Volvo Cars is planning to invest in technology start-ups with high potential through a recently launched investment fund.

The Volvo Cars Tech Fund is aimed at bolstering advancements in industry-shifting technologies from around the globe, including in the areas of artificial intelligence, electrification, autonomous driving, and digital mobility services. Volvo Cars says that participating in the fund will not only give start-ups an association with them as a global premium automaker but will also give them a vehicle for validating their technologies and accelerating their pace of ultimately producing and selling their products. This is particularly true of China, which is currently Volvo Cars' largest market.

As a first investment, the fund is backing a Silicon Valley-based technology firm that's working on developing advanced sensors.

"We seek to invest in companies that can provide us with strategic access to new technologies, capabilities and talent," said Zaki Fasihuddin, who has been promoted to CEO of the Volvo Cars Tech Fund after serving as VP of Strategic Partnerships in the Volvo Cars Silicon Valley Technology Center. "By supporting promising young firms at the forefront of technological development and providing them with both capital and strategic value, we aim to strengthen our leading role in the industry's technological transformation."

"We work closely with promising technologies and when we see value creation potential for us as a user, we can now also invest to help accelerate the venture," said Mats Moberg, Board Member for the Tech Fund and Vice President for R&D at Volvo Cars.

More information about the fund can be found at https://group.volvocars.com/company/innovation/volvo-cars-tech-fund .