Volvo Cars has launched a new investment fund specifically aimed at high-potential technology startups across the globe.
The aim of the Volvo Cars Tech Fund, to be led by Zaki Fasihuddin (currently vice president of strategic partnerships in the Volvo Cars Silicon Valley Technology Centre), is to invest in strategic technology trends that are transforming the industry, such as artificial intelligence, electrification, autonomous driving, and digital mobility services.
The first strategic investment is a seed round investment into a California-based technology firm developing advanced sensors, underlining Volvo Cars’ growing presence in the technology hub of Silicon Valley.
Startups may just have the opportunity to benefit from the car manufacturer’s access to the Chinese car market, as well as potential access to Volvo Cars’ global network of automotive and technology partners.
“We seek to invest in companies that can provide us with strategic access to new technologies, capabilities and talent,” said Fasihuddin. “By supporting promising young firms at the forefront of technological development and providing them with both capital and strategic value, we aim to strengthen our leading role in the industry’s technological transformation.”