Nokia HERE is a mapping and location services provider (Photo: Nokia)
Nokia will invest 100 million dollars in connected car technology as the Finnish group focuses its business on networks, mapping and location intelligence and general mobility.
Once the world's leading maker of mobile phones, Nokia earlier this year completed the sale of its devices and services business to Microsoft.
The newly launched "Connected Car fund," which will be managed by Nokia Growth Partners, will invest in companies that make products for connected and intelligent vehicles. The funding vehicle "underlines our belief that the connected car is a significant growth opportunity where GP is posed to make great investments," said Nokia CEO Rajeev Suri.
Nokia's HERE division, which sells mapping and location products, hopes to benefit from the fund's investments in companies that will help it expand its offering of in-car information and digital maps.