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Nokia Invests $100 Million in Connected Car Tech

May 5 2014, 1:21pm CDT | by , in News | Technology News

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Nokia Invests $100 Million in Connected Car Tech
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The company wants to invest in companies "whose innovations will be important for a world of connected and intelligent vehicles."

Car technologies is becoming increasingly important as more and more people become tech savvy and many current manufacturers have rolled on their focus towards this new emerging platform. Nokia is one of these manufacturers who want to come up with the next big connected car technologies. An announcement was made by Nokia on Monday that it is going to invest a large sum of $100 million in companies "whose innovations will be important for a world of connected and intelligent vehicles." This huge fund is going to be taken care of by Nokia’s venture capital arm Nokia Growth Partners (NGP).

Rajeev Suri, the Nokia President and CEO stated that "Our new $100 million venture fund launched today further underlines our belief that the connected car is a significant growth opportunity.” It can be said that this new idea has followed the HERE embedded in-dash navigation system and companion application which was introduced by Nokia last year in summer. This technology was perfect as a driver’s guide showing him the appropriate types of apps and the bird’s eye view of the highway and even a zoomed in look while driving in the city for increased safety. You might find this surprising but Nokia has remained a partner with Mercedes-Benz and these two companies paired to develop smart maps intended to spur the development of self-driving cars.

"For the last few years there has been a surge in innovation that has brought technological advances leading to safer, cleaner, increasingly connected, intelligent and more affordable vehicles," Paul Asel, a partner at Nokia Growth Partners, said in a statement. "Vehicles are becoming a new platform for technology adoption very similar to phones or tablets. 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."

source: pcmag

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