Jonathan Shieber @jshieber / Jan 9, 2018

The world’s largest automaker, Renault–Nissan–Mitsubishi, has launched a $1 billion corporate venture capital fund to focus on investments in “new mobility” including electrification, autonomous systems, network connectivity and artificial intelligence.

Called Alliance Ventures, the fund has already made its first investment, taking an equity stake for an undisclosed amount in Ionic Materials — a Bill Joy-backed battery technology developer.

The fund said that it will invest up to $200 million in start-ups and “open innovation partnerships” in its first year and expects to invest roughly the same amount over the next five years.

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