The leading European early-stage venture capital firm Mangrove Capital Partners has invested in automated cars technology provider Induct, the firm announced at 2011 Geneva Motorshow.
Founded in 2004, Induct offers mobility solutions using new technologies such as embedded telematics and vehicle automation. France-based Induct projects include MODULGO (low cost urban electric vehicle designed from telematics technology and car sharing solutions) and CYBERGO (robotic electric shuttle designed for transporting passengers in cities).
The other Induct project allows a blind person to drive a car on a speedway, without human assistance.
Lotus Renault GP Formula One team Chairman and Mangrove Capital Partners managing partner Gerard Lopez said unveiling a new automotive technology strategy: “A car is like a powerful and moving computing platform, a bit like a large smart phone. 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.”