Why a Car Company (BMW) Launched a Smartphone Venture Fund

iventure.jpgBMW has started I Venture, a $100 million venture capital fund based in New York City, to pursue what it calls “individual mobility solutions.” Why would a car company try to advance technologies that benefit smartphones and tablets as much or more than cars? Because automakers would like to help you out during (and profit from) the entire trip, including when you leave the car, and that requires a seamless handoff when you open the door. I Venture already has one investment, MyCityWay, which comprise location-aware apps that could help you find parking, get around using a subway or bus, and of course find you restaurants, bars, and shops.

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