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Nokia Launches Connected Car Fund
Nokia Corp. is creating a $100 million fund to invest in companies that are developing innovations for connected vehicles.
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Nokia Corp. is creating a $100 million fund to invest in companies that are developing innovations for connected vehicles.
The program will be run by Nokia Growth Partners, the company's venture capital unit. Nokia Growth manages some $700 million in Nokia investments in China, Europe, India and the U.S.
Nokia's HERE unit develops mapping and location products and services. The group was created by Nokia's acquisitions of Chicago-based Navteq Corp. in 2008 and 3-D map technology provider Earthmine Inc. in 2012. The Finnish company says the new fund will help develop services around HERE's capabilities.
Nokia, which completed the sale of its mobile phone business to Microsoft Corp. in April, has redirected itself in three areas: network infrastructure, location services and advanced technology development and licensing.
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