Nokia Launches $100 Million Fund for Smart Car Development

Nokia

With its handset business in Microsoft’s pocket, Nokia is looking for its next big business opportunity — and it may have found it in connected cars. The Finnish tech company today announced the launch of a $100 million “Connected Car fund” managed by Nokia Growth Partners. The fund will invest in companies poised for growth in the intelligent vehicle sector, the company said. For its smart car fund, Nokia Growth Partners will “work closely” with Nokia’s HERE connected driving platform, which Nokia didn’t sell off to Microsoft. Nokia launched HERE last August, releasing an embedded in-dashboard navigation system, a companion app for Android and Windows Phones, and a cloud service with real-time traffic info. HERE currently employs around 6,000 Nokia staffers. Nokia’s automotive investments will “support the growth of the ecosystem around HERE’s mapping and location products and services,” the company said in a statement.

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