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Nokia Creates $100 Million Fund for Connected Cars

Nokia Growth Partners has created a $100 million “Connected Car Fund,” earmarked for companies developing “disruptive” technology for automobiles. It represents a new direction for the Finnish communications company, which just completed the sale of its mobile business to Microsoft. “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,” said Paul Asel, a partner with the company’s venture arm, in a statement. “Vehicles are becoming a new platform for technology adoption very similar to phones or tablets.”

This article originally appeared on Recode.net.