Nokia targeting smart cars with $100m funding

Oliver Smith
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NOKIA’S new chief executive yesterday announced the creation of a $100m (£59m) fund to invest in technology firms in the field of connected and intelligent vehicles.

The so-called Connected Car Fund will be managed by Nokia Growth Partners (NGP), the mobile firm’s investment arm. New technology is connecting vehicles not only with the internet, but also with each other.

“Our new $100m 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,” said boss Rajeev Suri.

Nokia has previously worked on connected car services through its Here mapping service. The Finnish firm said its new fund will work closely with Here to make investments that would help grow the division.

“The Connected Car Fund underscores that connectivity is rapidly reshaping what is possible in the car environment,” said Here chief executive Michael Halbherr.

“We believe that connected cars equipped with precise location awareness and sensor data can become powerful devices capable of helping drivers make sense of the world around them.”