Drive.ai Secures New Funding to Accelerate Expansion

Self-driving startup raises $15 million USD from Grab and others to drive growth, opening first international office in Singapore

ID: 1522488
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(businesspress24) - MOUNTAIN VIEW, CA -- (Marketwired) -- 09/28/17 -- Drive.ai today announced a $15 million USD funding round from Grab, Southeast Asia''s leading on-demand transportation and mobile payments platform, and others. This investment quickly follows Drive.ai''s $50 million USD series B funding round in June of 2017, bringing the company''s total funding to over $77 million USD. Drive.ai will use the additional funding to expand its talented team, accelerate technological development, grow business partnerships, and open its first office abroad in Singapore.

With this additional capital, Drive.ai will explore Singapore as a potential deployment location. Drive.ai will open up an office in Singapore in the next few months to evaluate the potential opportunity with governments and local businesses. Grab will support Drive.ai as they conduct their market assessment.

"Self-driving is the global space race of our time, so we''ve had our eyes set on international deployment since the start. This focus is reflected in our investor base, with investors from around the world, and now with Grab," said Drive.ai CEO Sameep Tandon. "Grab is an early adopter of autonomous vehicle technology in Singapore, and we are excited to have their support as we open our Singapore office."

Drive.ai is pioneering a cost-efficient, scalable way to develop self-driving software. The company uses a deep learning-first approach, allowing its autonomous vehicles to rapidly learn new driving scenarios and routes without tedious engineering effort. This approach makes it easier for Drive.ai''s technology to scale to new locations in the U.S. and abroad.

Drive.ai is also setting itself apart by partnering with businesses and developing retrofit kits, which convert existing commercial vehicles into self-driving fleets. The company recently its partnership with Lyft, which will bring autonomous ridesharing to the Bay Area later this year.

Drive.ai is a self-driving technology company transforming the relationship between people and transportation. By using deep learning from the ground up, the company is building the software brain of the self-driving car. Founded in 2015 by a team out of Stanford University''s Artificial Intelligence Lab, Drive.ai has grown to more than 70 employees. The company is headquartered in Mountain View, California and licensed to test autonomous vehicles in the state of California.

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Date: 09/28/2017 - 07:00
Language: English
News-ID 1522488
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Firma: Drive.ai
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Stadt: MOUNTAIN VIEW, CA
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