Intel announced Wednesday the establishment of a fund of $100 million to accelerate technology innovation in the automotive industry, in a move to expand its reach beyond computer chips.
The new Intel Capital Connected Car Fund will be invested globally over the next 4 to 5 years in hardware, software and services companies developing technologies to promote new in-vehicle applications and enable the seamless connection between cars and any connected device, said the chipmaker.
"Technology has become an integral component of everyday life, with consumers demanding uninterrupted access to the Internet and the constant flow of information, news, entertainment, and social media," Arvind Sodhani, head of Intel's investment division which created the fund, said in a statement.
"Automobiles must be able to provide these same consistent and engaging computing experiences, but in a safe manner. The Intel Capital Connected Car Fund will drive the development of technologies to enhance the in-vehicle experience of the future," he added.
Market research results cited by Intel predicted that by 2014, automobiles will be among the top three fastest-growing areas for connected devices and Internet content, reported Xinhua.
In addition to the fund, Intel Wednesday also announced several other new initiatives to spur car technology innovation, including the opening of a new global automotive innovation and product development center in Karlsruhe, Germany.