Honda acquires California’s Drivemode to offer connected mobility services

Source: Drivemode YouTube

Honda R&D, the research and development arm of Japanese conglomerate Honda, announced on Monday the acquisition of California-based Drivemode in an attempt to strengthen Honda’s capabilities in the fields of digital and connected mobility products.

Honda R&D acquired all outstanding shares of Drivemode in a deal completed on September 26, making the connected car platform operator become its wholly-owned subsidiary, said Honda in a company statement.

Before the acquisition, Honda R&D and Drivemode have been collaborating and conducting joint development activities since 2015 through the Honda Xcelerator program, an open programme Honda has been pursuing on a global basis for innovators across all funding stages.

The deal will push forward the combination of Drivemode’s human resources, innovative software technologies and experience as a venture company with Honda’s product development technology and capability to offer connected services, said Toshihiro Mibe, president and representative director of Honda R&D.

“With the support of Honda, the Drivemode team can have a lasting impact on actual vehicles and drivers around the world at scale,” said Yo Koga, CEO of Drivemode.

Drivemode, founded in 2014, develops and operates smartphone-based connected services, specializing in multiple areas, such as the development of the user interface and application, as well as cloud-based technologies.

The company offers a mobile-based connected car platform through consumer-facing apps, driver assistance and analytics for fleet managers, and a bring-your-own-device connected car solution for automakers. Its safe driving app has over 2.5 million downloads in 150 countries, according to the company website.

Drivemode has raised a total of $9.2 million across three funding rounds. The company closed $6.5 million in a Series A round led by Panasonic in March 2017. It also completed a $2 million seed round in December 2014 and a $650,000 angel round in January 2014, according to Crunchbase.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.