Stoneridge, Inc. (NYSE: SRI) made a $10m investment in a fund managed by Autotech Ventures, a venture capital firm focused on ground transportation technology located in Menlo Park, California.
The investment, which will be contributed over the expected 10-year life of the fund, is expected to provide the company with increased visibility to early-stage companies.
Led by Jon DeGaynor, President and CEO, Stoneridge is a Novi, Michigan-based independent designer and manufacturer of electrical and electronic components, modules and systems principally for the automotive, commercial vehicle, motorcycle, agricultural and off-highway vehicle markets.
In addition to potential financial returns, Autotech provides corporate investors with access to broad deal flow, co-investment opportunities in the fund’s startups and related consultation on startup relationships and early-stage technology opportunities.
Its current portfolio includes investments in Deepscale, a provider of sensor fusion perception solutions for autonomous vehicles, Metawave, a provider of metamaterial antennas for high precision, long-range ADAS and autonomous vehicle radar, XNOR.AI, a provider of fast, accurate, low-power and low-memory AI algorithms for edge devices and Lyft, an online peer-to-peer ridesharing marketplace.