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BMW has spent huge sums of money to drive unmanned chasing Tesla's footsteps
The funds are said to be used to support start-ups that develop technologies such as driverless and maps that can help BMW make its cars smarter and more effective.
The above news was announced by the BMW Group on the company's own website on Monday. BMW announced the news at this time, as the emerging car company Tesla continues to maintain its growth momentum in the driverless car market.
The iVentures division was created in 2011 with an initial funding of US$100 million (approximately 80 million pounds). From the current situation, the department will undergo major adjustments. For example, iVentures' headquarters is moving from New York to Silicon Valley, and the department will have greater autonomy within the BMW Group, so iVentures can quickly take action, invest in start-ups that are willing to work together, or with interested companies. Expand Cooperation. In addition, iVentures has also begun to focus on start-ups in Europe and Asia, rather than being limited to the US market. Of course, the United States has always been a key market for iVentures.
Xiao Xiaobo, a member of the management group of the BMW Group, said in a statement: “In recent years, start-up companies have introduced more and more innovative technologies. Investing in these companies allows us to seize the potential of these companies as soon as possible. We are also actively expanding the business of BMW iVentures and promoting more investment in this sector."
BMW also said that iVentures Ventures will now operate independently globally under the leadership of two managing partners, Ulrich Kuy and Yuvi Higgen.
Since its inception, the iVentures division has completed more than 15 investment transactions, all of which are invested in various start-up companies related to mobile. For example, in 2014, iVentures invested in Ride Cell in San Francisco. After that, BMW applied RideCell's technology to a carpool service called Reach Now. 
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BMW has spent huge sums of money to drive unmanned chasing Tesla's footsteps
The BMW Group announced on Monday that it plans to spend up to 500 million euros (about 427 million pounds) in its iVentures division over the next 10 years to develop new car technology related to driverless driving.