Mangrove invests in Induct
Mangrove Capital Partners – one of the leading venture capital firms in Europe investing in high-potential young companies – has unveiled a new automotive technology strategy at the 2010 Geneva Motorshow by announcing a promising investment in Induct. Induct is a company whose business is entirely focused towards creating mobility solutions using new technologies such as embedded telematics and vehicle automation. Its current projects aim to design a vehicle for the partial or total withdrawal of the driver in a road congestion.
This technology can allow a blind person to drive a car on a speedway without human assistance. Induct also offers a vehicle tracking system developed for any kind of business, or robotic electric vehicles especially designed to transport 6 to 8 passengers in a city environment.
« A car is like a powerful and moving computing platform, a bit like a large smart phone – says Gerard Lopez, Managing Partner of Mangrove Capital Partners and chairman of the Lotus Renault GP Formula One team – e-business companies and social networks reach us in pretty much every area of our life at any time today, but there is one place where they are not easily integrated and that place is key to all of us – our car. »
« Mangrove Capital Partners understands the industry very well and knows that, like in the mobile world, innovation will come through start-up companies understanding the specific challenges of using the car as a communication platform for geolocalization services or as content download and as an e-business platform. We believe that the potential of this technology is as big – if not bigger- than the mobile content revolution, because the automotive industry is a platform that can handle even more services. »
Mangrove Capital Partners will use its global footprint with start up companies and entrepreneurs -as well as its relationships within the automotive industry- in order to assemble a portfolio of companies and technologies leading the charge on the automotive on-board internet and software technologies of tomorrow.