Drive.ai raises $50 million in new funding

logo_dark

SAN FRANCISCO — Self-driving startup Drive.ai said on Tuesday it raised $50 million in a second round of funding as the Silicon Valley company prepared to deploy its technology in pilot vehicles later this year.

The company, one of a handful of startups building fully autonomous systems for cars, also said it had added to its board Andrew Ng, a prominent figure in the artificial intelligence industry.

Ng formerly led AI projects at Baidu and Alphabet’s Google. Ng is the husband of Drive.ai’s co-founder and president Carol Reiley, a roboticist.

The latest round of funding — led by New Enterprise Associates, Inc., GGV Capital and existing investor China-based Northern Light Venture Capital — came as investor interest in autonomous vehicles continued to intensify.

Drive.ai is aiming to build an after-market software kit powered by artificial intelligence to turn traditional vehicles operated by businesses into self-driving models.

The company said existing business fleets would deploy its kits in pilot tests by year-end.

Drive.ai plans to distinguish itself through the team’s expertise in robotics and deep learning, a subset of AI in which massive amounts of data are fed into systems until they can “think” for themselves.

Drive.ai, which received $12 million in an initial funding round last year, also named to its board the head of Asia for New Enterprise Associates, Carmen Chang.

Reblogged from Automotive News

 

Advertisements

BMW announces partnership with Intel and Mobileye to help develop autonomous technology in its cars

bmw-vision100-india-photo-galary-image-m2_720x540

BMW has been developing autonomous car tech for the past several years, most of which can now be seen on the current-gen 7-series sedan. But now, the German automotive marque has decided to develop a fully-autonomous vehicle, which will be introduced by the year 2021. In order to achieve this goal, BMW has joined hands with the artificial intelligence and IT service provider – Intel, and an autonomous monitoring system development company – Mobileye.

BMW has chalked-out a multi-stage plan in the journey to develop a fully-autonomous vehicle. The automaker, along with Intel and Mobileye, will be working on different levels of vehicular automation. Under Level 3, the driver would be able to give the driving control to the car in certain situations, like while driving on the highways. Level 4 will include the car taking control in extreme weather conditions, while Level 5 will handle all autonomous functions, which include drop-off, pick-up and self-parking capabilities without any driver intervention.

BMW plans to earn most of their revenue by offering rides in these autonomous vehicles, rather than selling the cars to individuals. The company also hopes to establish an open platform for the autonomous vehicle technology, so that other manufacturers can use BMW’s learnings and technologies to build their own cars.

Source: ZigWheels