Toyota-backed startup raises $267 million in new funding round

SHANGHAI (Reuters) –, backed by Toyota Motor Corp, said on Friday it raised $267 million in the initial phase of its latest funding round at $5.3 billion valuation, as the self-driving startup seeks to boost its presence in the United States and China.

The latest funding, which comes just eight months after the company’s $462 million fundraising, makes one of the most valuable independent autonomous driving startups, with higher valuation than rivals Aurora and Nuro, according to data provider Pitchbook.

The investment comes at a time when global automakers, technology firms, startups and investors – including Tesla, Alphabet Inc’s Waymo and Uber – are pouring capital into developing self-driving vehicles.

The funding was led by Ontario Teachers’ Pension Plan Board’s (Ontario Teachers’) Teachers’ Innovation Platform (OTPP), said in a statement.

Fremont-based, which is also backed by Sequoia Capital China and Beijing Kunlun Tech Co, plans to use the funding to develop technology and expand its fleet.Read more. Reuters News

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.