing and strengthening of HERE's products and services.
Nokia's President and CEO, Rajeev Suri, said in a statement, "NGP has been consistently performing well bringing in both new innovation and financial return to Nokia. 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."
Paul Asel, Partner at Nokia Growth Partners, says that vehicles are the next big thing in technology adoption, just like smartphones and tablets have become with time, bringing in smarter and lower-cost cars. Asel also claims that the NGP is looking into expanding their collaboration with HERE through the Connected Car fund.
Michael Halbherr, CEO of HERE, says, "NGP's Connected Car fund underscores that connectivity is rapidly reshaping what is possible in the car environment.” Halbherr believes that these location-aware and sensor data-connected cars can help people better understand the driving world around them.
With the Connected Car fund, Nokia Growth Partners continues to invest in potential businesses in India, Europe, China, and the U.S., bringing Nokia's commitments, managed by NGP, to $700 million.