Hungarian AI Car Project Receives Significant Investment

  • 8 Jan 2018 7:57 AM
Hungarian AI Car Project Receives Significant Investment
AImotive, a self-driving technology startup headquartered in Budapest, has announced the closing of a USD 38 million/EUR 32 mln Series C funding round, its third injection of investment capital from outside sources. The car testing has already begun in Budapest.

AImotive will use the new round of funding to continue developing its proprietary autonomous driving technology, which relies primarily on affordable, off-the-shelf camera sensors and artificial intelligence-based vision processing, news portal reported.

The funding round was led by B Capital Group and Prime Ventures, with participation from Cisco Investments, Samsung Catalyst Fund, and Series A and B investors Robert Bosch Venture Capital, Inventure, Draper Associates and Day One Capital.

After receiving autonomous testing licenses on public roads for multiple locations, the company started testing its car fleet in Hungary, France, and California in the summer. It has plans to further expand testing to automotive hubs in Japan, China, and other U.S. states this year.

AImotive was founded by the Hungarian László Kishonti in 2015. In addition to its Budapest headquarters, the company has offices in Helsinki, Tokyo, and Mountain View, California.

Source: BBJ

Republished with permission

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