Volvo has announced the launch of the Volvo Cars Tech Fund. It’s aimed at providing funding towards technology startups.
So basically, Volvo wants to help fund technology trends that are transforming the car industry, including stuff like artificial intelligence, electrification of vehicles, autonomous driving and digital mobility.
Volvo’s first investment with the new Tech Fund, will be a seed round investment into a California-based startup that’s creating advanced sensors.
Volvo says that startups will benefit from their Tech Fund in a number of ways, including, having a strong working relationship with one of the world’s leading premium car makers and the ability to help get their product on the market sooner.
Startups that are part of the Volvo Cars Tech Fund will have access to the Chinese car market and Volvo’s global network of automotive and technology partners.
Zaki Fasihuddin, who is the VP of Strategic Partnerships at the Volvo Cars Silicon Valley Technology Center will become 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 Zaki 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.”
You can find out more about the Volvo Cars Tech Fund on their website.