Renault-Nissan-Mitsubishi said it established Alliance Ventures, a corporate venture fund with the potential to invest up to $1 billion over five years.
The fund’s first-year goal is to put up to $200 million to work with startups in such sectors as vehicle electrification, autonomous systems, connectivity and artificial intelligence.
The fund will invest at all stages, incubate startups and strike partnerships. In a press release, the alliance, co-located in Silicon Valley, Paris, Yokohama and Beijing, said it will shoot for a fair financial return and will be led by François Dossa, most recently CEO of Nissan Brazil.
The Alliance’s first deal is an investment in Ionic Materials, a Massachusetts-based battery developer.