Porsche increases investment in cutting-edge technologies including blockchain

German carmaker Porsche has announced that it has increased its total investment in venture capital activities by EUR 150 million for the next five years.

According to the official release, the investment activities are being undertaken by Porsche Ventures. The objective is to gain access to trends, new technologies, and business models. Porsche said that it will focus on a number of cutting-edge technologies including artificial intelligence, blockchain, and virtual and augmented reality.

“To continue building on the success that we have enjoyed over the past few years, we must fundamentally change our business model,” explains Lutz Meschke, Deputy Chairman and Member of the Executive Board for Finance and IT at Porsche AG.

“To date, innovation has been driven to a large degree by technology and with strong links to our current core competencies. In some cases, the changes that are now becoming necessary are linked to topics beyond our main fields of expertise. With this in mind, it is essential that we build a strong ecosystem with competent partners.”

Through its venture capital activities, Porsche is seeking to invest in new companies that are in the early and growth phases.

Porsche Ventures has already invested in startups that are working with blockchain technology. This includes Berlin-based start-up “Gapless”, which is developing a blockchain-based solution to enable customers to digitally manage their vintage vehicles.

Earlier this year, Porsche announced that it is testing the application of blockchain technology directly in vehicles in collaboration with XAIN – a Berlin-based start-up that won Porsche’s blockchain innovation contest.