MILAN (Reuters) - Stellantis, through its venture capital fund Stellantis Ventures, has deployed about 100 million euros in a first round of investment, choosing to back 10 start-ups and a mobility venture capital fund.

The world's third-largest automaker by sales last year launched Stellantis Ventures with an initial investment of 300 million euros. The venture capital fund aims to invest in start-ups developing technologies for the automotive and mobility industry, including those for electric transition and sustainability.

"So far we have used about a third of our funds through the 11 investments," Bazih said.

Bazih explained that Stellantis will use products from artificial intelligence and computer vision provider Nauto, off-road trail guide platform Trails Offroad, and e-bike developer Beweelsociety as early as this year.

Products developed by the other projects funded by the fund, which are based in both the United States and Europe, will become part of the Stellantis "ecosystem" from 2024 onward, he added.

These include a lithium-sulfur electric vehicle battery start-up Lyten, which Stellantis announced separately last month.

"We are using the strength of Stellantis Ventures to connect with companies that are developing cutting-edge technologies that we believe can transform the travel experience and improve the mobility industry," Stellantis Cto Ned Curic said in a note.

Stellantis did not disclose the name of the U.S.-based mobility venture capital fund it has chosen to invest in because the regulatory process is ongoing, Bazih said.

(Translated by Chiara Bontacchio, editing Stefano Bernabei)