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Mosaic Venture Lab spot the potential of developing Electric Vehicle in Taiwan, and raise a US$ 100 million new fund to invest in
Mosaic Venture Lab, partner with one of Taiwan's largest financial institutions, announced a new EV venture capital fund - Movtec Mobility Fund I. The fund will invest US$ 100 million in Taiwanese and global startup companies that leverage Taiwan's unique prowess in manufacturing and global supply chain to build the next-generation mobility solutions: cabin intelligence (CI), connectivity, electrification, and shared mobility.
The next trillion business: Electric Vehicle
The car of tomorrow is an "iPhone on Wheels" and fully personalized. Innovations now take place in the area of electronics and software. Automotive OEMs are increasingly collaborating with startups, semiconductor makers, and ODMs to enable the computer on wheels. The future of EV development requires a reduction in the manufacturing of complexity and cost, co-innovation with suppliers, and a flexible hardware-software supply chain. This confluence of forces now places Taiwan's suppliers (ODMs) in a unique position to capitalize on the trillion-dollar vehicle (EV) market opportunity.
Earlier this year, iPhone maker Foxconn announced accelerating its EV ambitions through collaborations with different players in the EV space. The company has agreed to work on electric cars with car brands like Fiat Chrysler and Geely, particularly eyeing the potential in the Chinese market. They set up an assembler's open platform, MIH, to welcome every company who wants to take part in the electric vehicle business.
Mosaic Venture Lab's managing director, Volker Heistermann, emphasizes "Taiwan is known for Foxconn, TSMC and supplying 75% of TESLA's components. Taiwan has played a key role in building Apple's iPhone and the world's PCs. Europe admires the flexibility of the Taiwanese industry with quick response and problem-solving capabilities."
Movtec Mobility Fund I aim at adding value for Taiwanese EV related startups
Movtec Mobility Fund I's executive team and advisors have previously worked at German automotive OEM Volkswagen Group & Audi AG, Taiwan ODM LITEON, as well as LAM Research, investment banks, and Google. The management team has a track record in taking innovations from idea to market to IPO and—most importantly—in getting startups "OEM-ready" and "Tier-1 ready" and achieve the next-gen reality of software-hardware integration.
Bruce Bateman, Chief Technical Advisor at Mosaic Venture Lab, shared his delight, saying "the goal is to add value to components in Taiwan and co-create high-end systems with startups and ODMs. For example, Taiwan holds the key elements to develop high-end Automotive System-on-Chip (SoC) for In-vehicle Infotainment and Driving Safety."
"In addition to capital, our portfolio companies will have the opportunity to enroll in Mosaic Venture Lab's program (MVL) in Taiwan, Germany, or Silicon Valley to learn and grow through MVL's extensive technology and innovation resources, vast Tier-1 and OEM network as well as the global manufacturing and product development expertise," says Volker Heistermann, Managing Director of Mosaic Venture Lab.
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