Nokia has announced the launch of a $100 million fund to invest in companies developing technology for the connected car.
The smartphone maker's investment fund will be run by the firm's venture capital branch, Nokia Growth Partners, as reported by Reuters. The mobile phone equipment maker's venture fund will work in partnership with Nokia's Here Connected Driving platform, an in-dashboard navigation system with Web connectivity for connected cars.
In a statement, Nokia CEO Rajeev Suri said:
Our new $100 million venture fund launched today further underlines our belief that the connected car is a significant growth opportunity.
Nokia is far from the only company exploring the idea of the connected car — vehicles come equipped with features including Web connectivity, infotainment systems, smart sensors and interactive, app-based dashboards. Apple's CarPlay product, for example, brings hands-free iOS features to cars, including the ability to make calls, listen to voicemails, access maps, and listen to streamed music. Google is also rumored to be working on an Android-based connected car operating system, and Microsoft revealed the "Windows in the Car" concept earlier this year.