Nutonomy, a US-based self-driving technology producer, previously backed by electronics producer Samsung through its venturing unit Samsung Ventures, agreed to a $450m acquisition by automotive components manufacturer Delphi Automotive. Delphi will have to provide upfront $400m in cash, and with earn-outs the final purchase price approximates $450m. The transaction is expected to close by the end of the year.
Founded in 2013, Nutonomy is working on software dubbed NuCore, which will facilitate large fleets of autonomous, ride-hailing vehicles by enhancing image perception, mapping and localisation, motion planning and decision making. NuCore technology is currently being tested in cities like Boston and Singapore.
Nutonomy´s acquisition is expected to help Delphi access additional clients and enter new markets, as it aims to expand its own pilot program to 60 autonomous cars on the road by the end of 2017.
This large acquisition is only part of the vibrant autotech space that has been propelled by the developments in autonomous, connected and electric vehicle technologies in recent years. The number of corporate-backed rounds in this realm has grown significantly over the past four years – from 13 rounds worth an estimated total of $528m in 2013 up to 49 rounds worth over $2.26bn last year. The upward tick appears to be sustainable, as we have already tracked 60 transactions in this space by October 2017.
