Amazon.com Inc. has announced plans to invest $1 billion in logistics, supply chain management, and security technology firms as the retailer looks for fresh ideas that will boost its core business.
The company announced the introduction of the Amazon Industrial Innovation Fund, a venture capital investment program that will help startups at various stages of development work on technology to improve the speed of e-commerce delivery and the experience of warehouse and logistics workers.
Online shopping is becoming more important for people
“We are excited to contribute to the advancement of these technologies as online shopping grows more popular among individuals seeking greater convenience and time savings,” said Alex Ceballos Encarnacion, Vice President of Global Corporate Development.
Amazon’s corporate development group has a history of purchasing stock in other companies, allowing the company to experiment with new technology and profit from the growth that can result from a relationship with the massive retailer.
In recent years, Amazon has worked to openly link the work of its corporate development team to corporate priorities, including investments in voice and speech recognition software through the Alexa Fund and a $2 billion climate-focused fund.