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Disrupting the disruptors
Hi there,
As we noted in a recent issue of the daily CB Insights newsletter, SoftBank's 2017 rampage through tech investing circles shows no signs of slowing.
Armed with its $93B Vision Fund, SoftBank has been pouring capital into startups across the board, with its self-stated goal of creating a "global mobility ecosystem" especially apparent:
Of course, SoftBank has secured large stakes across global ride-hailing and transportation network companies over the years, and is now looking to buy into the largest player in Uber (along with Dragoneer and other investors; see last week's Uber Strategy Teardown for more).
But SoftBank's mobility ambitions aren't just limited to ride-hailing; the company has its own AV joint venture (SB Drive), co-led Nauto's $159M Series B, and is now in talks to back robotaxi startup Zoox.
It's not yet clear whether SoftBank will secure stakes in both Zoox and Uber (Benchmark now is resisting the latter deal). However, if both deals were to go through, the investor would then have overlapping interests within contested ride-hailing markets (like Uber and Grab in Southeast Asia), as well as stakes in multiple competing AV developers.
In such a case, SoftBank could be content as a passive investor with diversified bets in the mobility space, but it could also agitate for consolidation and/or the drawing down of redundant efforts in both the ride-hailing and AV spaces.
Either way, SoftBank's deep pockets could be a boon to these mobility companies, who are often hungrier for capital than the average tech startup (and also likely face longer roads to monetization and profitability).
RC cars
Speaking of Zoox, the startup is known for not just its billion-plus valuation but also the relative secrecy of its operations.
However, the company is notable for its radical vehicle concepts, being one of the few AV developers working to reimagine the vehicle itself in addition to fielding an autonomous driving system.
Partially autonomous systems are still a major point of contention; worries around distracted human supervisors in such systems were amplified following a fatal crash involving Tesla's Autopilot system in May 2016.
Although some developers believe transitioning directly to full autonomy is a safer solution, notable AV figures such as Gill Pratt of Toyota Research Institute and Chris Urmson of Aurora have been emphasizing that that level of automation may take decades to achieve.
Zoox, among other companies, is exploring teleoperation, where remotely based operators could assume control of a vehicle should it require manual intervention. We used our patent search engine to dive into the research efforts of Zoox and 3 other companies studying teleoperation concepts.
AI startups wanted
Calling all AI startups: there's only one week left to apply for this year's CB Insights AI 100!
Last year's list was featured in several media outlets including Fortune, and we'll be unveiling it on December 12th at our A-ha! conference in San Francisco.
If you want your company to be considered for this year's list, apply by September 30.
Have a great weekend everybody!
Kerry
@kerrygwu
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Patents analysis shines a light on 4 companies researching remotely operated autonomous vehicles. Check out the patents.
The $68B gorilla continues to expand globally in places like India and Brazil and is still chasing autonomous driving. See the report.
Chipmakers are chasing the advancements made by big players like Apple and Google. See the companies.
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This Week in Auto Tech
A curated mix of recent articles on auto tech financings, exits, announcements, hirings, partnerships & perspectives.
Deals & Funds
Hyperloop One closes $85M. The hyperloop startup's Series B-1 brought the company's total financing to $245M.
Hyperloop One
Benchmark resists SoftBank Uber deal. The VC was the only Uber director to vote against deal terms to SoftBank.
WSJ
Gogoro closes $300M.The electric scooter maker and rental service has closed a Series C from Temasek, among other investors.
TechCrunch
Ushr raises $10M. The HD mapping startup's Series A was led by Forte Ventures with participation from GM Ventures and other investors.
FinSMEs
HERE, Pioneer mutual investments. The companies will team up to develop maps for autonomous driving services.
Reuters
JingChi gets $30M. The self-driving startup founded by the former head of Baidu's AV unit is also said to be in the process of closing a $100M Series A.
China Money Network
Limebike's new funding. The dockless bike-sharing startup has secured "tens of millions" in a new round of funding led by Coatue, valuing the company around $200M.
Forbes
Startup Autobahn's third class. The Daimler- and Plug & Play-affiliated accelerator selected 33 startups for its third round.
Startup Autobahn
Flexport raises again. The freight forwarding startup has secured a $100M Series C at a $800M pre-money valuation, turning down offers valuing it at over $1B.
TechCrunch
ClearMetal secures $9M. The logistics startup's Series A was co-led by Prelude Ventures and Eric Schmidt's Innovation Endeavors.
GlobeNewswire
DoorDash acquires Rickshaw. DoorDash CEO Tony Xu described the acquisition of the YC logistics startup as an acquihire.
TechCrunch
Best Inc goes public. The Alibaba-backed logistics firm raised $450M after slashing its terms amid tepid investor demand.
Reuters
Quanergy interviews IPO banks. The lidar startup has asked bankers to submit pitches to advise it on taking the company public as soon as next year.
Bloomberg
Baidu launches $1.5B autonomous driving fund. The Apollo Fund will invest in 100 autonomous driving projects over the next three years.
Reuters
News
Waymo wants $2.6B from Uber. Alphabet's self-driving unit is also seeking to delay its October 10 trial against Uber. Uber also lost its license for London operations amid TfL concerns over the company's fitness to operate.
Recode (trial) / BBC (London)
Waymo's Intel tieup and budget. Waymo and Intel announced a collaboration, with Waymo integrating Intel sensor processing, compute, and connectivity tech into its Chrysler Pacifica testing platforms. Also, court filings have revealed that Google spent $1.1B on its self-driving car project from its inception in 2009 through the end of 2015.
VentureBeat (Waymo-Intel) / IEEE Spectrum (budget)
Tesla-AMD rumors. Amid reports that Tesla was working with AMD to design its own specialized chips for self-driving cars, AMD chip fabricator GlobalFoundries said Tesla had not committed to working with it on any such technology.
Reuters
Tesla's Supercharger convenience stores. J.B. Strabuel, the company's CTO, presented Tesla's plans for Supercharger "c-stores" at a food tech conference.
The Verge
Aeva profile. Former engineers from Apple's Special Project Groups are working on a new type of AV sensor, described as a cross between lidar and radar.
NY Times
Mercedes' $1B US EV push. The automaker is investing in its Alabama factory to ramp-up production of batteries and plug-in hybrids.
Bloomberg
Volvo goes for all-inclusive pricing. The Swedish automaker is joining other OEMs and startups experimenting with the new model, which bundles a rental with insurance, maintenance, and a concierge service.
Bloomberg
Articles, Perspectives, & Studies
Steve Jurvetson and Zoox's board. The DFJ investor had planned to take a seat on the startup's board but avoided it due to possible conflicts with Tesla's growing AV and ride-sharing ambitions.
TechCrunch
$200k pay packages for robotics grads. Pittsburgh's booming AV market is translating into rich compensation packages for fresh computer vision graduates.
CNBC
The world's largest EV. Komatsu's e-Dumper quarry hauler is powered by a massive 700kWh battery pack.
Ars Technica UK
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