Car Tech Startup Investment Exceeds $1 Billion In 2016

If you want an indication of how hot the car tech market has become, just follow the money. In this case, the more than $1 billion invested in the space in 2016 – a 30% rise in deal activity over the previous year, according to CB Insights. The business data analytics company recently reported that a record high of $1,049 million was invested across 87 automotive technology deals in 2016, representing a 91% rise in funding over the previous year. CB Insights reports that a variety of private companies invested in an array of startups covering a wide range of automotive categories, and automakers were especially active, led by GM's massive stake in Lyft and acquisition of Cruise Automation early last year. Other OEMs making large bets on mobility include Toyota with Uber, Volkswagen with Gett, BMW iVentures with Zendrive and Daimler with Blacklane and a variety of other investments.