US-based autonomous driving technology developer Renovo Auto has received $10m in funding from investors including Verizon Ventures, the corporate venturing subsidiary of telecommunications firm Verizon, the Wall Street Journal has reported
Venture capital firm True Ventures led the round, having also led the company’s only other round, through which it raised $4.5m in 2014.
Founded in 2010, Renovo is developing a software platform for use in driverless cars that combines hundreds of sensors with data analytics and automotive-grade safety systems. Verizon’s strategic interest arises from its networking technology, which will facilitate data collection and transfer.