Volvo Makes Silicon Valley Investment
09 December 2019
Volvo Group Venture Capital AB said it has invested in Autotech Ventures – a venture capital fund focusing on start-ups in the ground transportation sector. Autotech Ventures is a venture capital firm located in Silicon Valley, specifically Menlo Park, Calif., managing over $200 million that focuses on the $3 trillion ground transportation sector.
Volvo Group strategic priorities via Volvo Group Venture Capital will focus on investments in autonomous solutions, connected services and electromobility. The scope is global with a focus on Europe and North America.
“Through the co-operation with Autotech Ventures we look forward to interact with more world-class start-ups transforming our industry,” said Anna Westerberg acting CEO of Volvo Group Venture Capital and senior vice president, Volvo Group Connected Solutions.
”The investment provides Volvo Group Venture Capital with an enhanced deal flow but also access to deep industry knowledge and relevant networks,” said Dan Tram investment director, Volvo Group Venture Capital.
The role of Volvo Group Venture Capital is to make investments in companies at the forefront of service orientation as well as product differentiation and to support collaboration between startup companies and the Volvo Group.
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