Authored by Mark Hefflinger on February 22, 2011 – 8:15am.
Munich – Automaker BMW has launched a new $100 million venture capital investment unit, BMW i Ventures, which will back firms developing mobile and sustainable technologies.
The unit’s first investment is in New York-based My City Way, the developer of a mobile app that provides information on public transportation, parking availability and local entertainment.
The company also launched a vehicle sub-brand, “BMW i,” which will focus on developing sustainable mobility solutions.
The first vehicles under the sub-brand, the BMW i3 and BMW i8, are slated for launch in 2013.