Intel to Invest $100 mn in Car Technology

American chip maker, Intel announced the establishment of a fund of $100 million to accelerate technology innovation in the automotive industry, in a move to expand its reach beyond computer chips.

The new Intel Capital Connected Car Fund will be invested globally over the next 4 to 5 years in hardware, software and services companies developing technologies to promote new in-vehicle applications and enable the seamless connection between cars and any connected device.

In addition to the fund, Intel also announced several other new initiatives to spur car technology innovation, including the opening of a new global automotive innovation and product development center in Karlsruhe, Germany.