Search & find:
Media, press releases, events for your editorial coverage

Open Innovation: Bosch honors best start-up collaboration

16.05.2019

Press release

Business/economy

Open Innovation: Bosch honors best start-up collaboration

Berlin, Germany – The Bosch Group recognizes Code Intelligence GmbH (Code Intelligence) and Hesai Photonics Technology Co., Ltd. (Hesai) with the “Open Bosch Award” for best start-up collaboration. This marks the first time the supplier of technology and services honors outstanding performance in open innovation between Bosch and start-ups. Code Intelligence, a start-up based in Bonn, Germany, provides automated security-testing solutions for software. Hesai is a Shanghai-based start-up that designs and manufactures sensor technology that allows automated vehicles to see their surroundings in 3D with high resolution. “Partnerships are vital in a connected world,” emphasizes Dr. Michael Bolle, chief digital and technology officer at Bosch. “With the Open Bosch Award, we honor the best start-up collaboration worldwide.”Studies show that open innovation approaches boost efficiency in innovation processes by 60 to 90 percent. That is why partnerships are the key success factor in the ongoing digital transformation as the recent BCG study “The most Innovative Companies 2018” underlines. Currently, Bosch is running several hundred start-up collaborations across all business areas, the majority of these focusing on the mobility sector. With the Open Bosch Award, we honor the best start-up collaboration worldwide....Dr. Michael Bolle, chief digital and technology officer at Bosch For the Open Bosch Award, the main criteria are mutual benefit for all parties involved, best practice character in terms of set-up, approach and commitment, as well as outcome in means of measurable impact. The awards ceremony took place at the Bosch Connected World in Berlin. Partnerships increase likelihood of success The ability to rapidly and continuously innovate is a core competency of Bosch. In a technology-fueled world with accelerating innovation cycles, Bosch is fusing ideas and competencies beyond company borders to best serve its customers. Start-ups play an important role as they are also often first-movers, taking high risks and being equipped with significant resources. At the same time, leading start-ups can benefit from Bosch assets and competencies, e.g. industrialization, market access or branding. The combination of a start-up and the industrial power of Bosch results in a benefit for all parties involved: customer, start-up and Bosch. A partnership can create new challenges as well: “Sometimes start-ups pivot and sometimes Bosch innovation projects change their direction. However, we realize that a great collaboration significantly increases the likelihood for success for everyone involved,” says Bolle. We realize that a great collaboration significantly increases the likelihood for success for everyone involved....Dr. Michael Bolle, chief digital and technology officer at Bosch Code Intelligence: Preventing cyber attacks One of the awardees is Code Intelligence, a German start-up based in Bonn in combination with a team from Bosch Corporate Research. Code Intelligence demonstrated its expertise by developing a scalable approach to automate security tests for connected products based on coverage-based fuzzing. The close collaboration enabled the team to produce tangible results within a very short time frame of only two months. “Such software security testing approaches have uncovered vulnerabilities in open source projects. The connectivity based products of the future need such measures and Bosch’s embracement of them is an example of how we proactively ensure security in our products,” explains Rakshith Amarnath, project leader at Bosch Corporate Research. Dr. Henning Perl, CTO of Code Intelligence, points out the benefits. “Through the cooperation we gained valuable insights on industrial requirements and received a unique entry point into the automotive and the connected industry divisions of Bosch.” The team continues to cooperate on automating software-security tests. Hesai Photonics Technology: Realizing Automated Driving Another awardee is Hesai together with a team from Bosch in the field of automated driving. In 2017, Hesai successfully participated in the Bosch AI in Auto accelerator in China , which helped to deepen the relationship and align interests. From the very beginning, both parties shared a common vision. “We constantly scan the market for solutions that serve best our efforts of making automated driving a reality. In this case, we now also use Hesai’s technology in our development vehicles to approach this challenge”, states Jumana Al-Sibai, Executive Vice President at Bosch Chassis Systems Control. “We are very fortunate to have the privilege of working with the world’s largest automotive supplier at an early stage and we have benefited tremendously from Bosch’s valuable insights”, adds David Li, the CEO and co-founder of Hesai. About the award The Open Bosch Award values the importance of open innovation through close collaboration between start-ups and Bosch. The award is organized by Robert Bosch Venture Capital GmbH (RBVC) . RBVC invests in start-ups and also connects them to the Bosch group. To support early engagement RBVC established a venture client unit called “Open Bosch” that systematically enables partnerships.

Investing at the cutting edge of innovation, worldwide – ten years of Bosch vent ...

28.06.2018

Press release

Business/economy

Investing at the cutting edge of innovation, worldwide – ten years of Bosch vent ...

Stuttgart and Ludwigsburg, Germany – Ten years of investment, ten years of innovation: over the past decade, Robert Bosch Venture Capital GmbH (RBVC) has made a string of successful investments in tech start-ups. The venture capital wing of the Bosch Group invests up to 15 million euros in individual young start-ups, and also provides them with the know-how and contacts it has as a leading global supplier of technology and services. Apart from looking for a healthy return on the capital it invests, RBVC is also eager to help young companies develop new technologies. Here, the investment strategy focuses on complementary technologies or on business models that fit particularly well with the Bosch Group portfolio. “RBVC has successfully established itself alongside major institutional venture capital companies. Our VC wing provides us with valuable contacts to the start-up scene, and thereby makes a significant contribution to the Bosch culture of innovation, and thus its agility,” says Dr. Volkmar Denner, chairman of the board of management of Robert Bosch GmbH. The RBVC portfolio comprises over 35 pioneering technology start-ups from around the world. This international focus offers a clear strategic advantage in the field of disruptive innovations. “RBVC will continue to expand its portfolio of innovative start-ups, and thus ensure its success story continues,” Denner says. “Among its most promising investments are projects that will advance the development of automated driving and AI-based systems.” The Bosch venture capital subsidiary manages a total fund volume of over 300 million euros. RBVC has successfully established itself alongside major institutional venture capital companies. Our VC wing provides us with valuable contacts to the start-up scene, and thereby makes a significant contribution to the Bosch culture of innovation, and thus its agility....Dr. Volkmar Denner, chairman of the board of management of Robert Bosch GmbH Presence in China boosts business In view of the big long-term opportunities it sees in the Chinese market, RBVC has opened a new office there. “Our Shanghai office reinforces our presence in one of the world’s most dynamic markets,” says Dr. Ingo Ramesohl, one of RBVC’s managing directors. “Tech start-ups with interesting products and services are now emerging in China on an almost daily basis. Having a local presence will enable us to take on an even more active role in the country’s start-up scene.” The goal is to build on the company’s success in China and establish it in the local market as a leading investor in tech ventures. In particular, RBVC will be focusing on start-ups operating in the fields of artificial intelligence (AI), the internet of things (IoT), automated driving, augmented and virtual reality (AR/VR), and blockchain technology. From its base in Germany, RBVC has already been active in the Chinese market. To date, it has made a total of five investments there. Thanks to the organizational structure behind it, RBVC is one of the few non-Chinese investors in a position to make investments in renminbi, the local Chinese currency. The VC wing of Bosch operates out of five locations worldwide. The ability to engage in major technology hot spots, particularly Silicon Valley and Israel, will be crucial to the company’s long-term success. Open innovation: speedier identification of new trends Each year, experts from RBVC examine the new technologies and business models of over 2,000 start-ups from around the world. Only around a hundred of these make it to the shortlist. “We invest in six to ten carefully selected companies each year,” says the RBVC managing director Philipp Rose. “This strict process of selection is in line with our strategy of focusing – like an institutional VC company – on only the most promising investments. But even dealing with the start-ups we ultimately don’t select is interesting for us, because it helps widen the potential for innovation at Bosch.” RBVC regularly creates contacts between young companies and Bosch operating units. As a result, these start-ups may ultimately become a supplier, technology partner, or even customer of Bosch. This “open innovation” approach selectively involves external partners in a company’s own innovation process. It means that each party can benefit from the other’s experience and know-how. This business model, in which RBVC provides more than just venture capital, produces numerous win-win situations. “In addition to capital, we also offer know-how and operational support, which gets us directly involved in the start-up scene,” Rose says. “As a result, we get to identify new trends and opportunities a lot earlier than technology companies that aren’t involved in open innovation.” Long-term investment “We are a tech investor and, as such, we often discuss highly complex technologies with start-ups,” Ramesohl says. “We are also prepared to take on the financial risk of investing in such technologies.” A look at the success of the past ten years confirms this. The current portfolio comprises thriving companies operating in areas such as blockchain technology, IoT, machine learning, and semiconductor development. Examples here include the British processor company Graphcore, which produces AI components designed to accelerate machine learning, and the Berlin start-up IOTA, which is developing a cryptocurrency for payments on the internet of things – for example, at charge spots for electric vehicles. Both these business models complement the portfolio of the Bosch Group, and both exemplify the long-term orientation of RBVC’s investment strategy. The past ten years have also brought a number of successful exits. These include Movidius, a manufacturer of image processors, which was taken over by Intel, and GreenPeak, a developer of hardware and applications for wireless systems, which was acquired by the semiconductor producer Qorvo.