Stock Exchange :

Apple bought autonomous vehicle start-up Drive.ai

Key Points
  • Apple has purchased self-driving start-up Drive.ai, the tech giant confirmed on Tuesday.
  • Drive.ai had raised $77 million in venture capital at a $200 million valuation.
  • The purchase confirms Apple's continued interest in autonomous vehicle technology.

Apple CEO Tim Cook delivers the keynote address during the 2019 Apple Worldwide Developer Conference (WWDC) on June 03, 2019 in San Jose, California.
Justin Sullivan | Getty Images

Apple has purchased autonomous vehicle startup Drive.ai, the company confirmed to CNBC.

The deal confirms Apple's continued interest in self-driving car software, and it will bolster the tech giant's engineering ranks with additional employees who can build autonomous vehicle technology.

CNBC was unable to confirm the purchase price. Drive.ai had raised $77 million in venture funding at a $200 million valuation, according to Pitchbook data.

Drive.ai recently filed a notice with the state of California that it planned to close its business and lay off 90 workers, according to the San Francisco Chronicle. The start-up had partnered with the city of Arlington, Texas, to offer a shuttle service using self-driving cars.

Axios previously reported the Apple purchase. It said that Apple had hired dozens of Drive.ai engineers and had purchased the start-up's cars and other assets.

In January, Apple cut over 200 employees from its car project, which is known as Project Titan. Internally, the cuts were billed as a restructuring.

Apple is currently testing Lexus SUVs on the streets of California. The cars have autonomous capabilities, but there is a safety driver behind the wheel.

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source: CNBC

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