The corporate venture arm of automaker Stellantis has invested about one-third of its 300 million euro ($324M) fund into 10 startups that cover everything from battery technology and holographic augmented reality to sustainable manufacturing and even e-bikes.
Stellantis Ventures said Wednesday it also invested in an unnamed venture capital firm’s mobility fund. Stellantis didn’t disclose how much it invested in each company. Nor did it name the mobility fund.
It did share where it has put its money so far. Three of those companies — computer vision firm Nauto, connected ebike and app startup Beweelsociety and Trails Offroad — have services rolling out this year within Stellantis’ ecosystem of products.
Nauto, which uses computer vision, software and data to improve safer driving in commercial fleets, is bringing its mobile app and cloud services to Stellantis’ U.S. commercial fleet vehicles this summer. Trails Offroad has created a digital library of more than 3,000 offroad trail guides in the U.S. and Canada. This summer, select new Jeep vehicles will gain access to more than 200 trail guides, including the 62 Jeep Badge of Honor trails. The full catalog will be offered as a subscription service, according to the company.
Meanwhile, Stellantis said it has tapped beweelsociety to help it push into other forms of mobility beyond cars, trucks and SUVs. Beweelsociety has developed connected e-bikes as well as an app that provides, financing, insurance, maintenance and anti-theft services for cyclists. The first e-bikes will be available to buy in Europe in the last quarter of 2023.
Stellantis Ventures said it has also invested in seven other startups, some of which were announced earlier this year, including holographic augmented reality startup Envisics and lithium-sulfur battery developer Lyten. The remaining investments include sustainable manufacturing company 6K, satellite positioning tech firm Geoflex, battery management software startup Electra Vehicles, a venture called NetZero that turns agriculture residues into biochar and Viaduct, a vehicle analytics software company focused on quality and maintenance.
Driving force behind the venture firm’s investment strategy is the automaker’s so-called “Dare Forward 2030” strategic plan, head of Stellantis Ventures Adam Bazih said during a media briefing ahead of the announcement. Stellantis Ventures and its $300 million was announced in March 2022 as part of the automaker’s “Dare Forward 2030” strategic plan that aims to cut emissions in half by 2030. Stellantis is using 2021 emissions levels as its baseline. To reach that goal, Stellantis has said 100% of passenger car sales in Europe and 50% of passenger car and light-duty truck sales in the United States will be battery electric by the end of the decade.
“We kind of take a bifurcated approach and that we like the earlier stage opportunities, but we also are interested in some of the growth or more mature opportunities as well, which I think is reflected in that portfolio,” Bazih said, adding that all of the companies align with the needs of Stellantis and its Forward 2030 goals.
Bazih said about one-third of the fund will be invested each year. If that timelines holds, the entire 300 million euro fund will be fully vested by 2025.
Stellantis has invested about one-third of its 300M euro fund into 10 startups by Kirsten Korosec originally published on TechCrunch
