Volvo Cars launches tech startups investment fund, makes investment in a California-based technology firm developing advanced sensors.
Volvo Cars, the Swedish car manufacturer, announced the launching of an investment fund aimed at high potential technology start-ups.
The aim of the Volvo Cars Tech Fund is to invest in strategic technology trends including artificial intelligence, electrification, autonomous driving and digital mobility services.
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.
Volvo also announced that the newly founded tech fund already made a first strategic funding as a seed round investment into a California-based technology firm developing advanced sensors.
Volvo is already making corporate investments throught Volvo Group Venture Capital AB, which was founded in 1997 as a corporate investment company.
Volvo Cars is owned by China’s Zhejiang Geely Holding Group, which acquired it for $1.8bn in 2009. In 2016, the company has raised SEK 5bn ($532M) from a group of Swedish institutional investors, which, according to the company, would have “an immaterial dilutive effect” on Geely’s 100 percent ownership.