Singapore gets into self-driving cars, EDB invests in US-based nuTonomy
By Digital News Asia May 25, 2016
- US startup already operating an R&D fleet of autonomous vehicles in Singapore
- Round led by Highland Capital Partners, with participation from others
SINGAPORE is serious about self-driving cars, with EDBI, the dedicated corporate investment arm of the Singapore Economic Development Board (EDB) participating in the Series A funding round of nuTonomy Inc.
Cambridge, Massachusetts-based nuTonomy, which develops software for self-driving cars, said its US$16-million Series A round was led by Highland Capital Partners, with participation from Fontinalis Partners and Signal Ventures, as well as Samsung Ventures.
The US startup said it is getting governmental support in Singapore, where it operates an R&D (research and development) fleet of autonomous vehicles.
It was also the first private company to win governmental approval for testing on public roads in Singapore, it said in a statement.
“nuTonomy’s self-driving vehicle software unlocks access to a multitrillion-dollar global ‘robo-taxi’ opportunity,” said cofounder and chief executive officer Dr Karl Iagnemma.
“This funding will accelerate the pace of our progress in deploying self-driving vehicles in Singapore and beyond,” he added.
nuTonomy is also operating self-driving cars in Michigan and the United Kingdom, where it tests software in partnership with major automotive industry players such as Jaguar Land Rover.
The company said it is developing the first of its kind complete solution for operating large fleets of autonomous taxis; this includes software for autonomous vehicle navigation in urban environments, smartphone-based ride hailing, fleet routing and management, and controlling a vehicle remotely through teleoperation.
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