Group Launches $120 Million Fund for Auto Tech Startups

Autotech Management LLC says it has raised more than $120 million from investors for its new Autotech Ventures fund that will invest in startups developing digital technologies and services for next-generation vehicles.

The Silicon Valley-based firm lists suppliers Autoliv Inc. and BorgWarner Inc. as well as two unnamed carmakers among its dozens of investors. Other contributors include a mix of parts suppliers, leasing companies, repair shop chains, refueling station networks, dealership groups and trucking firms and financial investors.

Co-founders Alexei Andreev and Quin Garcia claim Autotech is the first venture capital firm to focus exclusively on ground transportation-related deals. They cite as the impetus for forming the company an “unprecedented” level and rate of change throughout the transportation industry.

Autotech Ventures' initial investments include an unspecified amount in San Francisco-based ride-service specialist Lyft Inc., which General Motors Co. reportedly invested $500 million in last year. Other initial recipients include DeepScale, Outdoorsy, Realine, Volta Charging and Work Truck Solutions.