Published By : 19 Jul 2017 | Published By : QYRESEARCH
Nauto, a Silicon Valley software developer for self-driving vehicles, has gained two new investors in SoftBank and General Motors. On Tuesday, July 18, 2017, Palo Alto-based Nauto announced that it raised US$159 mn in the Series B round, which was led by Greylock Partners, a venture capital firm, and Japan-based SoftBank.
The previous investors to Nauto included Japan-based Toyota Motor Corp., Germany-based BMW AG, and Allianz, a German insurance company. Till now, Nauto has been extremely successful in attracting the leading automakers across the world as it focuses only on data and software, which is less costly in comparison with developing hardware or the entire vehicle. Stefan Heck, the founder and CEO of Nauto, stated that any vehicle manufacturer would be than a startup at producing cars. “Nauto aims to provide the intelligence, information, and a cloud platform to manufacturers that are planning to introduce self-driving cars in the global market by 2020,” he added.
Hitherto, the amount General Motors has invested in Nauto has not been revealed. The Detroit-based automobile giant procured Cruise Automation, a Silicon Valley startup, in early 2016 for over US$500 mn. For the development of its technology, the software developer has been retrofitting the windshields of commercial trucks From Europe to North America and Japan with dual cameras, one targeted at the path and the other towards the driver. With this, the company aims at gathering data on the surroundings of vehicles, driver distractions, and speed advancements of self-driving technology.