Porsche Automobil Holding SE has bought a stake of around 10% in the US technology company INRIX, a provider of real-time traffic information.
The cost was about US$55m.
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“For Porsche SE, the acquisition is the first step towards creating a portfolio of investments complementing the existing shareholding in Volkswagen AG,” the company said in a statement.
Its investment chief Philipp von Hagen added: “Connectivity between cars and infrastructure is one of the important mega trends in the automotive industry. The need for traffic-related information and data-based solutions is therefore growing fast. We see a tremendous potential in this segment of the automotive value chain.”
Von Hagen who will join the INRIX board, also said Porsche SE was “examining additional investments related to the topics of connectivity and mobility”.
Bryan Mistele, president and CEO of INRIX, said the company wanted to move from a traffic data company to a connected car and smart cities leader worldwide. It is also owned by several venture capital companies and its employees.
The company claims to be a pioneer in the development of technologies for the collection and interpretation of traffic data and operates in 40 countries.
