The announcement marks a potential new focus for Nokia, after the company recently sold its cellphone division to Microsoft. The Finnish company is not completely new to the automotive industry, creating mapping technology and partnering with Audi early this year to explore infotainment systems and tablet integration.
The new fund appears to have a wider scope, hinting at investments in advanced technologies, such as driverless cars, that are being developed by Google and Volvo, among others.
“We believe that connected cars equipped with precise location awareness and sensor data can become powerful devices capable of helping drivers make sense of the world around them,” said Nokia’s Here head Michael Halbherr. “We believe that connected cars equipped with precise location awareness and sensor data can become powerful devices capable of helping drivers make sense of the world around them.”
Nokia’s mapping technology, bolstered by the $8.1 billion Navteq acquisition several years ago, are already used by most automakers for in-car navigation systems. In the mobile arena, the company had been working on advanced features such as augmented reality.
“Vehicles are becoming a new platform for technology adoption very similar to phones or tablets,” said NGP partner Paul Asel.
The fund has yet to announce any specific investments.
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