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Volvo Cars Tech Fund invests in Zum

Volvo Cars has acquired a stake in Z?m, an on-demand ride sharing service for children, via the Volvo Cars Tech Fund, its venture capital investment arm.

Zum, a California-based company, was founded in 2015 and provides a network of vetted drivers that allows parents and schools to schedule transport for school commutes, after-school events and other activities. It also provides the option of adding child care before or after a ride as needed. By doing so it helps busy parents solve the daily life puzzle in a safe and trusted way.

The company applies advanced routing algorithms and machine learning to create the most efficient routes possible and to match drivers with rides. A mobile app and online dashboard allow both parents and schools to follow and track their kids’ journeys in real-time as they are being driven.

Volvo Cars sees a potential for collaboration with Z?m. Possible areas of collaboration include adding Zum to the digital consumer services offered as part of its Care by Volvo premium subscription service, as well as the deployment of Volvos as part of Zum’s fleet.

The Volvo Cars Tech Fund was launched last year and aims to invest in high-potential technology start-ups around the globe. It focuses its investments on strategic technology trends transforming the auto industry, such as artificial intelligence, electrification, autonomous driving and digital mobility services.

Source: Press Release


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