Volvo Cars has established a fund for investing in startups showing promise in “strategic technology trends” including autonomous driving, AI, electrification and digital mobility services.
The Tech Fund’s first move is a seed-round investment in a California-based technology firm developing sensors, underlining Volvo Cars’s growing presence in Silicon Valley.
Companies will benefit in a number of ways from participation by the Volvo Cars Tech Fund. Apart from the association with one of the world’s leading car makers, startups may gain the ability to validate their technologies and accelerate the pace of achieving product market fit. Moreover, they may have the opportunity to benefit from Volvo Cars’s access to the Chinese car market, Volvo’s largest, as well as its global network of automotive and technology partners.
Zaki Fasihuddin, currently vice president of strategic partnerships in the Volvo Cars Silicon Valley Technology Center, has been appointed CEO of the Volvo Cars Tech Fund. “We seek to invest in companies that can provide us with strategic access to new technologies, capabilities and talent,” said Fasihuddin.
“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.”
March 6, 2018