Indianapolis-based Allison Transmission Inc. (NYSE: ALSN) has announced a $15 million investment in Autotech Ventures, a venture capital firm in Silicon Valley. Allison says the partnership will provide the company with direct exposure to startups, VC expertise and high-tech companies in the transportation industry.
The company says Autotech invests in and provides consulting services for early-stage transportation technology startups. The VC firm focuses on technology such as connectivity, autonomy, and electrification.
“Allison recognizes that a variety of technology solutions will be required to cover the commercial vehicle landscape, as the industry continues its evolution,” said Mike Foster, chief technology officer at Allison. “Our collaboration with Autotech and the cutting-edge companies they engage with will allow Allison to continue to diversify our portfolio of next-generation solutions.”
Allison says the partnership will augment its corporate research and development, and business development capabilities.