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Nokia to invest $100 million in mobile technology for cars

May 05, 2014, 15:49 UTC+3 MOSCOW

“Vehicles are becoming a new platform for technology adoption very similar to phones or tablets,” company officer says

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© AP Photo/Lehtikuva, Jussi Nukari

MOSCOW, May 05. /ITAR-TASS/. Finnish corporation Nokia will establish a fund to invest in mobile technologies and software for cars after recently selling its mobile telephone unit to Microsoft, says the company’s report.

Nokia will invest $100 million in a fund to be managed by Nokia Growth Partners (NGP), set to be NGP’s fourth venture fund created in the last 10 years. NGP will now manage a total of $700 million Nokia commitments.

In the market of mobile technology for cars, Nokia is already represented with HERE maps. NGP will work in partnership with HERE to invest in projects that sustain development of goods and services founded on HERE navigation services, says the report.

“Vehicles are becoming a new platform for technology adoption very similar to phones or tablets,” the report quotes NGP partner Paul Asel as saying.

Car mobile technologies are also a business pursued by major smartphone producer Apple. In March 2014, the corporation presented a CarPlay service featuring multi-media and communication opportunities as well as integration with Apple iPhone and iPad. First cars equipped with CarPlay can emerge on the market as soon as this year, the company says.

Following its mobile unit sales, Nokia has proceded with the development of three sectors: NSN (a telecommunications equipment company), HERE (mapping and geolocation services) and Advanced Technologies (development of new technologies with later licensing).

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