GÖTEBORG, Sweden, Dec. 9, 2019 /PRNewswire/ -- Volvo Group
Venture Capital AB has invested in Autotech Ventures - a leading
American venture capital fund focusing on start-ups in the ground
transportation sector.
Autotech Ventures is a venture capital firm located in Silicon
Valley managing over $200 million
that focuses on the $3 trillion
ground transportation sector.
Connected, autonomous, electrified vehicles and related mobility
services have created shifts in the ground transportation industry.
The Autotech Ventures team combine deep knowledge and insights from
the ground transport sector with vast experience from venture
capital investing.
"Through the co-operation with Autotech Ventures we look forward
to interact with more world-class start-ups transforming our
industry," says Anna Westerberg
acting CEO of Volvo Group Venture Capital and Senior Vice
President, Volvo Group Connected Solutions.
"The investment provides Volvo Group Venture Capital with an
enhanced deal flow but also access to deep industry knowledge and
relevant networks," says Dan Tram Investment Director, Volvo Group
Venture Capital based in Silicon Valley.
The role of Volvo Group Venture Capital is to make investments
in innovative companies at the forefront of service orientation as
well as product differentiation and to support collaboration
between startup companies and the Volvo Group.
Based on the trends shaping the future of transportation and
Volvo Group strategic priorities Volvo Group Venture Capital focus
investment areas are today Autonomous Solutions, Connected Services
and Electromobility. The scope is global with a focus on
Europe and North America.
The transaction has no significant impact on the Volvo Group's
earnings or financial position.
For more information, please visit
volvogroup.com/press
The Volvo Group is one of the world's leading manufacturers of
trucks, buses, construction equipment and marine and industrial
engines. The Group also provides complete solutions for financing
and service. The Volvo Group, which employs almost 105,000 people,
has production facilities in 18 countries and sells its products in
more than 190 markets. In 2018 the Volvo Group's sales amounted to
about SEK 391 billion (EUR 38,1 billion). The Volvo Group is a
publicly-held company headquartered in Göteborg, Sweden. Volvo shares are listed on Nasdaq
Stockholm.
For further information, please contact:
Claes Eliasson, Volvo Group Media
Relations, +46 31 323 72 29.
volvogroup.com/press
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SOURCE AB Volvo