BMW Investing Over $500 Million In Startups To Push Automotive Tech

BMW will invest up to 500 million euros ($533 million) over the coming ten years into its i Ventures division that provides investments in startup companies.

Among the brand’s new areas of investment will be in to autonomous technologies as well as a significant expansion in Europe and Asia. Its headquarters will also be relocated to Silicon Valley as BMW looks towards mobility of the future and rapid technological change.

Among BMW i Ventures current investments is a minority interest in San Francisco-based technology start-up RideCell which has provided the IT platform and customer interfaces for the automaker’s U.S. car-sharing service. Additionally, BMW has invested in Chargepoint, helping to expand its own ChargeNow service that provides public charging stations.

In a statement, member of the board of management of BMW AG responsible for finance, Dr. Friedrich Eichiner said “We are dealing with a constantly growing range of topics that extend far beyond automotive manufacturing. We have to be willing to explore new directions and invest in promising innovation drivers.”

Peter Schwarzenbauer, member of the board of management responsible for MINI, BMW Motorrad, Rolls-Royce and Aftersales, extended on this by saying “The atmosphere of radical openness and idea-driven exchange that characterises the start-up scene is particularly fruitful for an innovation leader like BMW.”