A new mobility company, Cerence, is making its public-market debut Wednesday, and its first CEO, Sanjay Dhawan, says he’s been meeting with more than 50 investors in recent weeks to talk up its prospects. Cerence is a spinout from pioneering speech recognition company Nuance Communications (NASDAQ: [[ticker:NUAN]]), and it will carry on the work of … Continue reading “Nuance Spinout Cerence Vies With Tech Giants in Voice-AI for Auto”
Tag: GM
Ford, Retreating From Bold Timeline, Buys Quantum Signal for AV Tech
Back in 2016, Ford’s then-CEO Mark Fields fired a shot across the bow when he made a daring pledge. The big automaker would deploy fully autonomous fleet vehicles as part of a ride-sharing or ride-hailing service by 2021, when it would also be mass-producing such vehicles, he said. Earlier this year, though, current Ford CEO … Continue reading “Ford, Retreating From Bold Timeline, Buys Quantum Signal for AV Tech”
Carnegie Mellon, Argo AI Form $15M Self-Driving Car Research Center
Carnegie Mellon University this week announced a five-year research partnership with Argo AI that will focus on advanced perception and decision-making algorithms for autonomous vehicles (AVs). Argo AI, a Pittsburgh-based self-driving car startup whose majority investor is Ford (NYSE: [[ticker:F]]), is spending $15 million to fund the effort, which will be called the Carnegie Mellon … Continue reading “Carnegie Mellon, Argo AI Form $15M Self-Driving Car Research Center”
Roundup: Strata Oncology, Genomenon, Gilbert Family Foundation, More
Spring is always a busy time for Michigan’s innovation community, so let’s catch up on recent tech and entrepreneurial news below: —Last year, we reported on the Gilbert Family Foundation, a charitable organization founded by Quicken Loans chairman Dan Gilbert and his wife Jennifer, and its initiative to develop gene therapy treatments for neurofibromatosis 1 (NF1). … Continue reading “Roundup: Strata Oncology, Genomenon, Gilbert Family Foundation, More”
Mobility News: Cruise’s New Cash, Tesla’s Pivot to Robotaxis & More
As the mobility industry waits with baited breath to see how Uber’s IPO will play out on Friday, there is plenty of news being made elsewhere in the sector. Cruise scored another massive investment, Toyota AI Ventures opened a new fund, scooters continue to rev up, and more. Read on for details. —Our own Bernadette … Continue reading “Mobility News: Cruise’s New Cash, Tesla’s Pivot to Robotaxis & More”
Toyota, Ford, GM, and SAE Form Automated Vehicle Safety Consortium
The SAE World Congress Experience, a three-day conference featuring discussions, networking, and exhibits of new technologies pertaining to the mobility industry, took place in Detroit this week and covered a ton of topics. SAE, originally known as the Society of Automotive Engineers, began in 1905 and was intended to be an umbrella organization for the … Continue reading “Toyota, Ford, GM, and SAE Form Automated Vehicle Safety Consortium”
FunnelAI’s $1.5M Seed Funding May Lead to Global Growth, New Sectors
San Antonio—FunnelAI, a startup that aims to measure a consumer’s intent to purchase something, announced it has raised a $1.5 million seed funding round led by San Antonio investor Active Capital. FunnelAI plans to use the funds to make new hires and to add to the industry verticals in which its software is used. Currently, … Continue reading “FunnelAI’s $1.5M Seed Funding May Lead to Global Growth, New Sectors”
M:Bility Conference: Panel Talks Factors Fueling Future of AV Industry
At AutoWorld’s M:Bility conference in Dearborn, MI, this week, a wide variety of topics pertaining to the mobility industry and the development of driverless technology were covered in keynote and panel discussions, including mapping and sensors, artificial intelligence, automotive data, mobility-as-a-service, electrification, and 5G connectivity. However, running through all topics was a measure of caution … Continue reading “M:Bility Conference: Panel Talks Factors Fueling Future of AV Industry”
Steering Lyft’s IPO: What Investors Will Weigh During the Roadshow
Much has been said about Lyft’s early lead over Uber in the “horserace” to become the first ride-hailing app company to go public. But now that San Francisco-based Lyft has filed its 276-page IPO prospectus with the U.S. Securities and Exchange Commission, potential investors can focus on much more detailed considerations as they decide whether … Continue reading “Steering Lyft’s IPO: What Investors Will Weigh During the Roadshow”
Amazon Leads Rivian’s $700M Round, Hinting at Possible Auto Ambitions
Rivian, a Plymouth, MI-based company getting set to launch sales of its brawny, high-end electric vehicles, will be able to give those efforts a boost after raising $700 million in new funding. Amazon (NASDAQ: [[ticker:AMZN]]) led the investment in Rivian, the latest signal the retailing and technology giant could be poised to make waves in … Continue reading “Amazon Leads Rivian’s $700M Round, Hinting at Possible Auto Ambitions”
To Buy or Not to Buy: FunnelAI Studies Consumers’ Intent to Purchase
San Antonio—Sridhar Kamma is the kind of car enthusiast who would meet up with other devotees a couple times a month to talk about the merits of a BMW M3 versus a Porsche Boxster, a Mustang versus a Camaro. He’s the type to post questions in online forums and blogs about where he could find … Continue reading “To Buy or Not to Buy: FunnelAI Studies Consumers’ Intent to Purchase”
IPOs Will Strip Veils From Uber & Lyft’s Financials, Strategies
The IPO of any private company comes as the resolution of a mystery, as closely held details about its financial performance and strategies are revealed. But the suspense is heightened in the case of San Francisco-based companies Uber and Lyft, which pioneered the huge ride-hailing industry but have yet to come close to turning a … Continue reading “IPOs Will Strip Veils From Uber & Lyft’s Financials, Strategies”
Volvo Expands In Silicon Valley As Auto Innovation Goes West
As GM announced a wave of auto plant closures in the North American heartland this week at the cost of thousands of jobs, Sweden’s Volvo Cars was expanding its U.S. presence, both in Silicon Valley and at a new South Carolina factory. Like Detroit-based GM (NYSE: [[ticker:GM]]), which is shifting its attention from traditional auto manufacturing … Continue reading “Volvo Expands In Silicon Valley As Auto Innovation Goes West”
Boston Tech Watch: Gradifi, Numerated, Jibo, Corvus, Botkeeper
A wave of cash for finance and insurance tech startups, a robotic assistant goes dark, and a medical transportation startup’s move across the Bay State make up the latest in Boston technology news. Read on for details. —The former head of PayPal’s (NASDAQ: [[ticker:PYPL]]) Boston office, David Chang, has been named CEO of Gradifi, a … Continue reading “Boston Tech Watch: Gradifi, Numerated, Jibo, Corvus, Botkeeper”
GM’s Ammann Takes Reins of Cruise From Co-Founder Vogt, Now CTO
Self-driving car business Cruise has a new leader: Dan Ammann, the General Motors president who led the company’s acquisition of Cruise in 2016, is now being named CEO of the autonomous vehicle subsidiary. Cruise co-founder Kyle Vogt is relinquishing the top role to remain with the company as its president and chief technology officer. Vogt … Continue reading “GM’s Ammann Takes Reins of Cruise From Co-Founder Vogt, Now CTO”
Aras Adds $70M from Goldman Sachs to Grow Product Software
Aras, a “product lifecycle management” software company based in Andover, MA, has raised $70 million in a Series D investment round led by Goldman Sachs. The deal is aimed at beefing up Aras’s enterprise software capabilities and expanding its reach farther around the globe. Earlier investors Silver Lake Kraftwerk and GE Ventures joined in the … Continue reading “Aras Adds $70M from Goldman Sachs to Grow Product Software”
Workers, Investors, Trump React to Cuts as GM Clears Way for Mobility
On Monday, GM made an announcement that rattled Wall Street, automotive analysts, its own workforce, and President Trump . A day after the car manufacturer announced plans to close factories in Michigan, Ohio, Maryland, and Oshawa, Ontario, Trump threatened on Twitter Tuesday afternoon to take away GM’s federal electric car subsidies, which it uses to … Continue reading “Workers, Investors, Trump React to Cuts as GM Clears Way for Mobility”
Roundup: Accelerate Michigan, Waymark, ACM, Detroit FinTech Bay, More
The holiday season will soon be upon us, but that doesn’t mean work is slowing down in Michigan’s innovation hubs. Here’s a look at recent technology and entrepreneurship news from across the state. —The Accelerate Michigan Innovation Competition, hosted by Invest Detroit’s ID Ventures on Nov. 13, announced the 2018 winners selected from a field … Continue reading “Roundup: Accelerate Michigan, Waymark, ACM, Detroit FinTech Bay, More”
Hold Your Horsepower: For Mobility Industry, “Reality Is Sinking In”
Earlier this month, GM CEO Mary Barra told the crowd at a financial conference that her company was on track to unveil a ridesharing service in 2019 that would be powered by autonomous vehicles. It sounded like pretty big news, but to understand company announcements about the commercial viability of driverless cars, one must first … Continue reading “Hold Your Horsepower: For Mobility Industry, “Reality Is Sinking In””
With a $10.2M Boost, YourMechanic Aims at Mobility Fleet Market
Every month, there’s news of another partnership among carmakers like GM and tech companies such as Uber, as they vie for dominant roles in a transportation future where individual car ownership may largely give way to rides-on-demand from fleets of autonomous and tech-enabled vehicles. But whether Uber, Toyota, GM, Honda, or Google end up at … Continue reading “With a $10.2M Boost, YourMechanic Aims at Mobility Fleet Market”
Honda to Invest $2.75 Billion in Cruise, GM’s Driverless Car Subsidiary
Partnerships between major companies traditionally seen as competitors are a hallmark of the mobility industry, and today marked the announcement of one more: Honda will pay $2.75 billion and take a 5.7 percent stake in Cruise, GM’s autonomous vehicle subsidiary. As part of the deal, Honda will also lend its engineering expertise to GM’s driverless … Continue reading “Honda to Invest $2.75 Billion in Cruise, GM’s Driverless Car Subsidiary”
Ford’s AV Update, GM’s Peer-to-Peer Ridesharing, & More Auto News
The “Big Three” Detroit-area automakers have all been making headlines this week. Ford shared more details on its autonomous vehicle division, GM announced a peer-to-peer ridesharing program, and the automotive world lost a key figure who’s been credited with saving Chrysler after the Great Recession. Read on for more details. —Sergio Marchionne, former CEO of … Continue reading “Ford’s AV Update, GM’s Peer-to-Peer Ridesharing, & More Auto News”
Automation Anywhere Scores $250M to Globalize Bot Workforce
Automation Anywhere, which supplies customers with armies of software robots to take over manual tasks such as insurance claims processing, announced today it raised $250 million in a first funding round that set its post-money valuation at $1.8 billion. The San Jose, CA-based company, begun in 2003 by four co-founders who bootstrapped its funding, has … Continue reading “Automation Anywhere Scores $250M to Globalize Bot Workforce”
Mapping Software Startup Ushr Lands Installation Deal with Cadillac
Ushr, the Livonia, MI, and Lompoc, CA-based startup making high-definition mapping software for use in semi-autonomous and autonomous vehicles, has earned awards and accolades since it launched last year. The latest award has paved a path to get Ushr’s software into future models of a classic American car brand. Ushr has a big hand in … Continue reading “Mapping Software Startup Ushr Lands Installation Deal with Cadillac”
Japan’s SoftBank Pours $2.5B into GM’s Self-Driving Division
General Motors’ stock price was cruising after news broke this morning that Japanese holding company SoftBank has invested $2.25 billion into the automaker’s driverless vehicle division. Once the deal closes, GM (NYSE: [[ticker:GM]]) will reportedly invest an additional $1.1 billion. According to multiple news outlets, Cruise, GM’s autonomous car operation, is now expected to have … Continue reading “Japan’s SoftBank Pours $2.5B into GM’s Self-Driving Division”
Insurers Are (Slowly) Preparing for Future World of Driverless Cars
When a self-driving Uber vehicle killed a pedestrian attempting to cross a dark, Phoenix-area street in March, it served as a wake-up call to a mobility industry moving at a furious pace to advance autonomous vehicle technologies. The fatality reinforced consumer skepticism of driverless cars, as evidenced by a recent survey conducted by CarGurus (more … Continue reading “Insurers Are (Slowly) Preparing for Future World of Driverless Cars”
Silicon Valley, Detroit Need Each Other to Get Driverless Cars Humming
Last month, the University of Michigan hosted a daylong conference about the economic and social impacts of future mobility, when autonomous and connected vehicles will likely upend transportation as we know it. Because the research associated with autonomous vehicles and other mobility applications is ambiguous—with many experts having differing opinions on when and how self-driving … Continue reading “Silicon Valley, Detroit Need Each Other to Get Driverless Cars Humming”
Five Years In, Grand Circus CEO Reflects on Detroit Tech, Coding Boom
It seems like it was only yesterday when we covered the debut of Detroit’s Grand Circus, but the tech school is celebrating its fifth anniversary. The local tech scene has grown since 2013, as has the popularity of Grand Circus and other coding schools nationwide, which run short-term programs aimed at bestowing the skills needed … Continue reading “Five Years In, Grand Circus CEO Reflects on Detroit Tech, Coding Boom”
How Will Mobility Industry Take Shape? Lux Capital’s Farshchi Weighs In
Shahin Farshchi, a partner at Silicon Valley VC firm Lux Capital, describes himself on his LinkedIn profile as a gearhead, Trekkie, and recovering engineer. He’s a Bay Area native who spent part of his career working at GM’s tech center just outside of Detroit in Warren, MI. He’s into cars, space (as in the final … Continue reading “How Will Mobility Industry Take Shape? Lux Capital’s Farshchi Weighs In”
Pixo VR Aims to Virtually Train People Who Work in Dangerous Jobs
Imagine that you’ve just gotten hired for a job building skyscrapers. Would you rather complete your job training out on a narrow precipice hundreds of feet in the air, or in a virtual reality simulation of that work environment, where your feet could remain firmly planted on terra firma while you learn the tricks of … Continue reading “Pixo VR Aims to Virtually Train People Who Work in Dangerous Jobs”
After Raising $27M, Ouster to Plans Mass Manufacture of LiDAR Units
Light Detection and Ranging (LiDAR) is one of the most important technologies underpinning the development of driverless cars. LiDAR systems feed raw sensor data to the car’s brain, creating a 3D picture of the surrounding environment and enabling autonomous vehicles to navigate it. But LiDAR has also been controversial because it’s expensive, sometimes fallible, and … Continue reading “After Raising $27M, Ouster to Plans Mass Manufacture of LiDAR Units”
What Are the Nation’s Top Cities and Regions for Driverless Tech?
Whether you think self-driving cars are the stuff of science fiction or a potentially paradigm-shifting new form of transportation, autonomous vehicles are coming—and the companies developing them are spending big money to make it happen. A few years ago, industry analysts seemed to think Silicon Valley would win the race to get self-driving cars on … Continue reading “What Are the Nation’s Top Cities and Regions for Driverless Tech?”
As GM Gets Self-Driving Buzz, Autonomous Vehicles Navigate Niches
We still live in the early days of autonomous vehicles. We’re toddlers, technologically speaking, and our algorithms are still learning to walk, er, drive. That’s the impression you get from reading the various recaps of an autonomous car test run that General Motors hosted for journalists this week in San Francisco. Wired’s Aarian Marshall noted … Continue reading “As GM Gets Self-Driving Buzz, Autonomous Vehicles Navigate Niches”
Stratim CEO Sees Future with Costly Driverless Cars, but Low Ride Fares
Like many tech entrepreneurs, Sean Behr had a young business that was popular with consumers, but was also losing money. So in February of 2016, he decided to refocus his San Francisco startup on the small, but unexpectedly profitable aspect of his service that could operate in the black. That pivot put Behr in a … Continue reading “Stratim CEO Sees Future with Costly Driverless Cars, but Low Ride Fares”
Self-Driving Stampede: Why Mobility Startup Prices Keep Going Up
When automotive supplier Delphi forked over approximately $450 million to buy Boston-based software startup NuTonomy last month, it was the latest in a spate of high-dollar acquisitions involving companies that develop self-driving technologies. NuTonomy, founded by MIT researchers, was only four years old and had raised $16 million in a Series A round the previous … Continue reading “Self-Driving Stampede: Why Mobility Startup Prices Keep Going Up”
With $11M in New Funding, Mcity Looks Ahead to 2018 and Beyond
Mcity, the autonomous vehicle research center on the University of Michigan campus, announced this week that it has raised $11 million in new funding from 11 industry partners. (See list below.) These partners help Mcity identify opportunities as well as the challenges in bringing them to fruition, and weigh in on the direction of the … Continue reading “With $11M in New Funding, Mcity Looks Ahead to 2018 and Beyond”
Ikea Backs XL Hybrids in $22M Round as Commercial Fleets Electrify
[Updated 10/12/17, 4:53 pm, with CEO comments.] XL Hybrids, a maker of hybrid electric powertrains for commercial and municipal vehicles, is stepping on the gas pedal after pulling in $22 million in fresh venture capital. Furniture retailer Ikea Group and Constellation Technology Ventures—the venture capital arm of energy company Exelon—were among the investors in XL’s … Continue reading “Ikea Backs XL Hybrids in $22M Round as Commercial Fleets Electrify”
gBETA, Gener8tor’s Free Accelerator Program, Is Expanding to Detroit
Gener8tor, a Wisconsin-based organization that holds training programs for startups and invests in them, will soon hold its first program in Michigan, if its website is any indication. gBETA is a series of free, seven-week accelerator programs run by Gener8tor that help entrepreneurs with things like pitching their products, adding users and customers, and raising … Continue reading “gBETA, Gener8tor’s Free Accelerator Program, Is Expanding to Detroit”
As Self-Driving Car Partnerships Multiply, Ford and Lyft Join Forces
For most of its existence, the automotive industry has been secretive, siloed, and steeped in cut-throat competition. However, as autonomous vehicle collaborations proliferate, the old-school approach is quickly falling by the wayside. That was evident in a pair of blog posts published late Tuesday that spelled out a new partnership between Ford and San Francisco-based … Continue reading “As Self-Driving Car Partnerships Multiply, Ford and Lyft Join Forces”
Trump Orders Up $200M a Year for STEM, Coding Education
President Donald Trump, who has had a rocky relationship with tech companies during his short administration so far, announced an education initiative Monday that apparently met with their approval. In a White House ceremony, Trump directed his education secretary to allocate at least $200 million a year to fund student access to coursework in science, … Continue reading “Trump Orders Up $200M a Year for STEM, Coding Education”
GM, Ford, BAE Systems Up the Self-Driving Ante with New Advances
Things are moving quickly in the mobility sector as the race to develop autonomous vehicle technologies revs up. This week brought a spate of mobility news from GM and Cruise, Ford, BAE, and even the federal government. Read on for details. —The Detroit News published a detailed report this week regarding Ford’s Silicon Valley lab, … Continue reading “GM, Ford, BAE Systems Up the Self-Driving Ante with New Advances”
Aras Downloads $40M to Help GE, Microsoft & Others Design Products
As more hardware and devices get connected to the Internet, their increasing complexity is requiring more advanced software to coordinate how they get designed, manufactured, and repaired. That’s helping drive demand for companies like Aras, a 17-year-old business that sells “product lifecycle management” software to large enterprises like Airbus, General Motors, and Microsoft. And today, … Continue reading “Aras Downloads $40M to Help GE, Microsoft & Others Design Products”
With MapAnything Live, GM Aims to Turn Car into Mobile Sales Office
GM was the first automaker to enter the realm of connected cars when it launched the OnStar navigation system more than 20 years ago. However, telematics has come a long way since then, as evidenced by GM’s announcement that it will partner with location analytics startup MapAnything to offer its fleet customers a way to … Continue reading “With MapAnything Live, GM Aims to Turn Car into Mobile Sales Office”
Lyft, NuTonomy Team Up on Self-Driving Cars as Alliances Proliferate
As companies rev up their work on self-driving vehicles, they’re increasingly forming alliances with each other to help deliver on the technology’s potential—and fend off competitors. The latest example is a partnership announced Tuesday between Lyft, the San Francisco-based ride-hailing app company, and NuTonomy, a Boston-based developer of software for driverless vehicles. The research and … Continue reading “Lyft, NuTonomy Team Up on Self-Driving Cars as Alliances Proliferate”
Analysis: Are Today’s Automobile Companies More Like Nokia or Apple?
As the CEO shake-up at Ford was unfolding this week—Mark Fields was ousted from the top spot in favor of Jim Hackett, who had been leading the automaker’s self-driving car and mobility efforts—Silicon Valley investor Marc Andreessen issued a sick burn: “Today’s car makers are like Nokia—right before it was crushed by Apple.” Ouch. Andreessen … Continue reading “Analysis: Are Today’s Automobile Companies More Like Nokia or Apple?”
What’s Next for American Workers as Trade, Automation Roil Manufacturing?
When Donald Trump heralded Ford’s announcement earlier this year that it would invest $1.2 billion in its Michigan plants, it was seen by some as the fulfillment of campaign promises to “bring jobs back” and put America first. Last week, the other shoe dropped with reports that Ford will cut 10 percent of its global … Continue reading “What’s Next for American Workers as Trade, Automation Roil Manufacturing?”
Will Driverless Cars Ever Yield Profits for Uber and Lyft?
Uber has suffered a series of troubles early this year, from sexual harassment claims by a former staff engineer to an intellectual property theft lawsuit by Google unit Waymo. But Uber’s most longstanding, recurrent, and core problem stems from its relationship with its contract drivers. It’s not surprising that Uber is seeking an escape from … Continue reading “Will Driverless Cars Ever Yield Profits for Uber and Lyft?”
2016’s Last Boston Tech Watch: Akamai, Neurable, Facebook, GM & More
[Updated 12/30/16, 2:30 pm. See below.] As we wave goodbye to 2016, let’s take a look at some of the year’s final moves in the Boston-area tech scene: —Akamai Technologies (NASDAQ: [[ticker:AKAM]]) acquired Cyberfend in a small cash deal. The price wasn’t disclosed, but Akamai said it’s not material to its financials. Based in Santa … Continue reading “2016’s Last Boston Tech Watch: Akamai, Neurable, Facebook, GM & More”
U-M Unveils Autonomous Shuttle as Snyder Signs Driverless Car Bills
Today, Michigan took another step toward its goal of being a global hub for the development of autonomous vehicles when the University of Michigan unveiled a 15-passenger driverless shuttle. Separately, Governor Rick Snyder signed legislation easing regulations for testing autonomous technologies down the road at the Automotive Hall of Fame in Dearborn. U-M’s electric shuttle, … Continue reading “U-M Unveils Autonomous Shuttle as Snyder Signs Driverless Car Bills”
Founder Collective Closes Third Fund: $75M to Back Early-Stage Startups
Founder Collective has reloaded its stock of dry powder to fuel young startups. The venture firm today announced it has raised $75 million for its third fund, roughly the same aggregate size as its second. The firm was founded by a group of entrepreneurs in 2009, and launched with a $40 million seed-stage fund. Founder … Continue reading “Founder Collective Closes Third Fund: $75M to Back Early-Stage Startups”