Volvo Group Venture Capital, the corporate venturing subsidiary of automotive vehicle manufacturer Volvo, provided an undisclosed amount of capital for ground mobility-focused venture capital firm Autotech Ventures yesterday.
Founded in 2015, Autotech Ventures backs startups in areas related to ground transportation, such as autonomous vehicles, connectivity and online retail.
The firm currently has more than $200m under its management, having raised $77.5m in February this year for a second fund with a target size of $225m, according to a regulatory filing.
The vehicle follows a fund sized at more than $120m that was launched in mid-2017 with commitments from vehicle component providers BorgWarner, Denso and Mahle, car safety equipment producer Autoliv and electronics parts supplier Murata Manufacturing.
Another automotive parts manufacturer, Stoneridge, disclosed a $10m commitent to the firm in December 2018, and oil and gas supplier Shell is also a limited partner.
Autotech’s exits to date include publicly-listed ride hailing service Lyft, which raised $1bn in a series F round featuring the firm in 2015, and automotive perception software developer Deepscale, which was purchased by electric car producer Tesla in October 2019.
The firm’s portfolio currently includes used car marketplace Frontier Car Group, peer-to-peer recreational vehicle rental service Outdoorsy and smart radar technology provider Metawave.
Dan Tram, investment director for Volvo Group Venture Capital, said: “The investment provides Volvo Group Venture Capital with an enhanced deal flow but also access to deep industry knowledge and relevant networks.”