Nokia has launched a $100m (£59m) fund which will invest in firms specialising in connected and smart vehicles.
It is seen as a key growth area and Nokia has established its presence in the sector with its mapping service Here for connected vehicles.
The move comes just days after Nokia completed the sale of its handset unit to Microsoft.
The Finnish firm has said that mapping services is one of the three key businesses that it plans to focus on.
Nokia said the fund, which will be managed by Nokia Growth Partners (NGP), will support the growth of the sector.
'Surge in innovation'
Firms have been looking to connect vehicles - not only to the internet, but also to each other.
The idea is that connected and "smart" vehicles would not only change the way drivers use their cars, but also make them more safe by sensing nearby vehicles.
A key part of that connectivity is the ability of vehicles to access their location, and that of other objects around them.
And as an increasing number of vehicles become inter-connected, it could provide a growth opportunity for firms specialising in the sector.
"For the last few years there has been a surge in innovation that has brought technological advances leading to safer, cleaner, increasingly connected, intelligent and more affordable vehicles," Paul Asel, partner at NGP, said in a statement.
"Vehicles are becoming a new platform for technology adoption very similar to phones or tablet."
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