FRANKFURT Nov 27 BMW is increasing
the size of its venture capital fund, BMW i Ventures, to 500
million euros ($530 million) from 100 million, German business
daily Handelsblatt said on Sunday, citing an interview with one
of the carmaker's board members.
The fund, founded in 2011, will also move its location to
Silicon Valley from New York, the paper said.
"We want to expand our focus and are moving to the Bay Area
around San Francisco," the paper quoted Peter Schwarzenbauer as
saying. "Half of all start-ups there are active in the field of
mobility," he added.
So far the fund's focus has been on themes including
electric mobility and mobility services, Schwarzenbauer said,
but the focus would be expanded to include autonomous driving,
digitalisation, cloud services and artificial intelligence.
That way BMW hopes to be able to react faster to trends in
the technology industry, he said.
($1 = 0.9443 euros)
(Reporting by Christoph Steitz; Editing by Greg Mahlich)