Car maker Volvo Cars has launched a new fund aimed at in high potential technology startups around the globe.
Part of a push for innovation and digital transformation by the company, the Volvo Cars Tech Fund aims to invest in strategic technology trends that are transforming the industry, such as artificial intelligence, electrification, autonomous driving and digital mobility services.
Companies will benefit in a number of ways from participation by the fund including associating with one of the world’s leading premium car makers, validating their technologies and accelerating the pace of achieving product market fit.
In addition, startups may have the opportunity to benefit from Volvo Cars’ unique access to the Chinese car market, as well as potential access to Volvo Cars’ global network of automotive and technology partners.
Zaki Fasihuddin, currently Vice President of Strategic Partnerships in the Volvo Cars Silicon Valley Technology Center, has been appointed CEO of the Volvo Cars Tech Fund. Mats Moberg will be Board Member for the Tech Fund.
The first strategic investment is a seed round investment into a California-based technology company developing advanced sensors.