BMW has been reported to be increasing its venture capital fund, BMW i Ventures, from $106 million to $530 million (P26.4 million). This amounts to a total of 400% growth, which will go to technological advancements for future BMW cars.
In a report by a German business newspaper Handelsbatt via Reuters, the additional funding will be used to include autonomous driving, digitalization, cloud services, and artificial intelligence to the current focus of the said fund.
Since its inception in 2011, the fund has been used for electric mobility and mobility services. BMW hopes to cope with the current and upcoming technological trend with the new funding.
In addition, BMW i Ventures will also move from its current location in New York to the Silicon Valley in San Francisco.
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Time for oil change? Read this first.