Intel Capital has revealed its plans to set up a $100 million fund to invest on cars. The chip maker is making this move to go beyond computer chips and speed up technological innovation in automotive industry.
The company plans to invest this latest Intel Capital Connected Car Fund over a period of 4 to 5 years worldwide. The company stated that they will be working on software, hardware and various services companies which are engaged in developing different technologies for promoting newer in-vehicle apps as well as establish seamless connectivity among cars and connected devices.
Head of Intel's investment division, Arvind Sodhani, said, "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 has cited few market research results that estimate that by the year 2014 automobiles will become "one among the top three fastest growing industry" for internet content as well as for connected devices.
Intel, along with the announcement of this fund, also disclosed many other latest initiatives for motivating innovation in car technology including opening of a new global automotive innovation as well as product development centre in Karlsruhe.
[Source: Venture Beat]