Volvo Cars has launched a new investment fund aimed at high-potential technology start-ups around the globe.
The aim of the Volvo Cars Tech Fund is to invest in strategic technology trends that are transforming the industry, such as artificial intelligence, electrification, autonomous driving and digital mobility services.
The first strategic investment as part of the Tech Fund is a seed round investment into a California-based technology firm developing advanced sensors.
Volvo says that companies will benefit from participation in the Volvo Cars Tech Fund in a number of ways. Apart from the association with one of the world’s leading premium car makers, start-ups may gain the ability to validate their technologies and accelerate the pace of achieving product market fit.
Moreover, start-ups may have the opportunity to benefit from Volvo Cars’ unique access to the Chinese car market, its largest, as well as potential access to Volvo Cars’ global network of automotive and technology partners.
“We seek to invest in companies that can provide us with strategic access to new technologies, capabilities and talent,” said Zaki Fasihuddin, CEO of the 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.”
The launch of the Volvo Cars Tech Fund is, the company says, part of a continued push for innovation by Volvo Cars and accelerates the company’s digital transformation.