Novi-based Stoneridge Inc. will invest $10 million over the next 10 years in a fund managed by Autotech Ventures, a Menlo Park, Calif. venture capital firm focused on ground transportation technology.
Autotech’s current portfolio includes Deepscale, a provider of sensor fusion perception solutions for autonomous vehicles; Metawave, a provider of metamaterial antennas for high-precision, long-range ADAS and autonomous vehicle radar; XNOR.AI, a provider of fast, accurate, low-power and low-memory AI algorithms for edge devices; and Lyft, the online ridesharing marketplace.
“We believe that a presence in Silicon Valley will help us identify and invest in opportunities that will drive the future of ground transportation,” says Laurent Borne, chief technology officer for Stoneridge.
“We look forward to working with the Autotech team and their current and future portfolio companies to accelerate our innovation pipeline, build on our existing portfolio, and continue to refine our product roadmap to align with industry megatrends.”
Stoneridge’s portfolio focuses on intelligence, safety and security, emissions, and fuel efficiency.