Porsche will spend on the blockchain startups $176 million

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Porsche will spend on the blockchain startups $176 million

The increase in the share of venture capital in business Porsche is dictated by the need “to access trends, new technologies and business models.”

Investments will focus on companies in the early stages of development and involved in “user experience, mobility and digital lifestyle,” as well as leading-edge technologies including the blockchain, AI and virtual reality.

Deputy Chairman of the Board of Directors of Porsche AG for Finance and IT Meschke Lutz said that the company must “fundamentally change their business model” to have success in the future.

“Today, innovation is largely provided by the technology. They have strong relationships with our current base level of competency, so it is vital to create a robust ecosystem with competent partners,” he said.

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