Drive.ai Raises $50 Mn in Second Round of Funding
Drive.ai, the self-driving startup has managed to raise $50 million in the second round of the funding. The self-driving company, based out of the Silicon Valley is preparing to deploy its technological systems within pilot vehicles sometime later this year.
The company has built its reputation as being one of the few startups that promote and work on level 5(fully autonomous) autonomous cars. Drive.ai has also added a prominent face in the AI industry, Andrew Ng, as a member of its board.
Andrew Ng has previously headed AI projects at Alphabet(previously Google) and Baidu.
The second round of the funding for the company was led by GGV Capital, New Enterprise Associates, Inc.; additionally, the company’s existing investor Northern Light Venture Capital, a Chinese firm also put itself behind the company. The investors are keen to invest in the autonomous vehicle industry, as the world looks on for further advancements and companies leaving no stone unturned to get a headstart.
Drive.ai is following a different approach to the autonomous vehicle industry, with aims to build an AI-powered after-market software kit. The kit will be able to convert traditional vehicles into self-driving vehicles.
The company will work with business companies and will deploy kits in the pilot vehicles by the end of the year.
Drive.ai wishes to set itself apart because of the company’s potential in deep learning and robotics, a part of AI.