Nokia Growth Partners has put aside $350m ready for investment into companies working on Internet of Things projects. Announced at Mobile World Congress, the fund has been sponsored exclusively by Nokia, and brings the total available at Nokia Growth Partners to $500m.
The investment will be used for companies working with big data, and on projects related to autonomous cars, mHealth, smart cities, and the connected workplace. Nokia Growth Partners works with companies in Europe, the U.S., India, and China.
Nokia sees 5G as essential to driving the Internet of Things
Nokia CEO Rajeev Suri said:
“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.”
Since leaving the mobile devices market, Nokia has concentrated on its network business, which is focused on 5G and the next generation of mobile connectivity. The Internet of Things requires a strong connectivity framework to operate, making investment into companies working in the space a logical move.
Nokia Growth Partners expects to invest in one startup each month, according to a report by TechCrunch.