Nauto, a Palo Alto, California-based autonomous vehicle technology company, raised $159m in Series B funding.
The round was led by SoftBank Group Corp. and Greylock Partners with participation from BMW iVentures, General Motors Ventures, Toyota AI Ventures, Playground Global, Draper Nexus and the venture unit of global financial services and insurance provider Allianz Group. In conjunction with the funding, Greylock’s Reid Hoffman and SoftBank’s Shu Nyatta will take board seats at Nauto.
The company intends to use the funds for deployment of its retrofit safety and networking system into more vehicles around the globe, as well as support the expansion of the data platform in autonomous vehicle research and development across multiple automakers.
Led by founder and CEO Stefan Heck, Nauto is a transportation technology company which leverages AI-powered data platform to make driving safer and fleets smarter. Its intelligent vehicle hardware aims to prevent collisions, improve driver behavior, and learn from the diverse data shared across its network.
Because Nauto learns from other drivers, the road and conditions around vehicles in the Nauto network, fleets equipped with Nauto can automatically capture and upload video of significant events and insights in real time to help fleet managers improve overall driver performance and enhance the safety and efficiency of an entire fleet. Its scoring system, called VERA (Vision Enhanced Risk Assessment) includes a risk rating for the frequency and severity of distraction events.