MUNICH-Siemens AG said it has sold Siemens Accelerations to an undisclosed investor for an undisclosed amount.
The company explained that Siemens Acceleration was an early-stage investment boutique for startup companies and was a subsidiary of Siemens Communications. The subsidiary was comprised of about 25 companies involved in wireless and wireline applications development.
Looking forward, Siemens said it expects its innovations strategy to be supported by Siemens Venture Capital, Siemens Technology Accelerator and Siemens Technology-To-Business Center, a startup investment subsidiary of Siemens Communications.
“Innovations remain important for Siemens Communications and we will reinforce our efforts on in-house activities,” said Thomas Ganswindt, president of the Communications Group and chairman of the board of Siemens Venture Capital.
“In addition, Siemens will also continue to be one of the most active corporate venture capitalists worldwide. In total, we have invested more than 700 million euros ($831 million) on corporate venturing and we believe this activity to be an important contribution to make innovation happen at Siemens.”
