nuTonomy Inc., a Cambridge, Mass.-based developer of software for self-driving cars, completed a $16m Series A funding.
The round was led by Highland Capital Partners with participation from prior investors Fontinalis Partners and Signal Ventures, EDBI, the dedicated corporate investment arm of the Singapore Economic Development Board and Samsung Ventures.
The company intends to use the funds to advance its capacity to deploy self-driving vehicles in Singapore and other countries.
Building on 10+ years of research by co-founders Dr. Karl Iagnemma (CEO), and Prof. Emilio Frazzoli (CTO) at the Massachusetts Institute of Technology, nuTonomy is developing a complete solution for operating large fleets of autonomous taxis, which includes software for autonomous vehicle navigation in urban environments, smartphone-based ride hailing, fleet routing and management, and controlling a vehicle remotely through teleoperation. The company, which plans to launch a commercial offering in 2018, currently operates an R&D fleet of autonomous vehicles in Singapore, where it won governmental approval for testing on public roads.
In addition to Singapore, nuTonomy is operating self-driving cars in Michigan and the United Kingdom, where it tests software in partnership with major automotive industry players such as Jaguar Land Rover.