Mitsubishi Electric and Global Brain Launch New Investment Fund
Mitsubishi Motors Corporation (MMC) has had many developments to share, cementing the automaker’s future of electric vehicle (EV) development for future Mitsubishi Motors models while also seeking new heights. With the recent revival of Ralliart, Mitsubishi teased a new Ralliart concept at the 2022 Tokyo Auto Salon, but also ““embodies Mitsubishi Motors’ vision for the new Ralliart”. With the concept based on the Outlander PHEV, the future of EV in the future of MMC is clear. To further this development, Mitsubishi Electric Corp, a subsidiary of MMC and sister of Mitsubishi Motors, launched a new ME Innovation Fund with the Global Brain Corporation to invest in startups worldwide.
Sound familiar? The ME Innovation Fund, a corporate venture capital (CVC) fund, will be investing in startups with the goal of investing five billion yen across the span of ten years. Reminiscent of the “Alliance Ventures” investment fund that the Renault-Nissan-Mitsubishi Alliance started, we haven’t heard anything about it. Even so, where did Mitsubishi Electric get the money to start this fund when Alliance Ventures also had a sizable investment pool?
Global Brain is an independent venture capital firm that is known to support startups on a global scale to create new industries and open innovation between startups and large corporations. With Mitsubishi Electric and Global Brain working together, not only does some of the funding come from Global Brain, but connecting the small guys to the big boys makes it possible to get unknown tech into the spotlight and get funding to turn what could be a prototype to a production-ready unit. Seeing as how the new investment fund is running for ten years, there is plenty of time to find the right startups and invest appropriately.
This also makes sense with the many developments in the auto industry shared during the 2022 Consumer Electronics Show (CES). Many have a timeline of 2028 and onward before any real changes happen to the modern automobile. Even so, as we mentioned, Mitsubishi Electric is another company under MMC, and actually has a large hand in many of the technological advances that make it into new Mitsubishi models. During the 2022 CES, the company shared concepts for electric vehicles (EVs), autonomous vehicles, on-demand transport systems, and a common goal for many automakers – turning the modern car into a mobile living space, so it makes sense why Mitsubishi Electric would launch a new investment fund to work with startups. Goals like that will take many resources and hands, and startups are always fresh with new ideas and next-gen technology.
With the new ME Innovation Fund, Mitsubishi Electric and Global Brain will be looking for startups working on innovations primarily in the digital and green innovation domains. We saw some of these digital concepts during 2022 CES, but the green and electric innovations that will help Mitsubishi Motors with its upcoming lineup are what we’re looking toward. The upcoming investments that could make concepts like EDRIVE into a reality, a system that would revolutionize the ability to power larger vehicles with smaller power units, could really change the EV game.
Interested to learn more? You can follow along and stay up to date with us when you follow us on University Mitsubishi social media.