Founders Fund Reportedly Backing Scale At Unicorn Valuation
|Founders Fund partner Cyan Banister
Photo by Steve Jennings/Getty Images for TechCrunch
According to a report from The Information, Scale — a supplier of software to the self-driving vehicle industry — is raising new funding that values it around $1 billion, a big jump from a previous $90 million valuation [according to Pitchbook data]. The report says Founders Fund is expected to invest around $50 million into the San Francisco-based startup.
The Information reports says Scale’s annual recurring revenue [customer commitments to purchase its software over the next 12 months] has risen to $40 million from $4 million last year, indicating some good growth at the company. Although many self-driving vehicle makers, being in early testing stages, are yet to generate revenue, Scale which supplies software used by them is on a good side of business. Its customers include well known companies like Nuro, GM Cruise, Waymo, Lyft, Toyota, Zoox, Embark and more.
Scale has raised $22.7 million in total funding. Its backers include VCs like Index Ventures, Accel, Y Combinator, and several individual investors, including Dropbox CEO Drew Houston, Twitch co-founder Justin Kan, Quora co-founder Charlie Cheever, Thumbtack co-founder Jonathan Swanson, Xamarin co-founder Nat Friedman and OpenAI co-founder Greg Brockman.
Scale’s software lets self-driving vehicle developers easily convert raw information into the human-labeled data that’s used to train their vehicles.