Lear Innovation Ventures (LIV), the corporate venturing arm of US-based automotive component manufacturer Lear Corporation, invested an undisclosed sum in transportation-focused venture capital firm Autotech Ventures on Tuesday.
Autotech Ventures focuses on software, services and electronics startups that facilitate the development of autonomous and connected vehicles and related services. Another automotive corporate venturing unit, Volvo Group Venture Capital, made a commitment to its latest fund last month.
LIV partners early-stage innovative technology companies, venture capital firms, accelerators and incubators, and backed the second fund for another mobility-oriented VC firm, Maniv Mobility, in March 2019.
Lear Corporation’s chief technology officer, John Absmeier, said: “With Autotech Ventures’ deep industry network and focus on identifying emerging trends in the automotive market, this is an excellent opportunity for LIV.
“As consumer demand increases for intelligent mobility and experience-enabling technologies, we are focused on making every drive better through strategic investment and purpose-driven innovation.”
