German carmaker Porsche, owned by Volkswagen, announced officially today that it would invest tens of millions of euros in smart car technologies startups in Israel. The investments will be made through the Magma and Grove venture capital funds, and are likely to be expanded later. The company did not say in which startups it planned to invest.
In its announcement, Porsche said, "Israel is a key main market for IT engineers and specialists. It has more startups than any other country in the world. This talent and know-how, together with the expertise of Porsche workers, constitute an excellent base for the growth of future business models."
Porsche has increased its investments in smart car technologies substantially in the past two years, and has founded a separate subsidiary, Porsche Digital, for the purpose.
The company plans to open a permanent representative office in Israel that will locate advanced technologies and integrate them with Porsche's projects, similar to the activity of Daimler's office in Israel.
Published by Globes [online], Israel Business News - www.globes-online.com - on June 1, 2017
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