Investment firm Generation Investment Management joined a series B round for US-based vehicle mapping technology developer DeepMap yesterday that already included corporates Nvidia and Robert Bosch.
DeepMap did not confirm the size of the investment but TechCrunch estimates the series B round had now reached at least $60m and valued the company at $475m or more.
Graphics processing unit technology provider Nvidia and Robert Bosch Venture Capital, the investment arm of industrial group Robert Bosch, joined the round in August this year, following earlier commitments from VC firms Andreessen Horowitz, Accel and GSR Ventures.
Founded in 2016, DeepMap is working on scalable, high-definition 3D mapping and centimetre-level real-time localisation technology to help autonomous vehicles navigate complex and unpredictable environments.
The company has also developed a platform (pictured) that facilitates the simulation of self-driving cars in real-world settings. DeepMap will use the funding and Generation Investment’s expertise to expand across Europe.
Reports emerged in July this year that e-commerce firm Alibaba, on-demand ride provider Didi Chuxing and carmaker BAIC were exploring a series B investment in DeepMap that would support an expansion into China, though none of them were mentioned in the announcement.
Accel led DeepMap’s $25m series A round in May 2017, investing alongside Andreessen Horowitz and GSR Ventures. The latter two had previously supplied $7m of seed funding for the company.
– Image courtesy of DeepMap
