Stoneridge, a New York-listed automotive components manufacturer, has committed $10m to a fund managed by US-based venture capital firm Autotech Ventures.
Autotech funds companies developing new technologies or business models that can enhance the ground-based transportation space.
Corporations including Denso, Mahle and Murata Manufacturing had joined existing backers like BorgWarner and Autoliv to help increase the firm’s first fund to $120m in July 2017.
Laurent Borne, chief technology officer for Stoneridge, said: “A presence in Silicon Valley will help us identify and invest in opportunities that will drive the future of ground transportation.
“We look forward to working with the Autotech team and their current and future portfolio companies to accelerate our innovation pipeline, build on our existing portfolio and continue to refine our product roadmap to align with industry megatrends.”
Autotech’s current portfolio includes Deepscale, a provider of sensor fusion perception solutions for autonomous vehicles; Metawave, a provider of metamaterial antennas for advanced driver-assistance systems; Xnor.AI, which develops artificial intelligence algorithms for edge devices; and ride hailing platform Lyft.
