A thin film that can be integrated into a car’s windshield to display virtual objects as if they were located further down the road. An automated vehicle-inspection system that uses cameras and artificial intelligence to point out wear and tear on used cars. A lightweight material based on natural fibers that can replace plastic.
Those are three projects being developed by companies that have received investments from the Volvo Cars Tech Fund, the automaker’s venture capital investment arm.
They’re also the sort of forward-looking technologies being sought by other automaker-affiliated venture capital funds.
Speeding the Adoption of New Technologies
One new player is Stellantis Ventures, the launch of which was announced by the automaker on March 16. As the Stellantis’ first venture capital fund, it will initially invest €300 million ($327 million) in technologies that could be deployed within the automotive and mobility sector.
The company says it aims to speed the adoption of new technologies ranging from autonomous driving and advanced materials to FinTech and virtual reality.
“The market is changing, the technology is changing and the way we relate to our customers is changing,” Stellantis Chief Technology Officer Ned Curic said in a statement. “Stellantis Ventures will accelerate our transformation as we adopt new technologies developed by innovative startups, while fostering their growth potential.”
Modernizing Manufacturing
Another venture capital firm, Toyota Ventures, announced its third global “call for innovation” on March 17. This call focuses on finding scalable solutions to modernize manufacturing and advance sustainable production.
Beyond that, like Stellantis Ventures, it suggests interest in a wide scope of projects including 3D simulation, energy efficiency and worker training and safety. Qualified entrepreneurs are invited to apply by May 31 for an opportunity to receive up to $2 million in venture capital funding.
“With the 2022 call for innovation, we are looking to support talented startup teams that are developing smarter and more sustainable factories of the future,” Toyota Ventures Founding Managing Director Jim Adler said in a statement. “There are a host of challenges facing the supply chain and manufacturing industry — it’s a critical time, and we see this as a perfect opportunity for startup teams with bold ideas and solutions to accelerate the Industry 4.0 transformation.”
Toyota Ventures has more than $500 million in assets under management. Its first call for innovation was held in 2018 and focused on robotic startups, while its second was held in 2020 and looked for technologies around smart and connected cities.
Implementing New Systems
And those investments made by the Volvo Cars Tech Fund? The automated vehicle-inspection systems from UVeye are now available to Volvo retailers in a program announced March 10 by Volvo Car USA. Saying the new systems will further strengthen the automaker’s reputation for product quality and safety, Volvo Car USA hopes a majority of its independent retailers will implement them.
“This is a homerun for Volvo Cars and our retailers,” Rick Bryant, vice president for sales operations at Volvo Car USA, said in a statement. “UVeye’s automated systems will add a new level of credibility to the inspection process for us, for our retailers and for our customers.”
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