Alliance Ventures has announced a partnership with Plug and Play China to cooperate on open innovation in the country.
Alliance Ventures is the strategic venture capital fund that invests in technology start-ups for Groupe Renault, Nissan Motor Company and Mitsubishi Motors. Plug and Play is a technology accelerator and investment institution that is dedicated to helping startups grow through investment, acceleration, corporate innovation, and innovative consulting. The institution has invested and incubated more than 300 Chinese startups.
China is the world’s second-largest economy and is leading innovation in the automotive industry, therefore companies world over are trying to enter and expand their presence in the country.
The entities have agreed to a three-year partnership in China that will benefit both groups. Under this agreement Alliance Ventures will invest up to $1 billion by 2022 to support open innovation. It will identify and work with promising start-ups, carry out pilot projects, and acquire or invest in new technology opportunities. The agreement follows successful existing partnerships with Plug and Play both in Japan and in Silicon Valley.
Source: Press Release