Maniv Mobility raising $80m second auto-tech VC fund

autonomous vehicle  image: Shutterstock

One likely investor in the fund is Renault-Nissan-Mitsubishi.

Venture capital firm Maniv Mobility, which specializes in Israeli auto-tech investments, is raising a new $80 million fund for investment in the sector, according to documents filed with the US Securities and Exchange Commission (SEC). The fund is Maniv Mobility's second after raising $40 million last year for investment in companies and ventures in the seed and A rounds.

One likely participant in the fund is believed to be Renault-Nissan-Mitsubishi, one of the world's largest auto corporations. The global company has set up a billion-dollar fund for global investments in auto-tech companies and technologies, which it announced last year. The investment in Maniv Mobility's fund will be one of the first direct investments by a major auto manufacturer in an Israeli venture capital fund.

Maniv Mobility, one Israel's oldest auto-tech funds, was founded in 1997 by Michael Granoff, one of the first investors in the Better Place unsuccessful electric car venture. Since 2015, the fund has made 24 investments in auto-tech companies, mostly in Israel and some in the US. Its investments include auto sensors, artificial intelligence, cyber defense, etc.

Maniv Mobility declined to comment on the report.

Published by Globes [online], Israel business news - www.globes-online.com - on July 19, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

autonomous vehicle  image: Shutterstock
autonomous vehicle image: Shutterstock
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