(USA)

A global automotive alliance announced the launch of a $1 billion fund this week that aims to attract the world’s leading tech startups.

The Renault-Nissan-Mitsubishi group will invest the money in its new Alliance Ventures platform over the next five years. It will finance early stage companies and support open innovation partnerships focused on advancing new mobility solutions, in areas including autonomous vehicles, electrification, artificial intelligence and connectivity.

“Our open innovation approach will allow us to invest and collaborate with startup companies and technology entrepreneurs, who will benefit from the global scale of the Alliance. This new fund reflects the collaborative spirit and entrepreneurial mind-set at the heart of the Alliance,” said Carlos Ghosn, chairman and chief executive officer of Renault-Nissan-Mitsubishi. “This investment initiative is designed to attract the world’s most promising automotive-technology startups to the Alliance.”