Intel Capital has launched a $100 million investment fund for automotive technology innovation, the first global technology investment organization headquartered in Silicon Valley to do so.
The Intel Capital Connected Car Fund will be invested globally over the next 4 to 5 years in hardware, software and services companies developing technologies to promote in-vehicle applications and enable seamless connection between vehicles and any connected device, including mobile devices and sensors.
Arvind Sodhani (President, Intel Capital and EVP, Intel): Technology has become an integral component of everyday life, with consumers demanding uninterrupted access to the Internet and the constant flow of information, news, entertainment, and social media.
“The car is the ultimate mobile device,” said Staci Palmer, general manager of Intel’s Automotive Solutions Division. “By 2014, automobiles will be among the top three fastest-growing areas for connected devices and Internet content (according to Gartner).
[Image Courtesy: Mercedes-Benz]