California-based auto company venture arm, SAIC Capital, announced on Monday it has formed a strategic partnership with Plug and Play, a global startup ecosystem and venture fund specializing in the development of early-to-growth stage technology startups in 13 verticals.
SAIC Capital stated it will be joining Plug and Play’s mobility program in 2018 to boost their innovation and investment efforts. The partnership will now focus on Autonomous, Connected, Electric and Sharing cross the mobility vertical, furthering the company’s efforts to promote new energy vehicles and the commercialization of internet connected cars.
While sharing more details about the partnership, Michael Cohen, Investment Director at SAIC Capital, explained:
“We are very excited to become a member of the Plug and Play Mobility ecosystem, and we look forward to participating in investment opportunities and to provide strategic and technical guidance.”
Saeed Amidi, Founder and CEO of Plug and Play, added:
“The mobility industry plays an integral part in Plug and Play’s ecosystem and it is essential to have a forward-thinking corporation like SAIC provide valuable input to our batches. SAIC Capital will be able to select the best that startups have to offer in logistics, e-commerce, travel, energy saving, and charging to pioneer the automotive future.”
SAIC Venture Capital describes itself as a corporate venture capital firm established in 2014. The firm claims it is one of the most active automotive-focused fund US. The team invests in cutting-edge technologies that fit in the thesis of “Autonomous”, “Connected”, “Electrify” and “Sharing.”