Volvo Group Venture Capital AB has invested in Autotech Ventures – an American venture capital fund focusing on start-ups in the ground transportation sector.
Connected, autonomous, electrified vehicles and related mobility services have created shifts in the ground transportation industry. Based on the trends shaping the future of transportation and Volvo Group strategic priorities Volvo Group Venture Capital focus investment areas are today Autonomous Solutions, Connected Services and Electromobility. The scope is global with a focus on Europe and North America.
Autotech Ventures, a venture capital firm located in Silicon Valley focuses on the $3 trillion ground transportation sector and is managing over $200 million. Its team combine deep knowledge and insights from the ground transport sector with vast experience from venture capital investing.
The investment provides Volvo Group Venture Capital with an enhanced deal flow but also access to deep industry knowledge and relevant networks. Through the co-operation with Autotech Ventures the company gets to interact with more world-class start-ups transforming automotive industry.
The role of Volvo Group Venture Capital is to make investments in innovative companies at the forefront of service orientation as well as product differentiation and to support collaboration between startup companies and the Volvo Group. The transaction has no significant impact on the Volvo Group’s earnings or financial position, according to the news release by the company.
Source: Press Release