Nokia to invest $100 million in connected cars market

Nokia to invest $100 million in connected cars market

Now that it’s “lost” its Devices division to Microsoft, Nokia is looking elsewhere for business. And it wants to explore other growing markets, like connected cars.

To that end, the Finns are launching a $100 million venture fund to invest in auto technology companies across the globe. They are looking for promising startups and auto service companies involved in this nascent industry to help them with their mapping expertise.

Yup, at the heart of this initiative is Nokia’s HERE maps division which is looking to deliver the goodies — as in directions and local search results — beyond computers and mobile devices.

“Our new $100 million venture fund launched today further underlines our belief that the connected car is a significant growth opportunity,” said Nokia Chief Executive Rajeev Suri said in a statement.

Nokia is owner of Navteq, which maps are used by both personal navigation device and big auto makers. The company is also licensing its maps to the likes of Amazon.com, Microsoft and Yahoo.

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