The Reason for Nokia’s $350 Million Internet of Things Fund
Earlier in 2017, Nokia (NOK) announced that it had earmarked $350 million for investment in startups focused on IoT (Internet of Things) technology. The fund would be managed by the company’s venture arm known as Nokia Growth Partners (or NGP).
The investment would benefit startups working on IoT networks. As for the IoT fields targeted, Nokia’s fund would go to startups working on projects around connected enterprises, connected cars, digital health, and big data and analytics.
Through its dedicated IoT fund, NGP is keen to back startups that already generate revenue and intend to expand globally.
Because it’s a vendor of network systems and services, Nokia sees a growth opportunity in the IoT industry. IoT technology is shaping up to be an enormous market for network and device vendors. According to research company International Data Corporation, IoT’s installed base will grow to 30.0 million by 2020, compared to 9.7 million in 2014. Read more…
