Global Automotive Supplier Magna Continues Effort To Co-Innovate With Startups

Magna International is an international leader in automotive supply with $38 billion in annual revenue – and the giant is turning to startups and emerging companies to give it an edge in the rapidly changing industry.

On The Hunt For More

Previously, Magna partnered with Argus Cyber Security from Israel to access the startup’s security technology which is able to detect previously unknown cyber threats. Now, Magna is on the hunt for more opportunities – in the electronics space as well as feature development, software & more. “Especially interesting to us are solutions with the potential to differentiate Magna and extend our product portfolio. This can include sensors, feature development, and software when we talk about autonomous driving; new use cases and unique ideas for new mobility and manufacturing solutions such as advanced robotics and 3D printing”, explains Ian R. Simmons, VP Business Development, Corporate Engineering, and R&D in an interview with StartUs Magazine.

Speaking in an interview at the Automotive News World Congress in Detroit, Michigan, Magna International CEO Don Walker said that Magna has “been looking at startup companies, venture capitalists, to find the next technology that’s going to leapfrog when it comes to vision systems or automated driving systems or heads-up display, so we’re spending a lot of time in that area.”

However, Magna is not the only supplier looking to work with emerging companies. Traditional vehicle part manufacturers are recognizing that they need to look outside their own walls more and more if they want to continue meeting their customer’s demands. “I think the landscape will change. There’s going to be joint ventures, there’s going to be acquisitions, there’s going to be new players, so that’s a very dynamic industry which we’re looking at”, suggested Walker on what collaborations can look like.

Magna Already Invested $270 Million

Magna scours the globe for advances in electrification, autonomous driving, connectivity and new mobility helping companies to speed them to market as part of the corporate’s “Open for Business” approach.

Leading Mobility is an ongoing effort aimed at finding the best ideas and bringing them to market. The Startup Program is open to companies that have an innovative technology or solution, even if it’s not directly related to mobility or the auto industry.

Designed to connect with innovators, the program opens the door for participants with an idea, solution, technology, product or service relating to all aspects of mobility.

“Of course, our engineers are working on new technologies, however, we realize that a vast amount of great ideas and innovation comes from startups and entrepreneurs. […] In the last 18 months, we have partnered with 16 companies and invested $270 million either in partner VCs or individual startups”, Simmons pointed out.

Got a great idea for shaping the future of the transportation industry? Looking for the perfect partner with resources, broad experience, and global reach? Then apply now for Leading Mobility.

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