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Nokia earmarks $100m for connected cars

Telecoms vendor sets up VC fund for companies working in niche area

Suri: The connected car is a significant growth opportunity.
Suri: The connected car is a significant growth opportunity.

Finnish telecoms equipment vendor Nokia today announced it was setting up a $100m fund to invest in companies working on connected cars.

The fund will be administered by the firm’s venture capital division Nokia Growth Partners and funded ventures will be supported by the HERE mapping unit.

"Our new $100m venture fund launched today further underlines our belief that the connected car is a significant growth opportunity," Nokia chief executive Rajeev Suri said in a statement.

Nokia, which recently completed the sell-off of its mobile handsets division to Microsoft Corp, is now relying on telecoms vendor unit Nokia Solutions and Networks for most of its revenue. A foray into connected cars could help flesh out the company’s portfolio.