Intel's corporate venturing unit launches its$100m Connected Car fund to invest in technologies for the car, which follows the creation of its AppUp and Ultrabook funds.
Intel Capital, the corporate venturing unit of the US-based chip-maker, has launched a $100m Intel Capital Connected Car Fund.
Intel said it was the first "global technology investment organisation headquartered in Silicon Valley to announce a dedicated focus on automotive technology".
The fund will be invested globally over four to five years in hardware, software and services companies working on improving vehicle access to connected devices.
Arvind Sodhani, president of Intel Capital, said: "Technology has become an integral component of everyday life, with consumers demanding uninterrupted access to the Internet and the constant flow of information, news, entertainment, and social media. Automobiles must be able to provide these same consistent and engaging computing experiences, but 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."
Staci Palmer, general manager of Intel’s automotive solutions division, added: "The car is the ultimate mobile device. By 2014, automobiles will be among the top three fastest-growing areas for connected devices and Internet content. Intel’s experience in developing personal computing, software, security and cloud computing technologies will bring a new level of innovation to the car to enhance the driving experience for both drivers and passengers."
The connected car fund follows Intel Capital last year launching a $100m AppUp fund to invest in tools and services companies making content for mobiles and personal computers and a $300m Ultrabook fund, to prop up the company’s recently developed tablet computers.
