Alliance Ventures, the strategic venture capital fund that invests in technology start-ups for Groupe Renault, Nissan Motor Company and Mitsubishi Motors, 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.—Francois Dossa, Alliance Global Vice President, Ventures and Open Innovation; Chairman of Alliance Ventures
Alliance Ventures and Plug and Play agreed to a three-year partnership in China. This latest agreement follows successful existing partnerships with Plug and Play both in Japan and in Silicon Valley.
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.
The Alliance Ventures fund, launched in 2018 and co-located in Amsterdam, Silicon-Valley, Paris, Yokohama, Beijing and Tel Aviv, plans to invest up to $1 billion in its first five years to support open innovation.