Drive.ai, a Mounain View, CA-based self-driving technology company, raised $50m in Series B funding.
The round was led by New Enterprise Associates with participation from GGV Capital and existing investors, including Northern Light Venture Capital.
The company intends to use the funds for technology development, global reach, and scalability.
Led by Sameep Tandon, CEO and co-founder, Drive.ai is advancing technology grounded in deep learning, powering its self-driving system to learn driving routes and scenarios to power fleets of vehicles with retrofit kits, transforming traditional vehicles into self-driving models.
The kits will soon be deployed on existing business fleets, with pilots starting later this year.
In conjunction with the funding, Carmen Chang, chairman and head of Asia at NEA, and Andrew Ng, a deep learning expert who led artificial intelligence projects at Baidu and Google, joined Drive.ai’s Board of Directors. In addition, Jenny Lee, managing partner of GGV Capital, is joining as a board observer.
The company has more than 70 employees and licensed to test autonomous vehicles in the state of California.