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Automobile Company Porsche To Increase Venture Capital Of Blockchain Startups

Published: 27/09/2018
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What is it for?

Porsche AG, one of the leaders in the German automotive industry, decided to invest within a period of five years approximately $176 million in startups focusing on blockchain technologies and artificial intelligence (AI), according to the company’s press release.

 

Investment capital funds will be distributed among startups at their initial stage of development, oriented at customers familiar with innovative technologies and digital solutions, inclusive of blockchain, AI, and virtual reality. By doing so, the corporation seeks to keep up with new trends in the age of technological revolution.

 

To ensure a successful future, the company must completely modify its business model, according to Porsche official Lutz Meschke. In his opinion, Porsche has always been at the forefront of the automobile industry, and in order not to lose its leading positions, it is necessary to align with modern technological requirements, even if they sometimes go beyond the knowledge of Porsche specialists. To create a strong ecosystem, it is necessary to involve competent partners.

 

Porsche management has already begun to take concrete steps for cooperation with new startups. In February this year, the company began to study the possibility of using blockchain technology in its automobiles in cooperation with Berlin-based startup XAIN. Moreover, the corporation acquired a minority stake in German startup Gapless, which developed blockchain to monitor information about old cars.

 

As previously reported, another German automobile manufacturer BMW announced the launch of a business accelerator to support startups.

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