Here Ye! Here Ye! Nokia has not given up on HERE mapping and location technology.- Nokia is investing one hundred million dollars ($100M) in the Connected Car fund to be managed by Nokia Growth Partners (NGP). The fund invests in companies for new innovative connected and smart vehicles.
Along with the investment Nokia provided some great fun stats about connected cars.
- Annually global auto data grows 100x.
- There are 2.7 million map changes made each to HERE maps.
- 1/4 of U.S. City traffic comes from seraging for parking.
- There are 850 million cars/trucks on the road and only a few per cent are connected.
- !0 Million cars sold each year are powered by here in dash services.
- 36% of drivers consider car sharing an alternative to car ownership in the United States.
The NGP fund, working closely with HERE, will make investments that also support the growth of the ecosystem around HERE’s mapping and location products and services. This brings the total of investment managed by NGP up to seven hundred million dollars ($700M).
As an independent VC sponsored by Nokia, NGP has a strong track record of investing in technology companies that have made an impact in their respective industries globally, including Rocket Fuel, Heptagon and UCweb. The Connected Car fund will be the fourth fund that NGP has managed on behalf of No