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BlackBerry (BB) Unveils IVY Innovation Fund, Fosters Startups

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In an effort to revolutionize the future of transportation with emerging technologies, BlackBerry Limited (BB - Free Report) recently unveiled the IVY Innovation Fund. The fund aims to accelerate the overall automotive ecosystem, and enable both new and established market players to develop data-driven solutions, thereby enhancing passenger and driver experiences. This will be made possible with BlackBerry IVY’s AI insights and Amazon Web Services (“AWS”), an on-demand cloud computing platform of tech giant — Amazon.com, Inc. (AMZN - Free Report) .

Interestingly, in December 2020, BlackBerry and AWS had inked a multi-year global agreement for the development of a secure and intelligent connected vehicle software platform for in-vehicle applications — BlackBerry IVY. The scalable, cloud-connected software platform has been specifically designed to integrate BlackBerry QNX real-time operating system with AWS’ IoT services in the cloud and in the car to develop a comprehensive edge-to-cloud offering for diversified car brands.

Markedly, the game-changing deal enables both the developers and automakers to leverage crucial data and connectivity in an effort to tap lucrative opportunities without having to compromise on customer privacy or safety. Automakers can utilize the data to devise responsive in-vehicle services and expand BlackBerry’s relationship with AWS, thereby enhancing revenues and designing new business models based on vehicle data.

Notably, the latest move underscores BlackBerry’s commitment to introducing new-age connected vehicle solutions that will not only nurture developers to build their businesses but also leverage effective data insights to redefine the dynamics of the transportation industry.

As part of its association with AWS, the BlackBerry IVY Innovation Fund allows tech companies to access the benefits of AWS Activate, wherein they can avail AWS credits of up to $100,000. AWS Activate is an innovative program that helps startups to thrive supported by a perfect mix of tools and expertise. Apart from AWS Activate, one can access BlackBerry’s robust pipeline of cybersecurity and automotive solutions. At first, the fund will allocate up to $50 million.

This amount will be used to support startup companies, fleet operators, original equipment manufacturers and smart mobility providers to develop data-driven solutions and bolster new offerings. Backed by such state-of-the-art facilities, the BlackBerry IVY Innovation Fund is likely to emerge as a trailblazing tool, which will not only augment the ecosystem of innovative transportation solutions but also foster the community of developers to create such solutions.

BlackBerry’s foray into the automotive industry was marked by the seamless integration of navigation, infotainment and critical driving functions. The company leverages its extensive technology portfolio to extend the best-in-class security and reliability features. These include a unified endpoint management solution that provides comprehensive multiplatform device, application and content management with integrated security and connectivity, embedded systems and related services.

As a leading player in the enterprise mobility management, BlackBerry is widely recognized for productivity and security innovations. With a holistic growth model, focusing on organic and inorganic initiatives, BlackBerry aims to expand its market share in the enterprise mobility segment. Its solid product cycle, coupled with impending launches of new secure communication products and services, instills optimism. It remains to be seen if such technological advancements can boost the stock in the long run.

Some other prominent players in the industry are ASGN Incorporated (ASGN - Free Report) and CDW Corporation (CDW - Free Report) .

ASGN pulled off a trailing four-quarter positive earnings surprise of 22.3%, on average.

CDW delivered a trailing four-quarter positive earnings surprise of 14.1%, on average.

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