Volvo Cars launches investment fund for technology startups

Volvo Cars has decided to launch a new investment fund targeting high-potential tech startups around the world. With the Volvo Cars Tech Fund, the brand focuses its attention on technology trends that are transforming the industry, such as artificial intelligence, electrification, autonomous driving and digital mobility services.
 
The Technological Fund's first investment is in a company in California, in the United States, that develops advanced sensors, underscoring the brand's growing presence in the technological center of Silicon Valley.
 
Companies will benefit in many ways from participating in the Volvo Cars Tech Fund. In addition to partnering with one of the world's leading premium automakers, startups will be able to acquire the ability to validate their technologies and accelerate the pace of their products' market fit.
 
In addition, these companies will have the opportunity to benefit from Volvo Cars' privileged access to the Chinese market – its largest – as well as its global network of automotive and technology partners.
 
Current Vice President of Strategic Partnerships at the Volvo Cars Silicon Valley Technology Center, Zaki Fasihuddin, has been named CEO 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 the executive. "By supporting promising companies at the forefront of technological development and providing them with strategic capital, we strengthen our leadership role in transforming the industry."
 
"We work closely with promising technologies, and when we see the potential to create value for us as a user, we can now also invest to help accelerate the venture," said Mats Moberg, member of the Tech Fund Board of Directors and vice-president. President of Research & Development at Volvo Cars.
 
The launch of the Volvo Cars Tech Fund is part of an ongoing drive for innovation at Volvo Cars and the acceleration of the company's digital transformation. Last year, the brand established a digital organization in Silicon Valley, providing an additional hub for the company's technology and services development.