Nexen Tire American has launched Silicon Valley-based Next Century Ventures, which backs mobility startups. No financial terms were disclosed. NVC will target investments in core mobility technologies, such as automotive sensors and artificial Intelligence, electric vehicles and self-driving technologies.
DIAMOND BAR, Calif. (Mar. 18, 2021) — Nexen Tire America, Inc., a worldwide leader in high-performance, passenger, SUV/light truck and winter tire technology, today announced the launch of Next Century Ventures (NCV), a Silicon Valley-based initiative responsible for backing mobility startups.
The initiative will accelerate the expansion of Nexen Tire into a new and futuristic mobility space, as NVC will begin investing in companies focusing on leading innovation and the fourth industrial revolution in Silicon Valley and will also seek investment opportunities in other countries and regions, including Europe, China and South Korea. Target investments will include core mobility technologies, such as automotive sensors and Artificial Intelligence (AI), electric vehicles and self-driving technologies.
“Openness and cooperation are crucial in the era of the fourth industrial revolution, as companies cannot develop all technologies on their own,” said Travis Kang, Global CEO of Nexen Tire. “Nexen Tire is ready to make bold and forward-looking investments that will ultimately fulfill the goal of becoming a global mobility company.”
Nexen Tire’s venture capital is in line with that of global companies investing in promising startups to discover and secure new core technologies while attracting exceptional talents. Nexen Tire’s Chief Strategy Officer, Jin Mann Lee, will also double as the Managing Partner at NCV.
About Nexen Tire: Inspired by Nexen’s global family of drivers to engineer superior performing tires – from championship-winning Formula DRIFT drivers, rock-climbing off-road enthusiasts to everyday commuters – Nexen Tire utilizes proprietary technology and the highest quality standards in the industry to guarantee world-class products backed by unrivaled customer support for the life of each tire. As a worldwide leader in high-performance, passenger, SUV / light truck and winter offerings, the company is second-to-none in research, development and state-of-the-art manufacturing. And as part of a select group of tire manufacturers worldwide that are specified as standard fitment on original equipment vehicles, Nexen delivers premium products at a sensible price.