Sompo Japan Nipponkoa led the Utec-backed autonomous vehicle software developer's series A round, which included Yamaha Motor, Aisan Technology and existing investor KDDI.
Tier IV, a Japan-based autonomous driving software developer backed by University of Tokyo Edge Capital (Utec), a VC firm affiliated with the institution, secured ¥11.3bn ($105m) yesterday in a series A round led by insurance firm Sompo Japan Nipponkoa.
Motorised vehicle manufacturer Yamaha Motor, agricultural machinery producer Aisan Technology and telecoms firm KDDI also participated in the round, along with investment firm Jafco.
Tier IV is developing open-source autonomous driving software known as Autoware that it claims is being utilised by about 200 companies worldwide in addition to the US Department of Transportation’s Federal Highway Administration.
The company has also formed Autoware Foundation in order to promote the use of Autoware in other products. Part of the series A proceeds will be used to expand internationally by extending its adoption by businesses and universities in addition to government agencies.
Tier IV is also looking to develop…
