Renault-Nissan-Mitsubishi have launched a new corporate venture capital fund that plans to invest up to $1 billion to support open innovation over the next five years.
In its first year, the fund expects to invest up to $200 million in start-ups and open innovation partnerships with technology entrepreneurs focused on new mobility, including vehicle electrification, autonomous systems, connectivity and artificial intelligence.
Dubbed Alliance Ventures, the fund is set to become the largest corporate venture capital fund in the automotive industry over the period of Alliance 2022.
In a statement, Carlos Ghosn, chairman and chief executive officer of Renault-Nissan-Mitsubishi, said: “Our open innovation approach will allow us to invest and collaborate with start-up companies and technology entrepreneurs, who will benefit from the global scale of the Alliance. This new fund reflects the collaborative spirit and entrepreneurial mind-set at the heart of the Alliance.”
Alliance Ventures will be led by François Dossa, who has over 20 years of experience in investment banking, plus six years of experience within the Alliance, most recently, as chief executive officer of Nissan Brazil.
The deal will see them increase revenues, cut costs on electrification, autonomous drive systems and vehicle connectivity and as well launch 12 pure electric models by the end of the plan and bring to market 40 vehicles with autonomous drive technology and developing robo-vehicle ride-hailing services