Magna joins Techstars program to support auto innovation
Auto supplier teams with Ford and Verizon Telematics to bring new mobile, cloud technologies to market.
TROY, Mich. — Magna International Inc. will partner with Techstars, Ford Motor Company and Verizon Telematics in the Techstars Mobility, driven by Detroit program, which works to provide startup companies with financial assistance, business training and access to corporate experts.
The mentorship-driven technology accelerator will create a Metro-Detroit hub for transportation and mobility innovations to bring new technologies to market that incorporate mobile devices, wireless, cloud data resources.
“Bringing TechStars to Detroit provides us with a unique opportunity to work closely with a new potentially untapped generation of innovators,” said Swamy Kotagiri, Magna’s chief technology officer.
The first class of 10 startups will be selected by leaders of Techstars to participate in the program, which will be based in the growing entrepreneur district in downtown Detroit. The companies will receive up to $120,000 in funding, plus three months of intensive training in business development, customer acquisition and effective executive recruitment, along with guidance from top business mentors.
Magna joins Ford Motor Co. and Verizon Telematics in the initiative, which together have committed $3 million in funding plus mentors and other resources to support participating startups. Several Michigan-based venture capital firms will provide guidance and potentially follow-on funding to participants.