Alliance Ventures, the strategic venture capital fund that invests in technology start-ups for Groupe Renault, Nissan Motor Company and Mitsubishi Motors, today announced a partnership with Plug and Play China to cooperate on open innovation in the world’s second-largest economy.
“China is leading innovation in the automotive industry. By harnessing the expertise of Plug and Play China, we can gain access to start-ups and technologies that will transform the mobility experience,” said Francois Dossa, Alliance Global vice-president, Ventures and Open Innovation and chairman of Alliance Ventures.
As per the agreement Alliance Ventures and Plug and Play have agreed to a three-year partnership in China. The new agreement follows successful existing partnerships with Plug and Play both in Japan and in Silicon Valley. With access to Plug and Play China’s peerless start-up network, Alliance Ventures’ says its ability to identify and work with promising start-ups, carry out pilot projects, and acquire or invest in new technology opportunities will increase manifold.
According to the announcement Renault, Nissan and Mitsubishi Motors will benefit through new business opportunities in the world’s largest automotive market and gain access to cutting-edge, next-generation technologies.
As an anchor partner of Plug and Play China, Alliance Ventures will connect to Plug and Play's global innovation ecosystem through their twice-a-year acceleration program. The last investment by Alliance Ventures, PowerShare, an electric vehicle charging platform start-up based in China, was part of Plug and Play's Mobility Acceleration Program.
The Acceleration Program’s first session took place on March 26 and 27 in Shanghai, China and focused on autonomous drive, the internet of cars, electrification and new mobility. More than 85 start-ups were qualified by Plug and Play China with nearly 25 participating in the on-site pitch session. Alliance Ventures admitted 10 start-ups to participate in the three-month Acceleration Program.
Peter Xu, managing partner and CEO, Plug and Play China said: “We are delighted to partner with the world’s number one automotive alliance and bring the scale of their platform to our members. Alliance Ventures recognised the efficiency of our mobility innovation platform and together we will look for opportunities to transform the mobility experience for people in China and around the world.”