US-based venture capital firm Autotech Ventures launched its first fund yesterday having raised more than $120m from limited partners including several corporates in the automotive industry.
Autotech makes investments in companies focused on ground transportation technology, in areas such as vehicle technology, mobility services, electric vehicle (EV) charging, and ancillary services such as insurance or repair.
The firm had already disclosed a $10m investment by clean vehicle technology provider BorgWarner and a $15m contribution from car safety equipment producer Autoliv, but the fund’s LPs also include car parts manufacturers Denso, Mahle and Murata Manufacturing, according to VentureBeat.
In addition, the fund has raised capital from “dozens” of other LPs that include carmakers, repair service chains and dealership groups, leasing firms, refuelling station network operators and trucking companies, Autotech said in a statement.
Quin Garcia, founding managing director of Autotech, said: “Our mission is to form bridges between our portfolio companies, our corporate partners and our many other contacts in the transportation sector to commercialise solutions to society’s most pressing transportation challenges.”
Autotech’s portfolio companies so far consist of ride hailing service Lyft, which it backed as part of a $1bn series F round at the end of 2015.
DeepScale, recreational vehicle sharing service Outdoorsy, trucking communication platform Realine, EV charging network Volta Charging and tucking analytics technology developer Work Truck Solutions have also received funding from the firm.