Alliance Ventures, the corporate venture capital fund of Renault-Nissan-Mitsubishi Alliance, has led a $5-million Series A financing round in US mobility data platform Coord.
The round was also joined by Trucks, Urban.Us, DB Ventures and Joshua Schachter, according to a company release.
According to its official release, Coord, a spin out from Alphabet-owned Sidewalk Labs, plans to use the latest funding to expand its geographic coverage and build a solution to enable enterprise customers to optimise their use of transportation infrastructure such as roads, curbs and parking lots.
“We’re excited to support Coord in their mission to make cities more livable by enabling seamless mobility for everyone,” said Ryan Armbrust, Partner at Alliance Ventures. “Coord is building a vital digital infrastructure that not only helps existing transportation modes operate more efficiently, but also enables rapid experimentation with new modes like scooter-share and autonomous vehicles.”
Renault-Nissan-Mitsubishi Alliance represents the world’s largest automotive alliance with a combined sales of 10.6 million vehicles in about 200 countries in 2017.
To cope with the rapid industry changes, they decided to launch Alliance Ventures earlier this year to invest $1 billion in related startups over five years. So far, it has invested in Sinovation Ventures, a Chinese AI-focussed fund, and Maniv Mobility, an Israeli car technology fund backed by Jaguar, Land Rover and Valeo.
Other startups in their portfolio include the US-based cobalt-free battery materials developer Ionic Materials, France-based auto-driving microprocessor developer Kalray and Silicon Valley-based used car trading platform Shift.
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New Renault-Nissan-Mitsubishi VC fund invests first $50m in car tech startups
