Nokia Growth Partners (NGP), the venture capital firm sponsored by communications equipment maker Nokia, closed a $350m fund on Saturday that will invest in internet of things (IoT) technology companies.
The fund will back companies developing connected enterprise, consumer solutions, connected car and digital health technologies, in addition to those based on capabilities in big data and analytics.
IoT technology is used by Nokia in secure connectivity for its networks, as well as distributed cloud products and platforms that have apps and analytics for specific services.
The company also intends to access new IoT-facilitated industries for connected mobility, smart cities, public safety, healthcare and connected home appliances.
Bo Ilsoe, NGP’s managing partner, said: “Connecting everything through IoT solutions is the next big technological wave and it will affect all aspects of our lives. We are excited to continue working closely with Nokia to build the ecosystem while increasing partnering and company success.”
NGP, which invests across the US, Europe, India and China, now has more than $1bn under management, about half of which is available for new investments.
Rajeev Suri, president and CEO of Nokia, said: “The $350m internet of things investment fund, tasked with finding and funding the best entrepreneurs across the world, reflects our strong intent to be a leader in the technologies that connect people and things, while establishing successful partnerships for both Nokia and the investee companies.”