Renault-Nissan-Mitsubishi said it sold more than 10 million vehicles in 2017 and forecasts combined revenues of $240bn by the end of 2022.
As a strategic investor, the new fund will look to bring technologies developed by its portfolio companies in-house for use across the three-brand alliance that comprises the group.
Carlos Ghosn, chairman and chief executive officer of Renault-Nissan-Mitsubishi, said: "Our open innovation approach will allow us to invest and collaborate with start-up companies and technology entrepreneurs, who will benefit from the global scale of the Alliance".
Teens risk their lives with laundry pods challenge
Doctors in Phoenix are seeing cases of teens who have swallowed laundry detergent pods as part of online "challenges". This followed numerous reports pods were getting into the hands of curious toddlers, which can cause .
The first offices for the new fund will be in Silicon Valley, Paris, Yokohama and Beijing - which align with the member companies that are committing capital to the alliance.
It has already made its first deal, in USA battery technology company Ionic Materials. The equity acquisition coincides with the execution of a joint-development agreement with the Alliance for the goal of R&D cooperation. According to the release, Ionic is the developer of a pioneering solid polymer electrolyte that enables improved performance and cost effectiveness of high-energy density batteries for automotive and multiple other applications.
The fund is also a key part of Renault-Nissan-Mitsubishi's Alliance 2022, which aims to double the "annualised synergies" - or how much the companies can save by working together - to more than €10bn (£8.9bn) by the end of 2022. Technologies discovered by each partner will be shared through the alliance.
PUBG becomes Xbox One sensation selling 3 million copies in a month
KitGuru Says: PUBG sold tremendously well on PC and it seems that the Xbox One version is also off to a great start. PUBG's arrival on Xbox One in December came in tandem with the game leaving early access with version 1.0 on PC.
Technology start-ups are an increasingly appealing investment for global corporates and venture capitalist in the Middle East and globally. Guided by this same collaborative spirit, the alliance will focus on putting their resources into entrepreneurs focused on new mobility, including autonomous automotive systems, connectivity, and of course artificial intelligence. Both BMW iVentures and GM Ventures have longer histories with venture capital (and BMW expanded its iVentures commitment to over $500 million for the next ten years), but their funds are smaller. Some of the areas of interest for Renault-Nissan-Mitsubishi VC will include the development of electric cars, autonomous drive, and robot taxis. The first deal will be a strategic investment in the company Ionic Materials; an organization based in the state of MA who is the developer of a pioneering solid polymer electrolyte that enables improved performance and cost-effectiveness of high-energy density batteries for automotive and multiple other applications.
'Scandalous Decision': How A Turkish Banker's Conviction In US Is Roiling Ankara
Turkish banker Hakan Atilla was found guilty in a United States court of violating Washington's sanctions against Iran. Erdogan has publicly dismissed the case as a politically motivated attack on his government.