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Monday, May 5, 2014

Nokia announces $100 million investment in connected cars

Fresh from its recent Devices and Services deal with Microsoft, the newly slimmed-down Nokia has just announced a $100 million (£59 million) ‘Connected Car Fund’.

The fund will invest in promising automotive technology and localised services companies in collaboration with Nokia’s location-based HERE business. It’ll be managed by Nokia Growth Partners, the venture capital business sponsored by Nokia, and will aim to increase adoption of HERE’s mapping/location products and services.

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Nokia HERE is already used by a number of organisations to provide location information for connected vehicles.

Paul Asel, a partner at Nokia Growth Partners, said “For the last few years there has been a surge in innovation that has brought technological advances leading to safer, cleaner, increasingly connected, intelligent and more affordable vehicles. Vehicles are becoming a new platform for technology adoption very similar to phones or tablets. We are excited to deepen our collaboration with HERE through the Connected Car fund to invest in companies that are driving the future of the auto ecosystem, local services and personal mobility.”

[Here.com blog]

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