Volvo Group Venture Capital AB has invested in Autotech Ventures, a leading American venture capital fund focusing on start-ups in the ground transportation sector.
Autotech Ventures is a venture capital firm located in Silicon Valley managing more than $200 million that focuses on the $3 trillion ground transportation sector.
Connected, autonomous, electrified vehicles and related mobility services have created shifts in the ground transportation industry. The Autotech Ventures team combine deep knowledge and insights from the ground transport sector with vast experience from venture capital investing.
“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,” added Dan Tram, investment director, Volvo Group Venture Capital based in Silicon Valley.
The role of Volvo Group Venture Capital is to make investments in innovative companies at the forefront of service orientation as well as product differentiation and to support collaboration between startup companies and the Volvo Group. Based on the trends shaping the future of transportation and Volvo Group strategic priorities, Volvo Group Venture Capital says that its focus investment areas include Autonomous Solutions, Connected Services and Electromobility. The scope is global with a focus on Europe and North America.
The transaction has no significant impact on the Volvo Group’s earnings or financial position.
For more information, visit volvogroup.com.