Porsche to invest $176 million in venture capital activities 24079 Porsche emblem
News
Nitin Murali
Sep 27, 2018 at 4:35 AM

For the next five years, Porsche will increase its investment in venture capital activities by over Euro 150 million. To be exact, they will invest $176 million, according to the company press release.

The main intention of Porsche Ventures to increase investment “is to gain access to trends, new technologies, and business models.”

The investments are primarily focused on business models that deal with customer experience, mobility, and digital lifestyle, and also on future technologies like AI, blockchain, virtual and augmented reality.

Through these activities, the company is seeking to invest in new companies that are currently early or growing in the industry.

Lutz Meschke, Deputy Chairman and Member of the Executive Board, Finance and IT, Porsche AG feels that the company has to change their business models to taste success in the future.

"To continue building on the success that we have enjoyed over the past few years, we must fundamentally change our business model. Porsche has always been among the pioneers of the automotive industry. To date, innovation has been driven to a large degree by technology and with strong links to our current core competencies. In some cases, the changes that are now becoming necessary are linked to topics beyond our main fields of expertise. With this in mind, it is essential that we build a strong ecosystem with competent partners”, explained Meschke.

According to an earlier report by BC Focus, Bernie Moreno Companies (BMC), one of America’s largest automobile dealer that deals with Porsche and Mercedez Benz, is now accepting Bitcoin as a mode of payment for vehicle purchases and services.

“This is a full leap into the future. Bitcoin has shown the world the power of blockchain technology. It’s now Cleveland’s turn to show the world how blockchain can be used to revolutionize the world,” said Bernie Moreno, Founder, BMC.

See Also:

Ontology [ONT] Collaborates with CarBlock To Make Inroads Into Automobile Industry

Dubai develops blockchain-powered automobile tracking system

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