Renault-Nissan-Mitsubishi alliance sets up $1 billion capital fund for auto-tech

The alliance will support auto technologies startups around the world including Israel

The Renault-Nissan-Mitsubishi alliance — one of the world’s leading automotive alliances — announced that it will invest up to $1 billion over five years to support startups focused on auto technologies around the world including Israel.

This new fund, called Alliance Ventures fund, will invest up to $200 million in startups in the first year and set up partnerships with technology entrepreneurs focused on auto technologies, such as electric and autonomous vehicles, connectivity and artificial intelligence.

The fund will be mostly addressed to the following areas: Silicon Valley, Paris, Yokohama, Beijing and Tel Aviv. The fund will make strategic investments and mentor entrepreneurs through partnerships. The selected partners will get access to the global scale of the Renault-Nissan-Mitsubishi enterprise.

This initiative is part of the Alliance 2022 strategic plan, launched in 2017 by the three automakers. The goal of this plan is to increase revenues and cut costs for the three companies through the use of technology.

Alliance Ventures will be led by François Dossa, who has extensive experience n investment banking and also six years of experience within the Alliance.

The aim of Alliance Ventures is to become the largest corporate venture capital fund in the automotive industry.