Porsche investing €150 million in startups – focusing on AI and blockchain technologies
Porsche has announced it is increasing its total investment in venture capital activities by €150 million for the next five years.
By making this move, the German automobile manufacturer intends to gain access to new technologies, trends and business models. Porsche Ventures, being a strategic investor, is aiming to invest in business models that involve mobility, digital lifestyle and customer experience, along with futuristic technologies like AI, blockchain, VR and AR. The company is looking to invest in startups that are still nascent and in their growth phases.
For instance, Porsche Ventures’ latest investment includes Berlin-based start-up “Gapless” – a company that 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. In order to offer this service, the startup, which currently has nine members in the staff, is developing a blockchain-based solution that is mainly developed to increase the value of collector’s pieces.
The company has also invested in WayRay, a Zurich-based fast-growing tech firm which develops and produces holographic AR head-up display technologies and is working on the ability to seamlessly integrate virtual objects into the driving experience. Moreover, Porsche holds shares as a strategic investor in start-ups Anagog, Miles and home-iX, and technology and sports car company Rimac.
Earlier this year, Porsche Consulting entered into a strategic partnership with UnternehmerTUM, the Centre for Innovation and Business Creation at the Technical University in Munich. The management consultancy aims to bring the use of AI in actual practice by collaborating with established firms, start-ups, and scientists. And to achieve this, the company launched appliedAI initiative that focuses on expanding its own range of services offered in the fields of analytics and AI. Projects conducted under this initiative will be supported by teams made up of consultants and AI experts who will monitor from the start to the test run.
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