iVentures will focus on investing in startups and technologies that will have a transformative impact on the future of mobile travel, most typically artificial intelligence and driverless.
iVentures was founded in 2011. Considering the brand positioning, the venture capital company's main investment focus was on the travel services and startups related to the electric vehicle industry chain. However, as the strategic layout of the BMW Group becomes clearer, iVentures is also expanding its investment field, enabling investment to better match the strategic direction of the group and focusing more on investing in startups that have a transformative impact on future mobile travel. Their technology, most typical is artificial intelligence and driverless.
In order to better serve the strategic layout of the Group in the future of transportation and mobile travel, BMW is fully expanding the investment scope of its venture capital company. Investment areas. The area covered by the BMW i ventures investment has also expanded from the United States to Europe and Asia. Enterprises at all stages of development are likely to become investment targets.
In order to provide strong support for the development of venture capital companies, BMW has set up an industry fund of up to 530 million US dollars for iVentures for the investment plan for the next ten years, which is coordinated by each division of the group. At the same time, in order to facilitate the inspection of startups and give BMW more support, iVentures also moved its headquarters from New York to Palo Alto in Silicon Valley.
After the capital increase, driverless driving will become the key investment area of ​​this fund. At the same time, mobile travel, virtual reality, car digitalization and cloud will also become new.
The new business structure aims to further expand the overall profit of the BMW Group and enhance the company's technological strength. Klaus Fröhlich, BMW Group executive responsible for the company's strategic development (interestingly, the executive from HERE) said in an interview, "In the automotive industry's rapidly changing megatrends and competitive environment, companies must be faster. The speed of development, the transformation of the inherent concept, the decision-making must be more decisive; until now, everyone can see the development trend and direction of the industry, but for BMW, seeing the direction is already a step before, now the most critical What are we going to do in the future."
Klaus believes that vehicle companies and startups are interdependent. As a 100-year-old auto company, BMW's extensive integration of vehicle manufacturing experience and technology with Silicon Valley's Internet and high-tech companies will create a BMW ecosystem with advanced technology capabilities. As Klaus mentioned, “We don’t lack good ideas. The key to future competition lies in how companies can more rationally control the cost structure. Obviously, independent research and development is not a good idea.â€
The disruptors in the automotive industry are not within the industry, and iVentures is trying to find opportunities for investment and integration in areas that enhance the consumer experience, such as car sharing, virtual reality, in-vehicle digitization, cloud computing and more. Klaus also said bluntly, "BMW is in urgent need of expanding related technologies in the field of 5G networks and artificial intelligence."
In the Internet and technology fields, technology is evolving rapidly. In order to develop more investment opportunities and respond quickly to investment needs, BMW decided to operate iVentures independently of the BMW Group. The venture capital company will be operated by two managing partners and will report to the steering group of the BMW Group, which is composed of the person in charge of the strategic development plan of the company and three other senior executives.
At the same time, the BMW Group will also use the venture capital company as a contact point to expand into Europe, Asia and Israel to seek more good investment targets. Klaus also said, "In the next two years, BMW will have a business related to BMW (including investment-driven business) where there are consumers."
iVentures was founded in 2011 with a capital of $100 million. In the past five years, iVentures has invested in 15 start-up companies in the mobile travel sector, including Zendrive, MyCityWay, Life360, STRATIM, Scoop, Parkmobile, JustPark, ChargePoint, Moovit, RideCell and more. The latest investment by iVentures is a startup in Silicon Valley with 3D printing technology for carbon fiber materials that provides BMW with 3D printed automotive parts.
Che Yunyu believes that iVentures has not been known to the industry before, but since its inception, it has provided strong support for the innovative business under the BMW Group. Especially in the field of car sharing, from DriveNow to ReachNow, and even after the ChargeNow, ParkNow, iVentures "busy figure" behind it, for the BMW Group in the car sharing field to seize the opportunity and provide a lot of technical support. It can be said that the industry fund is a model for the innovation and strategy of the group.
Klaus, director of BMW Automotive Research and Development? Klaus Froehlich said that the future of mobile and the future of the automotive industry is increasingly influenced by technology. To be successful, it is necessary to use the best ideas in the field of technology and become a force for change.
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