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Nokia Growth Partners launches $350M Internet of Things fund

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Nokia Growth Partners (NGP) has announced a new $350 million fund IV, at the Mobile World Congress in Barcelona, for investing in IoT companies in the US, Europe, India and China. The IoT fund will look for entrepreneurs and support Nokia’s goal to ‘become a leader in a world where everybody and everything is connected.’

This makes the total funds with NGP at over $1 billion, with over $500 million available for investments. The fund will invest in companies around connected enterprise, consumer solutions, connected car and digital health and those focused on big data and analytics.

For Nokia, the fund will define future business opportunities for the IoT market, and work with operators, enterprises and partners using its mobile and fixed network assets to make IoT connectivity, distributed cloud and IoT platforms with apps and analytics. The press release mentioned that, ‘Nokia expects IoT to create new industries and opportunities in connected mobility, smart cities, public safety and health care and the connected home.’

Connected car fund: Readers would remember that in 2014, Nokia which then sold off its devices & services business to Microsoft, launched a $100 million connected car fund to invest in startups around the automotive ecosystem. The fund would be managed by the company’s venture arm Nokia Growth Partners (NGP) and would operate in India, United States, Europe and China.

Other developments in the IoT space:

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– Earlier this month, HCL Technologies entered into a partnership with Microsoft to launch an incubation centre for Internet of Things in Redmond, Washington, to focus on solutions for machine-to-machine (M2M) communication like healthcare, fleet management, industrial manufacturing and life sciences.

– Cisco acquired the IoT services platform provider Jasper for $1.4 billion. Post acquisition, Jasper will continue to operate as usual, while its founder & CEO Jahangir Mohammad, will lead Cisco’s newly formed IoT software business unit under Rowan Trollope, IoT and collaboration SVP/GM. The deal is expected to close later this year and is subject to regulatory approval.

IoT accelerators in India:

– In December last year, Flexeye opened HyperCat, an accelerator and incubator centre for Internet of Things (IoT) startups in Hyderabad.

– In August, Intel India launched Maker Lab to support startups in Iot, mobile devices and compute domains. The Lab will support 10 startups initially and provide them with development kits, reference boards, hardware and software tools for developing and testing.

– In June, Hong-Kong based Jaarvis launched a pilot of its India specific accelerator which would invest up to $50,000 in startups that offer services and products in online-to-offline ecommerce services, Internet of Things, mobility and other new technology verticals.

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Also read: #Outlook16: What Indian IoT and wearables companies plan to do in 2016

Image Credit: Perspecsys Photos under CC BY SA 2.0

Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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