Car safety equipment manufacturer Autoliv has provided $15m in capital for Autotech Ventures, a US-based venture capital fund focusing on digital ground transport technology.
Autotech invests in startups developing emerging technologies associated with mobility services and connected, autonomous and energy-efficient vehicles. A December 2016 regulatory filing indicated that the fund had then raised $49.8m on its way to a $150m target for its close.
Clean vehicle technology producer BorgWarner invested $10m in the fund in April this year, and Autotech’s existing backers include automotive systems maker Denso, auto parts producer Mahle and electronic components manufacturer Murata Manufacturing.
Jan Carlson, Autoliv’s chairman and CEO, said: “The automotive industry is in a period of unprecedented change. The combination of increased focus on autonomous driving, environmental concerns and shared mobility leads to new opportunities for industry leaders such as Autoliv.
“The Autotech Ventures fund gives us a way to review a high number of innovative startup companies, particularly in the areas of automation and autonomous driving which are core to our strategy.”