Electrical equipment manufacturer Mitsubishi Electric Corporation and financial services firm Japan Infrastructure Initiative Company have each invested ¥2bn ($18m) in Japan-based digital mapping technology developer Dynamic Map Platform (DMP).
The state-backed Innovation Network Corporation of Japan (INCJ) has also supplied an undisclosed amount of funding for DMP.
The cash will support the company’s forthcoming acquisition of high-definition mapping software provider Ushr. The deal, announced last week, will be was sized at up to $200m according to Reuters, which reported that DMP plans to raise up to $199m to fund the purchase.
Founded in 2016, Dynamic Map Platform is developing and managing data for high-definition 3D roadway maps that will enable autonomous vehicles to function on expressways and motorways in Japan.
The company has not disclosed any previous funding rounds but had raised approximately $19m as of June 2017 according to its website, which lists Mitsubishi Electric, INCJ and carmakers Mitsubishi Motors Isuzu, Suzuki, Subaru, Daihatsu Toyota, Nissan, Hino, Honda and Mazda as investors.
Map publisher Zenrin, surveying business Pasco, computer-aided design software provider Aisan Technology and digital map provider Increment P are also among DMP’s earlier backers.