Nokia CEO Rajeev Suri speaks during a news conference to announce its first quarter earnings in Espoo April 29, 2014. Finnish telecoms equipment maker Nokia has money to buy rivals, but will not necessarily need them, the incoming chief executive said on Tuesday, adding that he sees good potential for growth in patent licensing deals. Nokia has cash at hand after a 5.6 billion euro ($7.76 billion) sale of its mobile phone unit to Microsoft. REUTERS/Heikki Saukkomaa/Lehtikuva (FINLAND - Tags: BUSINESS TELECOMS) THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. IT IS DISTRIBUTED, EXACTLY AS RECEIVED BY REUTERS, AS A SERVICE TO CLIENTS. NO THIRD PARTY SALES. NOT FOR USE BY REUTERS THIRD PARTY DISTRIBUTORS. FINLAND OUT. NO COMMERCIAL OR EDITORIAL SALES IN FINLAND
(Reuters) – Finnish mobile communications equipment maker Nokia on Monday said it had started a $100 million fund to invest in companies working on connecting cars.
Nokia CEO Rajeev Suri speaks during a news conference to announce its first quarter earnings in Espoo April 29, 2014. Finnish telecoms equipment maker Nokia has money to buy rivals, but will not necessarily need them, the incoming chief executive said on Tuesday, adding that he sees good potential for growth in patent licensing deals. Nokia has cash at hand after a 5.6 billion euro ($7.76 billion) sale of its mobile phone unit to Microsoft. REUTERS/Heikki Saukkomaa/Lehtikuva (FINLAND – Tags: BUSINESS TELECOMS) THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. IT IS DISTRIBUTED, EXACTLY AS RECEIVED BY REUTERS, AS A SERVICE TO CLIENTS. NO THIRD PARTY SALES. NOT FOR USE BY REUTERS THIRD PARTY DISTRIBUTORS. FINLAND OUT. NO COMMERCIAL OR EDITORIAL SALES IN FINLAND
The fund will be run by the company’s venture capital arm Nokia Growth Partners and will cooperate with Nokia’s location unit HERE, it said.
Our new $100 million venture fund launched today further underlines our belief that the connected car is a significant growth opportunity, Nokia Chief Executive Rajeev Suri said in a statement.
(Reporting by Sakari Suoninen; Editing by Jussi Rosendahl)
