Nokia Growth Partners, the venture arm of Nokia that invests in startups and technology companies, today raised another round of funding of $350 million from the parent company. This fund would be used for investments in IoT firms and IoT startups.
This was announced by Nokia CEO & President Rajeev Suri at ongoing Mobile World Congress in Barcelona.
The fund will invest in promising companies primarily around Connected Enterprise, Consumer Solutions, Connected Car and Digital Health, as well as enabling technologies with a focus on capabilities in big data and analytics. NGP’s reach spans the US, Europe, India and China.
With this new fund of $350 million from Nokia, the total capital available for investment in IoT ecosystem is $500 million and the total asset available under NGP or Nokia growth partners touches $1 billion, the company said in a statement.
“The $350 million Internet of Things investment fund, tasked with finding and funding the best entrepreneurs across the world, reflects our strong intent to be a leader in the technologies that connect people and things, while establishing successful partnerships for both Nokia and the investee companies,” said Nokia President and CEO Rajeev Suri.
“Connecting everything through IoT solutions is the next big technological wave and it will affect all aspects of our lives. We are excited to continue working closely with Nokia to build the ecosystem while increasing partnering and company success,” said NGP Managing Partner Bo Ilsoe. “With the new commitment from Nokia, NGP has more than USD 500 million of fresh capital to deploy behind the best entrepreneurs and teams out there.”
Some of the firms where NGP as invested include GanJi and UCMobile.
The fund will support Nokia in defining future business opportunities and the technical underpinnings for the rapidly growing IoT market. Working closely with operators, enterprises and a strong ecosystem of partners through its IoT community, Nokia combines its mobile and fixed network infrastructure assets with secure IoT connectivity, distributed cloud, as well as IoT platforms with applications and analytics and individualized services. Nokia expects IoT to create new industries and opportunities in connected mobility, smart cities, public safety and healthcare and the connected home.