A Drive.ai self-driving vehicle image : Drive.ai

Drive.ai, a Mountain View, California headquartered self-driving company with some $77 million in total funding – according to Crunchbase data, is said to be seeking a buyer, with investment bank Jefferies already hired as an adviser for a sale. The Information reports this, citing a person with direct knowledge of the matter and another briefed on the situation.

The report says Drive.ai – valued at a said $200 million from a 2017 funding – has told bigger rivals it’s interested in selling. The company seeking a sale might indicate a shake out in the autonomous vehicle industry as confidence on how long it’ll take to commercialize self-driving technology fades. Several companies like Waymo, Uber and GM Cruise have made high strides in the self-driving industry, but are yet to fully commercialize their services.

A Drive.ai self-driving vehicle image : Drive.ai

Series and miles of tests are currently being done, although Waymo took a shot at commercialization in December. Likewise, Drive.ai operates self-driving shuttles that it tests in the states of California and Texas. The startup founded in 2015 by graduate students out of Stanford University’s Artificial Intelligence Lab, has more than 100 employees in both states.

Investors in the company include GGV Capital, New Enterprise Associates, Nvidia GPU Ventures, Maniv Mobility and Singapore headquartered ride-hailing company Grab.

More on self-driving :

• FedEx Unveils Self-Driving Delivery Robot
• TuSimple Hits Unicorn Status With $95 Million Series D Round
• Boeing Completes First Test Flight Of Autonomous Flying Vehicle
• VW And Ford Reportedly Apart On Investment In Ford’s Self-Driving Unit
• Softbank Bets $940 Million On Nuro At $2.7 Billion Valuation

Share this...

Facebook

Pinterest

Twitter

Linkedin

Whatsapp

Email

Print