Japanese open-source self-driving startup Tier IV Inc has raised a total of $100 million in a Series A funding round led by Sompo Japan Nipponkoa Insurance, the Japanese major P&C insurance company, according to an announcement.
Existing investors, Yamaha Motor Co., Ltd. (YMC), KDDI Corporation, JAFCO Co., Ltd., and AISAN Technology Co.,Ltd also participated in the round.
The funds will be used to facilitate commercialization of self-driving technology in private areas, depopulated areas, and urban areas. It enables Tier IV to become a global platform company and scale out its self-driving business.
Founded in December 2015, Tier IV has developed and maintained Autoware, the world’s first “all-in-one” open-source software for self-driving technology, which is now widely adopted by over 200 companies around the world.
“Tier IV has a mission to embody disruptive creation and creative disruption with self-driving technology. We have derived a solid software platform and successfully integrated it with real vehicles,” said Shinpei Kato, Founder of Tier IV and the chairman of the Board of the Autoware Foundation.
Established in 1988, Sompo Japan Nipponkoa Insurance provides services related to the areas of automobile, fire, earthquake, housing, casualty and travel.