NAIROBI, Kenya, Mar 2 – The investment arm of computing innovation company Intel Corporation plans to inject a $100 million investment fund to boost the automotive industry.
The Intel Capital Connected Car Fund is intended to accelerate innovation and the adoption of new technology and services in the auto sector.
The Fund will be invested globally over the next four to five years in hardware, software and services in companies developing technologies.
It is expected that from the investment new in-vehicle applications will be developed, enabling the seamless connection between vehicles and any connected device, including mobile devices and sensors.
“Technology has become an integral component of everyday life, with consumers demanding uninterrupted access to the Internet and the constant flow of information, news, entertainment, and social media,” Intel Capital President and Intel Executive Vice President Arvind Sodhani said.
Sodhani added that automobiles must be able to provide these same consistent and engaging computing experiences, but in a safe manner.
Intel Capital is the first global technology investment organization, headquartered in Silicon Valley, to announce a dedicated focus on automotive technology innovation.
The announcement is part of Intel’s ongoing work with automakers and in-vehicle infotainment suppliers to help integrate advanced technologies into cars.
Tapping into these new types of automotive technology will enable cars to communicate with the cloud, the transportation infrastructure and even other vehicles to provide additional services such as advanced driver assistance and real-time traffic information to optimise the flow of traffic.
“The car is the ultimate mobile device. By 2014, automobiles will be among the top three fastest-growing areas for connected devices and Internet content. Intel’s experience in developing personal computing, software, security and cloud computing technologies will bring a new level of innovation to the car to enhance the driving experience for both drivers and passengers.” Intel’s Automotive Solutions Division General Manager Staci Palmer revealed.