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NuTonomy Raises $16M in Series A

The car of tomorrow gets funding!

Cambridge, MA-based startup NuTonomy secures funds of $16 million in Series A round to offer self-driving taxi services within the time frame of two years. Founded in the year 2013 by Karl Iagnemma, CEO and Emilio Frazzoli, CTO,  NuTonomy is a pioneer in self-driving technology cars, which even Uber, Google. BMW, GM and others are in the process of developing. In January, the startup had raised $3.6 million in the seed round. The recent funding round was led by Highland Capital Partners. The Singapore Economic Development Board and existing backers like Signal Ventures and Samsung Ventures participated in the round.

NuTonomy has strong relations with Singapore. The economy and the infrastructure of this developed nation is suitable for such self-driving cars. In 2014, tested self-driving golf carts were introduced, which were connected via smartphone app. Currently, these self-driving taxis are being tested in Singapore, Michigan and UK. By 2018, it plans to launch on the roads of Singapore, promoting Singapore’s Smart-city initiative. As of now, NuTonomy provides on-demand taxi services.

The startup is working closely with SMART (Singapore-MIT Alliance for Research and Technology) as part of the organization’s broad mandate to improve Singapore and its residents’ lifestyles through technology.

Takeaways:

  • The funds will be utilized to offer self-driving taxi services within the time frame of two years.
  • The recent funding round was led by Highland Capital Partners.
  • Currently, these self-driving taxis are being tested in Singapore, Michigan and UK.
  • As of now, NuTonomy provides on-demand taxi services.
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