Allison Transmission pushes $15M into Autotech Ventures
Autotech Ventures isn’t just forging relationships with startups. On Wednesday, the venture capital firm made a move with a company that’s been in business since 1915.
Allison Transmission, a leading designer and manufacturer of conventional and electrified vehicle propulsion solutions, announced has committed to a $15 million investment in Autotech Ventures in an action the company said is helping to pave the way for the next frontier of mobility.
Based in Silicon Valley, Autotech invests in and provides consulting services to early-stage transport technology startups focused on connectivity, autonomy, sharing, electrification and digitization in the transport tech space.
Having made multiple appearances during the Auto Intel Summit hosted by Cherokee Media Group, Autotech is comprised of a team with deep experience in the ground transportation industry, which provides them with a unique ability to engage and support startups that will enhance the future of the mobility sector.
“We are proud to become a limited partner in Autotech Ventures and bolster our corporate development team’s efforts to identify strategic opportunities and invest in innovative companies,” said Todd Bradford, vice president of strategy, business and corporate development at Allison Transmission.
“In a rapidly changing industry, this partnership is further testimony of Allison’s dedication to remaining a leading innovator in propulsion solutions across all the end markets we serve,” Bradford continued in a news release.
The announcement went on to mention that the new partnership with Autotech will provide Allison with direct exposure to relevant startups, venture capital expertise and fully vetted high-tech companies in strategic areas of the transportation industry.
The company added that the partnership also aligns with Allison’s commitment to advance its propulsion solutions to meet and exceed customer demands in the ever-evolving and uncompromising commercial vehicle industry.
Allison went on to mention that its team will benefit from Autotech’s tech scouting, tech absorption and team development capabilities, which provide insight into transport tech market intelligence and facilitate agility in rapidly changing markets, while augmenting Allison’s corporate research and development and business development capabilities.
Allison Transmission chief technology officer Mike Foster noted that these robust offerings will support the company’s internal team in accelerating the cycles of innovation, empowering Allison to remain agile and strengthening its ability to deliver on its brand promise to provide the most reliable and valued propulsion solutions to help its customers work more efficiently.
“Allison recognizes that a variety of technology solutions will be required to cover the commercial vehicle landscape, as the industry continues its evolution,” Foster said.
“Our collaboration with Autotech and the cutting-edge companies they engage with will allow Allison to continue to diversify our portfolio of next-generation solutions,” he went on to say.