Japan-headquartered automotive component maker Aisin Group launched a $50m US-based investment fund on Tuesday in partnership with venture capital firm Fenox Venture Capital.
Fenox will manage the fund, with CEO Anis Uzzaman taking a general partner position. Aisin will provide capital as a limited partner and will offer portfolio companies assistance in expanding in Asia.
The fund will look to invest in Silicon Valley-based startups developing automotive technologies that involve the confluence of hardware and software.
Areas that will be considered include autonomous driving, zero-emission and connected vehicles, artificial intelligence, the internet of things, augmented and virtual reality.
Naofumi Fujie, an Aisin executive vice-president who also heads R&D for the firm, said: “This is the right timing for Aisin to find the cutting-edge technology in the automotive space, and we are happy to have Fenox VC be the partner to lead the new venture for us.”
Aisin has not previously been active in corporate venturing, but Fenox’s past investments include electric motorcycle producer Terra Motors and car sharing service HipCar.