General Motors will soon exit one of its venture capital unit’s investments, either through an initial public offering or the acquisition of that company by another, the US automaker’s chief technology officer said.
GM started its venture capital unit more than two years ago with a $200 million budget to invest in start-up companies with promising auto-related technologies.
While GM Ventures no longer provides details on how many companies it has invested in or how much it has spent, chief technology officer Jon Lauckner said the automaker could exit its stake in one of its investments when it is acquired or files for an IPO. “Hopefully we’ll get an exit in the not-too-distant future,” he told reporters late on Wednesday. “And hopefully it will basically pay for all the other investments that we’ve made.”