Schaeffler Partners with Plug and Play to Expand Its Startup Network in the U.S.

FORT MILL, S.C. and SUNNYVALE, Calif., Jan. 3, 2019 /PRNewswire/ -- Global industrial and automotive supplier Schaeffler has entered into a partnership with Plug and Play, a Silicon Valley-based innovation platform that connects startups with established corporations and venture capitalists. Of the 14 industry-specific programs offered by Plug and Play, Schaeffer will focus on technologies from the Mobility and Internet of Things (IoT) verticals, while also keeping an eye on innovations coming out of Energy, New Materials & Packaging, and Supply Chain & Logistics.

"We are excited to engage with our new partners at Plug and Play, who give us a compelling new avenue to uncover trends and opportunities for advancing our 'Mobility for tomorrow' corporate strategy," said Prof. Dr.-Ing. Tim Hosenfeldt, Schaeffler's Senior Vice President for Technology Strategy & Innovation. "Just as our recently launched 'in-house' startup Bio-Hybrid GmbH has invigorated our efforts to transform personal mobility, Schaeffler looks forward to connecting with the creative minds within external startups who can provide us fresh perspectives to help us meet the present and future needs of our automotive and industrial customers."

With over 20 locations worldwide, Plug and Play's ecosystem will help Schaeffler build on its renowned capacity for in-house innovation ? which produced more than 2,400 new patents in 2017 alone ? by partnering with external business enterprises and startups to uncover new technologies, products and processes as well as untapped market segments and customers.

"The partnership with Schaeffler brings a new perspective to our mobility ecosystem. We look forward to working closely with our new partners and to introducing them to new technology that supports their mission," says Sobhan Khani, VP of Plug and Play's IoT, Mobility, and Real Estate & Construction programs.

Schaeffler's partnership with Plug and Play is the latest step in the company's mission to tap into Silicon Valley's deep reservoir of creative talent and innovative thinkers. Earlier this year, Schaeffler opened a new office in San Jose, California, whose staff has been tasked with fostering new relationships with potential technology partners and local disruptors to advance Schaeffler's corporate strategy that is dedicated to shaping "Mobility for tomorrow."

About Schaeffler
The Schaeffler Group is a global automotive and industrial supplier. Premium quality, outstanding technology, and exceptionally innovative spirit form the basis for the continued success of the company. By delivering high-precision components and systems in engine, transmission and chassis applications, as well as rolling and plain bearing solutions for a large number of industrial applications, the Schaeffler Group is already shaping "Mobility for tomorrow" to a significant degree. The technology company generated sales of approximately EUR 14 billion in 2017. With more than 92,000 employees, Schaeffler is one of the world's largest family companies and, with approximately 170 locations in over 50 countries, has a worldwide network of manufacturing locations, research and development facilities, and sales companies.

About Plug and Play
Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, our programs have expanded worldwide to include a presence in over 20 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 10,000 startups and 280 official corporate partners, we have created the ultimate startup ecosystem in many industries. We provide active investments with 200 leading Silicon Valley VCs, and host more than 700 networking events per year. Companies in our community have raised over $7 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club and PayPal. For more information, visit www.plugandplaytechcenter.com.

SOURCE Schaeffler