New venture capital fund focuses on next-generation mobility.
Renault-Nissan-Mitsubishi has announced the launch of Alliance Ventures, a new corporate venture capital fund that plans to invest up to $1 billion to support open innovation over the next five years.
In its first year, the fund expects to invest up to $200 million in start-ups and open innovation partnerships with technology entrepreneurs focused on new mobility, including vehicle electrification, autonomous systems, connectivity and artificial intelligence.
“Our open innovation approach will allow us to invest and collaborate with start-up companies and technology entrepreneurs, who will benefit from the global scale of the Alliance,” said Carlos Ghosn, Chairman and CEO of Renault-Nissan-Mitsubishi. “This new fund reflects the collaborative spirit and entrepreneurial mind-set at the heart of the Alliance.”
The first deal by Alliance Ventures will be a strategic investment in Ionic Materials, a promising US-based company which is developing solid-state cobalt-free battery materials.