As the battle for the driverless dollar continues, self-driving tech company Drive.ai has raised $50 million, aimed at boosting the company’s technology development and increasing its global reach and scalability.
The venture capital investment came in a series B funding round led by New Enterprise Associates (NEA). Other investors included GGV Capital and Northern Light Venture Capital, which led the company’s series A funding round.
Drive.ai harnesses deep learning in its technology, allowing its self-driving system to quickly learn driving routes and scenarios. The company’s focus is on powering fleets of vehicles with retrofitted kits, transforming traditional vehicles into self-driving ones.
“Drive.ai has an ambitious vision. Our company is out to transform the relationship between people, cars, and the world around them,” said Sameep Tandon, CEO and co-founder of Drive.ai.
“The self-driving race is a complex mix of technology, business models and policy. This funding from NEA and GGV Capital is massive validation of our vision, and gives us essential fuel for tackling all three components.”
The company also added NEA chairman and head of Asia, Carmen Chang, and Coursera co-founder and co-chairman, Andrew Ng, to its Board of Directors, with Jenny Lee, GGV Capital managing partner, joining as a board observer.
“Self-driving transportation is one of the most exciting and important innovations of our time,” said Chang.
“To make self-driving a reality requires an understanding of technology, public policy, business and global society as a whole.
“Drive.ai deeply understands these requirements and has created a clear leadership position in the race to make self-driving a reality for the world.”