Optimus Ride, a US-based driverless vehicle technology developer backed by graphics chipmaker Nvidia, has closed an $18m series A round led by venture capital firm Greycroft Partners.
VC firm Fraser McCombs Capital, philanthropic organisation Emerson Collective and individual investor Joi Ito also contributed to the round. Nvidia, Ito, NextView Ventures and FirstMark Capital had invested $5.3m in the company in October 2016.
Optimus Ride, a spinout of Massachusetts Institute of Technology, is developing autonomous vehicles that require no driver attention.
The company received permission in June this year to test its vehicles on the roads of the US city of Boston. It will use the funding to increase its vehicle fleet and expand its team.
Ryan Chin, chief executive of Optimus Ride, said: “My colleagues and I are extremely proud of what we have accomplished to date and recognise that the industry is just scratching the surface of the powerful long-term benefits of driverless vehicles.
“Having the financial backing and guidance of Greycroft and our other venture partners will help us to harness our passion and execute our ultimate vision even more rapidly.”