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Nokia has to feel good about having a singular purpose once again, and thank goodness it’s aiming its efforts squarely at mapping and navigation.
Finnish mobile communications equipment maker Nokia on Monday said it had started a $100 million fund to invest in companies working on connecting cars.
The fund will be run by the company’s venture capital arm Nokia Growth Partners and will cooperate with Nokia’s location unit HERE, it said.
“Our new $100 million venture fund launched today further underlines our belief that the connected car is a significant growth opportunity,” Nokia Chief Executive Rajeev Suri said in a statement.
(Reporting by Sakari Suoninen; Editing by Jussi Rosendahl)