Nokia Invests $100 Million Towards More Connected Automobiles

Wearable tech seems to be all the rage these days, but let’s not forget that transportation is getting just as much attention these days as well, thanks to Apple officially launching CarPlay earlier this year. Google is also expected to introduce their own infotainment system in the future which is why we can’t say we’re surprised to learn that Nokia has expressed their interest as well.

According to a recent announcement by Nokia Growth Partners, they have revealed that they are planning on investing an additional $100 million in identifying companies and technology that will help create more connected and intelligent vehicles in the future. Nokia has made their presence in vehicles felt before through their HERE Maps, but presumably with this investment, Nokia plans on taking things to the next level.

According to Nokia’s new CEO, Rajeev Suri, “Our new USD 100 million venture fund launched today further underlines our belief that the connected car is a significant growth opportunity where NGP is poised to make great investments.” Michael Halbherr, CEO of HERE adds, “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.”

The new injection of funds will extend across the world for activities based in the US, India, China, and Europe and will see the total amount of money managed by NGP to a whopping $700 million. It is unclear what kind of fruits this investment will bear, but it is clear that Nokia is not going to sit by the sidelines and watch Apple and Google takeover yet another industry.

Tyler Lee
Categories: Transportation
Tags: Nokia