Nokia has announced the establishment of an investment fund, which is expected to invest $100 million in technologies developed by startups for use in cars.
The investment fund is called Connected Car Fund and will be managed by Nokia Growth Partners (NGP) and, according to the Finnish company's announcement, "will invest in companies whose innovations will be important for the development of connectivity and intelligence in vehicles.".
This fund will be closely linked to Nokia's mapping division (HERE) and is expected to identify companies and technologies that can support a network of applications and services around HERE.
It is worth noting that HERE is a division that will remain under Nokia's control after Microsoft 's acquisition of its Devices and Services division . The agreement stipulates that HERE patents can be used on Windows Phone devices and Microsoft's core feature phones for the next four years. However, Nokia will retain control of the unit, which is expected to generate significant profits in the future.
Nokia is not the only company working on integrating digital capabilities into future vehicles. Apple has already announced CarPlay in collaboration with Ferrari, Mercedes Benz and Volvo, while in collaboration with several automakers it has created a service for drivers to use their iPhones, using only their voice. At the same time, Google has announced since January the Open Automotive Alliance with initial members Audi, General Motors, Honda, Hyundai and Nvidia.
