It’s no secret that Porsche has been undergoing a digital transformation lately. The German Sports car maker has been integrating digitalization into its operations to help boost productivity and the like. Moreover, it has been investing heavily in firms that specialize in digital innovations.
The latest acquisition is in Israel, particularly in Tel Aviv. Folks who are asking why Tel Aviv will be happy to know that this is the place with the largest per capita investment in terms of IT and engineering start-ups in the world. By the same token, it boasts of the largest market when it comes to the said fields
Porsche knows this and has put its money into two up and coming start-ups: Magma and Grove Venture Capital. Magma is no newbie to the field, with investments pouring in since 1999. At present, it has been focusing heavily on the lucrative field of artificial intelligence. It is likewise keen on developing new technology for the automotive industry. It can be credited for being one of those firms who invested in the now-popular Waze app.
Grove Ventures, on the other hand, is a $100 million start-up that set up shop in 2015. Since that time, it has been putting artificial intelligence, the Internet of Things, and Cloud Technology at the core of its research and development.
With these two Israeli companies, Porsche hopes to further boost its knowledge and come up with smart, fuel-efficient, yet still fun-to-drive cars in the years to come. At the same time, the investments in companies such as these and ones like Porsche Digital GmbH will help fuel the move towards a digitalized and truly energized future.
