Japan-based autonomous driving software developer Tier IV secured ¥11.3bn ($105m) yesterday in a series A round led by insurance firm Sompo Japan Nipponkoa.
Motorised vehicle manufacturer Yamaha Motor, agricultural machinery producer Aisan Technology and telecommunications firm KDDI also participated in the round, along with investment firm Jafco.
Tier IV is developing open-source autonomous driving software known as Autoware that it claims is being utilised by about 200 companies worldwide in addition to the US Department of Transportation’s Federal Highway Administration.
The company has also formed Autoware Foundation in order to promote the use of Autoware in other products. Part of the series A proceeds will be used to expand internationally by extending its adoption by businesses and universities in addition to government agencies.
Tier IV is also looking to develop autonomous driving software that will focus on areas such as driving in remote areas and long-distance journeys for freight transportation.
KDDI and Jafco had previously joined Sony Innovation Fund, the corporate venturing arm of consumer electronics provider Sony, and University of Tokyo’s Edge Capital affiliate to provide $28.4m of funding for the company in March 2018.
Tier IV founder Shinpei Kato said: “Tier IV has a mission to embody disruptive creation and creative disruption with self-driving technology. We have derived a solid software platform and successfully integrated it with real vehicles. It is time to step forward to real services, embracing functional safety and risk management.”
