Everyone has to get from A to B and that means there is a lot of money to be made in the transportation business. Increasingly, the focus is on the use of new technologies, ranging across everything from self-driving cars to new smartphone applications that can help hail a ride or navigate the shortest route…
Quin Garcia, AutoTech Ventures managing director, explains how the company is reinventing ground transportation. He speaks with Bloomberg’s Shery Ahn on “Trending Business.”
AutoTech Ventures LLC wants to be the talent scout for startups reinventing ground transportation. The venture capital firm, based in Palo Alto, California, has raised about $75 million to bankroll early-stage technologies enabling autonomous driving, improved cybersecurity in cars, entertainment systems and other automotive next big things.
Auto-parts makers and component suppliers, including Denso Corp., Mahle GmbH. and Murata Manufacturing Co. Ltd., were among the investors in the firm, founded last year. As limited partners, they’ll get a share of AutoTech Ventures’ returns. “We aren’t in it for financial return — it’s all strategic,” said Tony Cannestra, director of corporate venture at Japan-based automotive components company Denso. He said the number of tech startups in transportation has more than doubled since he began investing in such companies almost five years ago, making it harder to hone in on the potential winners.
This is the latest installment in our Energy Startup Series that gives executives at cutting-edge energy firms an opportunity to share insights and experiences about the energy industry, their careers and their companies. The garages of Palo Alto are famous birthplaces for some of the most impactful high-tech companies in history. But for Quin Garcia, a managing director of the Palo Alto venture capital firm AutoTech Ventures, garages represent not only the birthplace of high-tech startups, but also the key to solving major transportation energy and safety challenges.
With a team of venture capitalists, transportation executives, and entrepreneurs, AutoTech’s goal is to bridge the gap between innovative startup companies and large corporations to deploy new road transportation technologies. Energy and transportation are inextricably linked; this Q&A gives insight into how the transport sector is looking at the energy puzzle.
AutoTech Ventures, a transportation-focused VC firm, is raising upwards of $150 million for its debut fund, according to a regulatory filing…