Autotech Ventures, a Palo Alto, CA-based digital ground transport venture capital firm, held the first close of its fund, at $49.8m.
According to a regulatory form filed with the SEC, 14 unnamed investors participated in the offering of AutoTech Fund I, L.P., which has a final target of $150m.
Led by Managing Directors Alexei Andreev and Quin Garcia, AutoTech invests in early & growth-stage startups enabling connected, autonomous, energy-efficient vehicles and services.
The firm, which operates globally, mainly in USA and Israel, makes $0.5-5.0m initial investments and acts as lead or follow-on backer.
According to the website, the portfolio consists of San Francisco based peer-to-peer ridesharing company Lyft and three undisclosed startups developing 1) a digital communication platform linking participants of the long-haul trucking ecosystem, 2) an online marketplace for shared use and rental of recreational vehicles and motorhomes and 3) advertising sponsored free electric vehicle charging.