Volvo is launching a new investment fund for technology start-ups around the globe which have high potential. The new Volvo Cars Tech Fund will invest in “strategic technology trends that are transforming the industry, such as artificial intelligence, electrification, autonomous driving, and digital mobility services.” The first investment includes a California-based technology firm developing advanced sensors, underlining Volvo Cars’ continued presence in Silicon Valley.
Volvo says recipients will benefit by being able to more efficiently validate their technologies while accelerating the time it takes to bring said technologies to market. Moreover, start-ups may have the opportunity to benefit from Volvo’s already established global network of automotive and technology partners. The Volvo Cars Tech Fund is part of a continued push for innovation by Volvo and will be instrumental, the company says, in its digital transformation.
“We seek to invest in companies that can provide us with strategic access to new technologies, capabilities, and talent,” explained Zaki Fasihuddin, Chief Executive Officer, Volvo Cars Tech Fund. “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.”
“We work closely with promising technologies and when we see value creation potential, we can now also invest to help accelerate the venture,” added Mats Moberg, Board Member for the Tech Fund and Vice President for R&D at Volvo Cars.
Those wanting to apply are encouraged to do so at Volvo’s official site for the fund. Volvo notes they are particularly interested in mobility apps and services, distributed ML/AI and storage, safety and security, networking and connectivity platforms, fusion and HD mapping, sensors, and drive computing.