Telefónica partners with Coral Group to fund innovation platform

Telefónica partners with Coral Group to fund innovation platform

Telefónica has announced a partnership with Coral Group, a venture firm that invests in disruptive innovations.

The two companies look to form an investment platform that will enhance the digital experience of European customers. The Coral’s Communications Investment Platform (CIP) will be funded by a $200m investment from Telefónica Open Future, a program that integrates open innovation initiatives and transformations of Telefónica. Open Future is focusing on forming innovation factories, such as CIP, that can deliver new and disruptive technologies.

Telefónica is looking to use the development of the CIP to enhance return on its capital investments, the company state that it is looking to transform into a ‘major market player in areas such as next generation networks, dig data and machine learning and the Internet of Things.’

The partnership between the two companies will ‘seek to further accelerate and expand Telefónica’s global transformation into a ‘digital telco’, being at the cutting edge of technology and smart investments.’

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