Nokia Enters Connected Vehicle Fight With $100M Investment Fund
Having moved its smartphone business to Microsoft, Nokia’s next project is a $100 million investment fund for companies specializing in smart cars.
BBC News reports the fund will be administered by Nokia Growth Partners, while Nokia itself aims to bring its navigation offerings — one of three key points the Finnish company will pursue alongside networks and new technologies — into the connected car market.
Nokia is only the latest to enter into the fray, with Google, BlackBerry, Apple and Intel — who has its own $100 million fund for the rapid development of Internet-connected vehicles — seeking to make their mark on the potentially disruptive market. While Google’s Android will soon find its way into offerings by Hyundai and Audi, Apple’s iOS-based CarPlay has found partners in Ferrari and BMW.
As for what’s at stake for all who enter, the connected car market promises to not only bring the smartphone experience into the vehicle, but to connect vehicles with each other, altering driving behaviors while increasing safety as NGP partner Paul Asel explains:
For the last few years there has been a surge in innovation that has brought technological advances leading to safer, cleaner, increasingly connected, intelligent and more affordable vehicles. Vehicles are becoming a new platform for technology adoption very similar to phones or tablet.
No one wants to pay extra fees.
What exactly happened to Nokia between ultra-popular candy bar phone (as pictured) and now, with no market share (really) at all? I remember back in high school (around 02-03) when people started getting phones. I was very envious of their Nokia candy bar phones... Until I got a Kyocera slider. Then they envied me.