Blue Vision Labs, a UK-based augmented reality technology developer backed by technology conglomerate Alphabet, has been acquired by ride-sharing app producer Lyft.
Financial terms of the deal were not confirmed but TechCrunch reported the figure as approximately $72m, with up to $30m to be potentially added dependent on certain milestones.
Founded in 2011, Blue Vision has created technology which combines highly precise 3D street-level mapping with interactive augmented reality maps that enable multiple drivers to track each other in real time. The mapping data is captured through smartphones.
The acquisition includes both Blue Vision’s technology and its full 39-strong team. Blue Vision, which is looking to hire additional staff, will function as Lyft’s office in London and will become part of the corporate’s Level 5 division, which is working on autonomous vehicles.
While the company’s technology will initially be used to drive the development of self-driving cars – helping vehicles understand where they are, what is around them and what obstacles are ahead – the platform may eventually also form the basis of customer-facing applications.
Blue Vision emerged from stealth in March this year with $14.5m from a series A round led by GV, an early-stage corporate venturing subsidiary of Alphabet.
The series A round included venture capital firms Accel, Horizons Ventures and SV Angel as well as several unnamed backers. Accel, Horizons and SV had previously supplied $2.5m in seed funding in 2016.
