GOTHENBURG, Sweden – Volvo Group Venture Capital has invested in Autotech Ventures, a U.S. venture capital fund focusing on startups in the $3-trillion ground transportation sector.
Autotech Ventures currently manages investment worth more than $200 million, Volvo said.
The Autotech team combines deep knowledge and insights from the ground transport sector with vast experience from venture capital investing, it said.
“Through the co-operation with Autotech Ventures we look forward to interact with more world-class startups transforming our industry,” said Anna Westerberg, acting CEO of Volvo Group Venture Capital and senior vice-president at Volvo Group Connected Solutions.
It is the second investment announced by the company this month. On Thursday, Volvo said it had invested in California-based Apex.AI, to fund the development of a safety-certified software framework for autonomous systems.
Financial details of the deals were not revealed, but the company said they will have no significant impact on Volvo Group’s earnings or financial position.