Intel Capital Creates $100M Fund For Automotive Tech Companies
Venture capital firm Intel Capital has announced that it will invest $100 million globally in the automotive industry to help accelerate innovation and adoption of new technologies and services in this segment.
The Intel Capital Connected Car Fund will be invested globally over the next 4-5 years, with focus on hardware, software and services companies developing technologies to promote new, compelling in-vehicle applications and enabling seamless integration between vehicles and all connected devices, such as mobile devices and sensors.
The VC fund has not set any allocation for India but said local firms would be part of the investment target in the stated domain.
Arvind Sodhani, president of Intel Capital and executive vice-president at Intel, said, "Automobiles must be able to provide engaging computing experiences in a safe manner. The Intel Capital Connected Car Fund will drive the development of technologies to enhance the in-vehicle experience of the future."
The announcement is part of Intel's ongoing work with automakers and in-vehicle infotainment suppliers to help integrate advanced technologies into cars. Ultimately, the connected car will have the intelligence and context awareness to offer the right information, at the right time and in the right way, to keep drivers and passengers informed, entertained and stay productive while maintaining optimal safety.
Once the car becomes connected, it can communicate via Cloud and stay connected with the transportation infrastructure and even other vehicles, to provide additional services such as advanced driver assistance and real-time traffic information, which will optimise the flow of traffic.