Peugeot Scouts for Startups to Counter Silicon Valley Car Threat
- Carmaker invested in venture fund that backed Deezer
- Tech collaboration at new unit can take “different forms”
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The maker of Peugeot and Citroen vehicles is ramping up its venture-capital investments to gain access to technologies for next-generation cars, ranging from ride-sharing apps to batteries to cloud computing.
PSA Group, Europe’s second-biggest auto manufacturer, will invest in venture capital funds through its new Business Lab unit, which will allow the carmaker to acquire stakes in startups that don’t want direct involvement from a large company, said Anne Laliron, head of the division. The fund made its first investment in an asset-manager that backed music-streaming service Deezer.