US-based tire manufacturer Goodyear Tire and Rubber Company launched a $100m corporate venture capital vehicle known as Goodyear Ventures at the Consumer Electronics Show yesterday.
Goodyear produces a range of vehicle tires in addition to running service centres and providing synthetic rubber and chemical products. It already operates innovation centres in the state of Ohio and the nation of Luxembourg but has not so far been active in corporate venturing.
The newly formed fund will concentrate on automotive technologies such as autonomous and electric vehicle development, urban aircraft, connected mobility, new tire materials, fleet management systems and innovative public transport.
Richard J. Kramer, chairman, president and CEO of Goodyear, said: “Goodyear is a technology-driven mobility company that seeks out and partners with other mobility thought leaders ranging from small startups to proven business models.
“Goodyear Ventures will take this effort to the next level to engage and shape how people move in the future.”
The cash is intended to be deployed over a 10-year period but Goodyear is yet to confirm who will be heading the fund. Portfolio companies will receive access to its product development and manufacturing resources and technology.
