Clean vehicle technology producer BorgWarner has provided $10m for US-based venture capital firm Autotech Ventures as part of an overall strategic investment plan.
Autotech supplies VC funding to startups developing software, services or electronics technology for use in connected, autonomous and energy-efficient vehicles and mobility services.
BorgWarner decided to put up the capital in order to access innovative autonomy and electrification technologies. It also plans to independently invest in “a handful” of startups, in addition to being a supplier, buyer or partner.
Brady Ericson, BorgWarner’s chief strategy officer, said: “While we remain focused on providing industry-leading propulsion technologies, we expect this partnership to provide global access to new technologies and services, inside and outside of our core product strengths.
“As with all of our recent investments, this contributes to our larger strategy to maintain a product portfolio that supports a cleaner, more energy-efficient world.”
Autotech generally backs companies in the US, Europe and Israel, providing between $500,000 and $5m as a first investment. Its portfolio includes ride hailing platform Lyft, online recreational vehicle marketplace Outdoorsy and electric vehicle charging network Volta.