Specifically, the manufacturer said it was looking to invest in strategic technology trends that are transforming the industry, such as artificial intelligence, electrification, autonomous driving and digital mobility services.
The first strategic investment as part of the tech fund is a seed round investment into a California-based technology firm developing advanced sensors, underlining Volvo Cars’ growing presence in the technology hub of Silicon Valley.
Volvo said companies it invests in could potentially gain access to the Chinese market, through Volvo’s Geely connection, as well as getting an opportunity to access to Volvo Cars’ global network of automotive and technology partners.
Zaki Fasihuddin, currently vice president of strategic partnerships in the Volvo Cars Silicon Valley Technology Center, has been appointed chief executive officer of the Volvo Cars tech fund.
“We seek to invest in companies that can provide us with strategic access to new technologies, capabilities and talent,” said Fasihuddin.
“By supporting promising young firms at the forefront of technological development and providing them with both capital and strategic value, we aim to strengthen our leading role in the industry’s technological transformation.”
“We work closely with promising technologies, and when we see value creation potential for us as a user, we can now also invest to help accelerate the venture,” said Mats Moberg, board member for the tech fund and Vice President for R&D at Volvo Cars.