Tech

Automotive Ventures Closes Inaugural Fund to Invest in Early-Stage Auto Tech Companies

Automotive Ventures Closes Inaugural Fund to Invest in Early-Stage Auto Tech Companies

ATLANTA, June 8, 2021 /PRNewswire/ — Automotive Ventures, the company that supports automotive technology entrepreneurs, businesses, and investors with industry-specific resources, strategic consulting, and extensive connections, has announced the final closing of its inaugural venture fund, Automotive Ventures Fund I




Automotive Ventures announces the final closing of its inaugural venture fund, Automotive Ventures Fund I.

“Fundraising during a global pandemic had its challenges, but I’m pleased to report that the fund was oversubscribed with more than $7 million in committed capital that we’re eager to deploy into early-stage automotive tech companies,” said Automotive Ventures CEO and Founder Steve Greenfield. “Despite only kicking off the fundraise in the latter half of 2020, the motivation to launch a fund has been building for far longer. We’ve witnessed a shortage of institutional capital for early-stage auto tech companies for decades

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China Tech Giants Bet $19 Billion on Global Electric Car Frenzy

China is shaping up to be the first real test of Big Tech’s ambitions in the world of carmaking, with giants from Huawei Technologies Co. to Baidu Inc. plowing almost $19 billion into electric and self-driving vehicle ventures widely seen as the future of transport.

While Apple Inc. has long had plans for its own car and Alphabet Inc. has Waymo, its autonomous driving unit, the size — and speed — of the move by China’s tech titans puts them at the vanguard of that broader push. The lure is an industry that’s becoming increasingly high tech as it pivots away from the combustion engine, with sensors and operating systems making cars more like computers, and the prospect of autonomy re-envisioning how people use will them.

As the world’s biggest market for new-energy cars, China is a key battlefield. Established automakers like Volkswagen AG and General Motors Co. are already

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Chinese and other tech giants bet on smart car revolution

The electric car sector is becoming increasingly crowded as more tech companies jump on the bandwagon, pushing a radical shake-up of the 138-year-old global auto industry.

Chinese smartphone giant Xiaomi is the latest newcomer in the electric vehicle, race with a plan to invest $10 billion over the next decade. At a March event unveiling the company’s plans, billionaire founder and CEO Lei Jun called the new initiative “the most significant decision in Xiaomi’s history” and said it will require “full efforts for at least five to 10 years.”

Rumors of Xiaomi’s push into carmaking have been around for a while as the world’s third-largest smartphone manufacturer faces growing pressure to find a new source of growth outside the saturated phone market. The initiative reinforces a trend among tech companies to bet on a revolutionary transition to electric vehicles that are increasingly autonomous and connected.

Shortly before Xiaomi’s announcement, Chinese

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Northeast Metro Tech students repair car for Haverhill National Guard veteran

Over the last few months, students from Northeast Metro Tech in Wakefield partnered with a local nonprofit to repair and present a Ford C-Max hybrid car to a Haverhill National Guard veteran .

Maria Roca, said after her car stopped working, taking care of three young children as a single mother became much more difficult. The National Guard then introduced her to Second Chance Cars, a Concord-based nonprofit that provides donated cars to low-income veterans, healthcare workers, and people leaving prison, according to a statement from the school.

Roca, a 19-year veteran, received the car on Tuesday from students and staff at the regional technical high school.

“I’m relieved to say that we got a car — my kids are super excited, and I can now go shop and get to my medical appointments,” she said in the school’s statement.

Initially, Northeast Metro Tech intended to have students in the

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