Caryn listed several examples. “Big data will enable airlines to better understand their customers and deliver real-time one-to-one marketing experiences across all channels and at all stages of the customer lifecycle. Big data applications are, however, not limited to customer interaction. They will also lead to a better on-time performance, reduced fuel consumption or improved risk and safety management.”
He also explained that automation was entering “a new era with intelligent robots, driverless cars” illustrated by internet company Google, which has already acquired “eight leading robotics companies, spending over $8bn. The use of robots will lower costs and at the same time increase quality, speed and safety”.
General Motors’ corporate venturing unit GM Ventures participated in a $34m series C round for Proterra, which manufactures batteries for electric buses. The company also extended the partnership with telematics company Telogis by investing an undisclosed amount.
Waste Management’s venturing efforts supported companies such as waste-to-energy technology developer Harvest Power’s $20m series D round.
BMW iVentures meanwhile invested in electric vehicle charging station operator Chargepoint as part of the company’s series E round of undisclosed size. Chargepoint is also backed by Toyota Tsusho. BMW has previously invested in Chargemaster, which operates charging stations across the UK.
Ecomobilité Ventures, which invests on behalf of French rail company SNCF, oil major Total, car maker Peugeot and telecoms provider Orange, focused on the growing car-sharing market and participated in a €3m ($3.6m) funding round for OuiCar.
Daimler, which manufactures 60% of taxis in Germany, acquired taxi app MyTaxi, which it had previously backed as part of $13m series B round in 2012. The company also made headlines when it sold its stake in electric vehicle maker Tesla for $780m.
Logistic group UPS’s Strategic Enterprise Fund participated in a $2.8m seed round for Augmate, which has developed Google Glass software than can scan an environment and extract information. The software can be used for supply chain management, where it could show a user what inventory is missing and where.
Elsewhere, XAnge Private Equity, backed by several corporates including French mail service La Poste, participated in a $2.1m funding round in peer-to-peer borrowing platform Peerby and led a $8.2m series B in tag management company TagCommander. In total, XAnge invested more than $50m in more than half a dozen companies.
People
Johan Carlsson stepped down from his position as president of Volvo Group Venture Capital in October, handing the keys to Anna Westerberg. Westerberg had previously served as vice-president of product management at Volvo Penta, which provides internal combustion engines and power systems to the boating industry.
At Audi, Walter Streit, chief executive of corporate venturing unit Audi Electronics Venture, stepped down in July. Streit originally set up the unit in 2001. It is now being led by Peter Steiner, previously head of infotainment development at Audi.
Funds
Ireland-based airline Ryanair committed £10m ($15m) a year to Ryanair Labs, a technology innovation hub. The company set up a technology innovation hub in Dublin and is focused on launching startups that will improve the online travelbooking experience. Ryanair Labs has been on a hiring spree, offering 200 job opportunities on its launch. It was still seeking to fill a dozen positions at the time of writing. Robin Kiely, head of communications at Ryanair, said at the time: “We want to change the world of online travel and we are going to do that through Ryanair Labs. Ryanair Labs will offer the perks and culture of a startup without the downsides.”
Finland-based mobile device manufacturer Nokia also launched a $100m Connected Car Fund that will invest in companies developing technology for connected and intelligent vehicles. The fund will be managed by Nokia’s corporate venturing unit, Nokia Growth Partners, which will work closely with Here, a Nokia subsidiary that provides mapping and location products and services, in targeting startups for investment.
Paul Asel, a partner at Nokia Growth Partners, said: “For the last few years there has been a surge in innovation that has brought technological advances leading to safer, cleaner, increasingly connected, intelligent and more affordable vehicles. Vehicles are becoming a new platform for technology adoption very similar to phones or tablets.
Virgin, which had raised $300m for its first Virgin Green Fund in 2009, decided to wind down corporate venturing efforts when it cancelled plans to raise a second, $200m fund with Russia-based investment firm Rusnano Capital due to lack of interest from investors. Virgin began selling the remaining companies in its portfolio and returning capital to investors in April last year.
Honda set up a programme, Honda Developer Studio, for developers bringing smartphone apps into its vehicles. Since last December, Honda has enabled developers to test their apps in a prototype vehicle environment with Honda’s internal research and development teams on site.