Goodyear Eyes New Mobility Initiatives, Announces $100 Million VC Funds For Next 10 Years
Published On 13-Jan-2020
The leading tyre maker has identified eight themes for shaping mobility
Goodyear Tire & Rubber Co. has announced that it will be investing $100 million venture capital (VC) fund in various mobility initiatives in the next 10 years. The new VC arm of Goodyear is called as Goodyear Ventures.
Focussed on funding the startups involved in sustainable, safe and innovative mobility ideas, Goodyear Ventures looks to establish long term relationships and push such initiatives which are directed to make everyday life easier.
Essentially, the company would be spending in eight themes shaping the mobility of the future. These include connected mobility solutions, electric and autonomous technologies, next-generation public mobility, future transportation infrastructure, new tyre materials, next-generation aviation mobility, emerging technologies and future maintenance and operations.
Detailing on how Goodyear Ventures would be operating, Goodyear's Chairman, CEO and President Richard J Kramer said, "Goodyear is a technology-driven mobility company that seeks out and partners with other mobility thought leaders ranging from small startups to proven business models. Goodyear Ventures will take this effort to the next level to engage and shape how people move in the future."
The companies which would be funded by Goodyear Ventures will also have access to the large inventory of internal research & development findings at Goodyear, opportunities to learn and grow, vast vehicle service network, extensive technology along with worldwide manufacturing facilities and product development footprint, the company said in the statement.
Based in Ohio, Goodyear has its manufacturing plants in 47 facilities across the globe. Employing around 64,000 people, it has two innovation centres located at Akron, Ohio and Colmar-Berg, Luxembourg. Present in India from 90 years, Goodyear has two plants in the country – Ballabgarh, Haryana and Aurangabad, Maharashtra. Goodyear India is a preferred tyre partner for many leading automobile OEMs.
Recommended Read: CES 2020:Goodyear Launches ‘Andgo’ Fleet Servicing Platform