BMW has established a second company enterprise fund, earmarking $300 million to bankroll startup corporations centered on sustainability, superior manufacturing and future transportation, the automaker stated.

BMW i Ventures, based mostly in Mountain View, California, will handle the fund, in addition to persevering with to disburse cash from its preliminary 500-million-euro ($593 million) fund. The 2 funds convey BMW’s whole enterprise funding pool to almost $900 million, one of many largest within the international auto business.

Toyota Ventures, the company enterprise arm of Toyota Motor which often co-invests with BMW, earlier this month launched a second funding fund, totaling $300 million, with a give attention to sustainability expertise and startups, bringing its whole property below funding to greater than $500 million.

BMW, by means of five-year-old i Ventures, beforehand has invested in additional than 50 corporations, together with a number of which have gone or are planning to go public, amongst them ChargePoint and Proterra. Its focus continues to be on early to mid-stage startup corporations, a lot of them based mostly in Silicon Valley.

Previous investments have ranged from Boston Metallic, whose expertise allows emissions-free metal manufacturing, to Prometheus Fuels, a producer of carbon-neutral gasoline.

Marcus Behrendt and Kasper Sage head i Ventures as managing companions.

The brand new fund will put money into automobile and manufacturing automation, information and connectivity, in addition to in corporations concerned in efforts to cut back carbon emissions in each facet of transportation, together with provide chains, Sage stated.

Behrendt stated BMW will proceed to contemplate co-investments with company companions resembling Toyota, Porsche and Jaguar Land Rover.

BMW i Ventures and Toyota Ventures have collectively invested in 5 startups, together with Might Mobility and Nauto.