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Monday, May 19, 2014

Nokia HERE Maps Want To Make A Comeback (In Your Car) Thanks To New Funding

After Microsoft acquired Nokia, most of the cellphone-maker's projects were done away with. Just a few branches remained. One of them was HERE Maps, which accounts for less than 10% of the company's revenue.

But after months of slipping slowly into oblivion, HERE Maps may be poised to make a comeback of sorts.

Nokia's venture capital arm, Nokia Growth Partners, has set up a $100 million Connected Car Fund with the idea of investing in companies in the US, India, China and Europe, to bring the connected car experience to consumers.

Nokia CEO, Rajeev Suri, who took over from interim CEO Risto Siilasmaa on May 1, has said that "the connected car is a significant growth opportunity." There is an attempt to create a whole new class of services for the car (if it doesn't exist already).

Honda uses HERE Maps in HondaLink to provide navigation services in its new vehicles. Additionally, it was revealed last week that Pioneer will be using HERE Maps for the built-in navigational needs in its NEX products.

Source: Nokia

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