Volvo Cars is accelerating its digital transformation by launching a new investment fund for technology startups.
The iconic Swedish vehicle manufacturer is planning to strengthen its handle on the technologies which are transforming the industry through a series of investments in up-and-coming firms.
With a special focus on enhancing its adoption of artificial intelligence, electrification, autonomous driving and digital mobility services, Volvo Cars will foster mutually-beneficial partnerships with innovative tech startups.
Zaki Fasihuddin, currently Vice President of Strategic Partnerships in the Volvo Cars Silicon Valley Technology Center, has been appointed CEO of the fund.
"We seek to invest in companies that can provide us with strategic access to new technologies, capabilities and talent,” he said.
"By supporting promising young firms at the forefront of technological development and providing them with both capital and strategic value, we aim to strengthen our leading role in the industry’s technological transformation."
Last year, Volvo Cars also acquired the assets and key personnel of Luxe, a US-based premium valet and concierge service. This acquisition provided a major boost to Volvo Cars’ development of digital services.