In a funding round led by Amadeus Capital, U.K. artificial intelligence (AI) startup FiveAI was able to raise $2.7 million to develop a system for self-driving cars that will enable it to safely navigate its environment. Though only a few details were revealed, CEO Stan Boland said that they are planning to develop a stronger A.I. and machine learning for the system.
FiveAI was founded by six people, including Boland who previously co-founded two companies that were sold to Broadcom and Nvidia for more than $1 billion. The Bristol-based startup is just one among the many self-driving technology startups that have joined the quest for fully automated driving. “Full autonomy will revolutionize the automotive and transportation sectors, enabling all of us to enjoy a low-cost, low-congestion, and high-convenience mobility,” said Boland.
Established names in the automotive industry and tech firms have also joined the fray. Last week, BMW announced its partnership with Intel and Mobileye to produce autonomous cars by 2021.