The carmaker has spread an eight-figure sum across Israel-based venture capital funds run by Magma Venture Partners and Grove Ventures.
Germany-based automotive manufacturer Porsche has invested an eight-figure sum in two Israel-based venture capital funds and plans to also open an innovation office in the country.
Porsche’s first commitment was to Magma Venture Partners, which was established in 1999 and which focuses on the information and communication technology space, including artificial intelligence (AI) and automotive technology.
The second investment went to Grove Ventures, a $100m VC fund that concentrates on early-stage investments in AI, cloud technology and the internet of…
