Autonomous vehicle mapping startup DeepMap raises $60M+ on $450M valuation
Mapping and data management for self-driving cars startup DeepMap Inc. has raised new funding that values it at $450 million.
Although the amount was not officially disclosed, Techcrunch reported that the company raised at least $60 million. The Series B round included Nvidia Corp., Generation Investment Management, Andreessen Horowitz, Accel Partners and GSR Ventures and Robert Bosch Venture Capital.
Founded in 2016 by James Wu and Mark Wheeler, both former employees of Google LLC, Apple Inc. and Baidu Inc., DeepMap is seeking to “solve the HD mapping & localization and big data management challenge for level four and five autonomous vehicles.”
Although it’s not developing its own autonomous vehicles, DeepMap delivers technology necessary for self-driving vehicles to navigate “in a complex and unpredictable environment” by addressing three important elements: precise high-definition mapping, ultra-accurate real-time localization and the serving infrastructure to support massive global scaling.
According to DeepMap’s website, the company is currently working the Ford Motor Co., Honda Motor Co. Ltd., and Chinese carmaker SAIC Motor Corp. Ltd., although to what extent isn’t clear.
“Collectively, we have built mapping technologies in use by tens of millions of people daily,” the company claimed, meaning that the technology is likely already in use in vehicles from some of its partners.
“DeepMap is perfectly placed to address the imminent needs of autonomous vehicles,” Lilly Wollman, co-head of Generation’s Growth Equity team, said in a statement. “These vehicles will require HD maps and localization modules which are real-time, scalable, economically viable and machine-readable, something which DeepMap can deliver through its unique approach.”
Including the new funding, DeepMap has raised $92 million to date.
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