Nokia (NOK) may have sold its handset business to Microsoft (MSFT) but the company is looking to build its own empire in the smart car market.
The company announced the “Connected Car fund” today, a $100 million investment managed by Nokia Growth Partners. The money will go towards investing in up-and-coming companies in the intelligent vehicle sector.
Nokia Growth Partners will work closely with HERE, the company’s driving platform. HERE is an Android and Windows phones app that offers a navigation system and a cloud service with real-time traffic data.
The company said that it is looking to invest in smart vehicles in order to make it easier for customers to navigate.
“We believe that connected cars equipped with precise location awareness and sensor data can become powerful devices capable of helping drivers make sense of the world around them,” said HERE chief executive Michael Halbherr.
NOK stock is down about 0.8% Monday. MSFT stock is down 0.6%.
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