US-based vehicle mapping technology startup DeepMap has begun talks with e-commerce firm Alibaba, ride provider Didi Chuxing and carmaker BAIC to raise up to $60m, The Information reported on Monday.
Founded in 2016, DeepMap is developing scalable, high-definition 3D mapping technology that is intended for eventual use in autonomous vehicles.
The technology is designed to offer real-time, centimetre-level localisation taking into account differing road types, landmark features and driving conditions, and DeepMap already has partnerships in place with automotive manufacturers Ford, Honda and SAIC Motor.
The upcoming round will value the company at $430m, according to two people with direct knowledge of the fundraising. The prospective investors will assist DeepMap in its entry into China, the country where all three corporates are headquartered.
DeepMap publicly launched in May 2017 with a $25m series A round led by venture capital firm Accel that included Andreessen Horowitz and GSR Ventures, the VC firms that had previously supplied it with $7m of seed capital.