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Nokia to Pump $100 Million into In-Car Entertainment Developers

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Nokia has announced plans to invest USD100 million into companies developing in car telematics services.

Nokia is already a player in the automotive industry providing location intelligence for connected vehicles through it's mapping service, branded as Here.

The Nokia Growth Partners (NGP) fund, working with Here, will seek to make investments that also support the growth of the ecosystem around Here's mapping and location products and services.

"For the last few years there has been a surge in innovation that has brought technological advances leading to safer, cleaner, increasingly connected, intelligent and more affordable vehicles. Vehicles are becoming a new platform for technology adoption very similar to phones or tablets," said Paul Asel, Partner at Nokia Growth Partners.

The Connected Car fund extends NGP's global investment activities in the U.S., India, China and Europe where Nokia Growth Partners continue to invest in high potential businesses. The new fund brings Nokia's commitments managed by NGP to USD700 million.

The Connected Car fund will be the fourth fund that NGP has managed on behalf of Nokia over the past decade.

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Tags: nokia  telematics  m2m