Self-Driving Car Startup Optimus Ride Gets $18 Million for the Race to a Driverless Road
The Boston-based company was approved earlier this summer to begin testing its highly autonomous vehicles on Massachusetts roads.
A self-driving auto technology company named Optimus Ride has secured a fresh $18 million in funding from a group of venture capitalists led by Greycroft Partners to immediately grow its vehicle fleet and make strategic hires.
The startup, a spin-off from the Massachusetts Institute of Technology is designing a vehicle with Level 4 autonomous technology for electric vehicle fleets.
"Autonomy is currently revolutionizing the transportation industry," said John Elton, Partner at Greycroft in a news release. "The changes will impact not only transportation users’ free time, but the broader world with a safer, more environmentally friendly and inclusive transportation system."
A recent study by Strategy Analytics estimates the global passenger economy for self-driving vehicles to be around $7 trillion per year by 2050.
Back in June, the company received approval from the Massachusetts Department of Transportation to test its driverless vehicles on a nearly three-mile stretch of public roads in the city of Boston.
Google's self-driving car spinoff, Waymo, showed off its own driverless technology to reporters on Monday at its California testing facility.
But are consumers ready for their driverless future? According to a recent MIT study, 48 percent of respondents said they would NEVER purchase a car that completely drives itself.
- RELATEDSelf Driving Cars May Cause Insurance Premium UncertaintyAs autonomous cars become more popular, insurance companies worry of lost profits.READ NOW
- RELATEDThe Next Challenge for Waymo's Self-Driving Cars Is a Michigan WinterAutonomous cars need to be able to function anywhere normal cars can.READ NOW
- RELATEDElon Musk Predicts Fully Driverless Cars Are Less Than Two Years AwayTesla CEO believes that Level-5 full autonomy is less than two years away from being developed.READ NOW
- RELATEDHow Autonomous Trucking Will Actually WorkResearchers say Tesla’s electric 18-wheeler will only make sense in autonomous convoys of seven driving bumper-to-bumper.READ NOW
- RELATEDDetroit Automakers Need to Start Taking Autonomous Car Startups SeriouslyTech companies are increasingly challenging the Big Three of America's auto market.READ NOW