Ad
Ad
Ad
Ad
© Porsche AG General | October 08, 2018

Porsche increases investment in start-ups by €150 million

Porsche says that it has increased its total investment in venture capital activities by EUR 150 million for the next five years. The objective is to gain access to trends, new technologies and business models.
The company says that it is focusing on investments in business models relating to the customer experience, mobility and digital lifestyle, as well as on future technologies such as artificial intelligence, blockchain and virtual and augmented reality. Through its venture capital activities, the sports car manufacturer is seeking to invest in new companies that are in the early and growth phases, a press release reads.

“To continue building on the success that we have enjoyed over the past few years, we must fundamentally change our business model. Porsche has always been among the pioneers of the automotive industry. To date, innovation has been driven to a large degree by technology and with strong links to our current core competencies. In some cases, the changes that are now becoming necessary are linked to topics beyond our main fields of expertise. With this in mind, it is essential that we build a strong ecosystem with competent partners”, explains Lutz Meschke, Deputy Chairman and Member of the Executive Board for Finance and IT at Porsche AG.

A minority shareholding in Berlin-based start-up “Gapless” represents the latest investment made by Porsche Ventures. This new company allows customers to digitally manage their vintage vehicles, including the entire vehicle history, and share this information with other users in a secure format that prevents forgery. To offer this service, the start-up is developing a solution based on blockchain technology designed to maintain or increase the value of collector’s pieces.

The German company has also recently invested in fast-growing technology company WayRay. This Zurich-based start-up develops and produces holographic augmented reality head-up display technologies and is working on the ability to seamlessly integrate virtual objects into the driving experience. Porsche bought into WayRay as a strategic lead investor during the Series C funding round. The total value of the financing round is USD 80 million. In addition, the Stuttgart-based sports car manufacturer holds shares as a strategic investor in start-ups Anagog, Miles and home-iX, as well as technology and sports car company Rimac.
Ad
Ad
Load more news
December 13 2018 1:08 pm V11.10.14-1