An autonomous vehicle technology company called Nauto has closed a $159 million Series B financing round, which was led by a subsidiary of SoftBank Group Corp. and Greylock Partners.
According to Nauto, the funds will be used to “fuel Nauto’s growth and the deployment of its retrofit safety and networking system into more vehicles around the globe.”
The funding will also support the Nauto data platform’s expansion in autonomous vehicle research and development across a variety of automakers.
“At a time when traffic fatalities are climbing and distracted driving causes more than half of all crashes, we’re tackling that problem by putting Nauto’s safety features into more commercial fleet vehicles — from trucks and vans to buses and passenger cars — to warn drivers and coach them on how to stay focused,” says Nauto founder and CEO Stefan Heck.
“SoftBank and Greylock, along with our key strategic partners, are turbo-charging Nauto’s ability to make roads safer today and to create an onramp to autonomy for the near future.”
Additional participants in the funding round include previous strategic investors BMW iVentures, General Motors Ventures, Toyota AI Ventures, and the venture unit of Allianz Group. Series A investors Playground Global and Draper Nexus also participated as well.
As an automotive data platform that is powered by artificial intelligence and an after-market dual-camera device, Nauto can provide sophisticated safety and networking features to any vehicle or fleet that is equipped with it.
The company says that the more its units get deployed, and the more miles that Nauto-enabled vehicles accumulate, that its network “becomes more precise, gains an even greater understanding of human driving behavior and provides more valuable data and safety features.”
As these insights improve fleet safety and operations, they will also help save lives and reduce liability and expenses. Nauto says that over time, its data platform “will inform the transition to and co-existence of human-driven and autonomous vehicles.”
In an effort to “help fleet managers improve overall driver performance and enhance the safety and efficiency of an entire fleet,” Nauto can automatically capture and upload video of notable events and insights in real time.
Nauto also has a scoring system called Vision Enhanced Risk Assessment (VERA), which includes a risk rating for the frequency and severity of distraction events.