The fund will invest in promising auto tech and local services companies in collaboration with HERE, a Nokia company, to grow the ecosystem around HEREs mapping and location products and services.
Espoo, Finland - Nokia today announced the launch of a USD 100 million Connected Car fund to be managed by Nokia Growth Partners (NGP). The fund will identify and invest in companies whose innovations will be important for a world of connected and intelligent vehicles.
Nokia is already a major player in the automotive industry providing location intelligence for connected vehicles through HERE. The NGP fund, working closely with HERE, will seek to make investments that also support the growth of the ecosystem around HEREs mapping and location products and services.
NGP has been consistently performing well bringing in both new innovation and financial return to Nokia, said Rajeev Suri, Nokia President and CEO. Our new USD 100 million venture fund launched today further underlines our belief that the connected car is a significant growth opportunity where NGP is poised to make great investments.
For the last few years there has been a surge in innovation that has brought technological advances leading to safer, cleaner, increasingly connected, intelligent and more affordable vehicles. Vehicles are becoming a new platform for technology adoption very similar to phones or tablets, said Paul Asel, Partner at Nokia Growth Partners. We are excited to deepen our collaboration with HERE through the Connected Car fund to invest in companies that are driving the future of the auto ecosystem, local services and personal mobility.
NGPs Connected Car fund underscores that connectivity is rapidly reshaping what is possible in the car environment, said Michael Halbherr, CEO of HERE. We believe that connected cars equipped with precise location awareness and sensor data can become powerful devices capable of helping drivers make sense of the world around them. With more than 25 years of experience in creating automotive grade maps for the automobile industry, we look forward to working with promising companies in NGPs new fund to create a whole new class of services that keep drivers safe and connected.
The Connected Car fund extends NGPs global investment activities in the U.S., India, China and Europe where Nokia Growth Partners continue to invest in high potential businesses. The new fund brings Nokias commitments managed by NGP to USD 700 million. As an independent VC sponsored by Nokia, NGP has a strong track record of investing in technology companies that have made an impact in their respective industries globally, including Rocket Fuel, Heptagon and UCweb.
The Connected Car fund will be the fourth fund that NGP has managed on behalf of Nokia over the past decade.
FORWARD LOOKING STATEMENTS
It should be noted that Nokia and its business are exposed to various risks and uncertainties and certain statements herein that are not historical facts are forward-looking statements, including, without limitation, those regarding: A) expectations, plans or benefits related to Nokias new strategy; B) expectations, plans or benefits related to future performance of Nokias continuing businesses Networks, HERE and Technologies; C) expectations, plans or benefits related to changes in leadership and operational structure; D) expectations regarding market developments, general economic conditions and structural changes; E) expectations and targets regarding performance, including those related to market share, prices, net sales and margins; F) the timing of the deliveries of our products and services; G) expectations and targets regarding our financial performance, cost savings and competitiveness as well as results of operations; H) expectations and targets regarding collaboration and partnering arrangements; I) the outcome of pending and threatened litigation, disputes, regulatory proceedings or investigations by authorities; J) expectations regarding restructurings, investments, uses of proceeds from transactions, acquisitions and divestments and our ability to achieve the financial and operational targets set in connection with any such restructurings, investments, divestments and acquisitions, including any expectations, plans or benefits related to or caused by the transaction announced on September 3, 2013 where Nokia sold substantially all of Nokias Devices & Services business to Microsoft on April 25, 2014 (Sale of the D&S Business); K) statements preceded by or including believe, expect, anticipate, foresee, sees, target, estimate, designed, aim, plans, intends, focus, continue, project, should, will or similar expressions. These statements are based on managements best assumptions and beliefs in light of the information currently available to it. Because they involve risks and uncertainties, actual results may differ materially from the results that we currently expect. Factors, including risks and uncertainties that could cause these differences include, but are not limited to: 1) our ability to execute our new strategy successfully and in a timely manner, and our ability to successfully adjust our operations; 2) our ability to sustain or improve the operational and financial performance of our continuing businesses and correctly identify business opportunities or successfully pursue new business opportunities; 3) our ability to execute Networks strategy and effectively, profitably and timely adapt its business and operations to the increasingly diverse needs of its customers and technological developments; 4) our ability within our Networks business to effectively and profitably invest in and timely introduce new competitive high-quality products, services, upgrades and technologies; 5) our ability to invent new relevant technologies, products and services, to develop and maintain our intellect
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The fund will invest in promising auto tech and local services companies in collaboration with HERE, a Nokia company, to grow the ecosystem around HEREs mapping and location products and services.
